Leonardo DiCaprio-Backed Electric Automaker Polestar Valued At $20 Billion In SPAC Deal - NewsBreak

Polestar, the electric vehicle company backed by Volvo of Sweden and Leonardo DiCaprio was valued at $20 billion in a SPAC deal that will take it public. The company, founded in 2017 by Volvo Cars and Chinese automotice group Zhejiang Geely Holding, has two cars, Polestar 1 and Polestar 2, currently on roads in Europe, North America and Asia and plans to launch three new models by 2024. Existing investors include Volvo Car Group, Geely and actor and activist DiCaprio. The company Monday announced plans to merger with a SPAC, or special purpose acquisition company, Gores Guggenheim, formed by the Gores Group...