Stock in the newly listed EV brand Polestar rose 5% in the first half hour of trading on the US Nasdaq index on Friday, giving the company hope of success in a very rocky market for start-up EV firms.
The car company, controlled by Volvo Cars and Volvo-owner Geely Holding, raised approximately $890 million after merging with special purpose acquisition company (SPAC) Gores Guggenheim, which had already been listed on the stock market in advance.
The stock listing values the company at around $1.1 billion (£890m), compared with $22bn for Volvo.
The listing floats only 6% of Polestar’s stock, with the remainder being held by Volvo, Volvo parent Geely Holding, and Hollywood star Leonardo di Caprio, an early investor.
