On June 24th, shares of Polestar, a Swedish electric vehicle manufacturer, will begin trading on the Nasdaq in New York. The stock symbol for Polestar is PSNY on the stock market.
The brand, which debuted in 2017, has quickly expanded to become a global leader in the electric vehicle market, making it's US listing a significant achievement. Polestar has launched two award-winning cars, with more than 55,000 on the road worldwide, thanks to a combination of start-up agility and access to established OEM manufacturing expertise and capacity.
Polestar CEO Thomas Ingenlath remarked, "This is a hugely proud moment for the entire Polestar team." Our next phase of development will be characterized by one word: expansion. We expect to sell 290,000 vehicles annually by 2025, which is ten times as many as we did in 2021. We have a real, profitable business, and this listing will help us carry out our vision for the future and advance sustainability standards in our industry.
The Nasdaq listing comes after a productive first few months of 2022. The all-electric fastback Polestar 2 has seen robust global customer orders of over 32,000, an increase of 290 percent compared to the same period in 2021. Polestar has recently announced record sales for the year to date. Polestar's presence has grown from 10 markets at the end of 2021 to 25 markets with the help of nearly 130 outlets.
With the release of the Polestar 3 electric SUV later this year as the first of three new premium electric cars by 2024, Thomas Ingenlath elaborates as follows. Polestar's expansion into the world's most lucrative markets for electric vehicles will be based on the strength of this product lineup.
On June 28th, Polestar will officially become a publicly-traded company by ringing the opening bell at the Nasdaq Stock Market in New York.