Asian Tech Press (SEP 27) -- Swedish electric car maker Polestar will soon go public through a merger with blank-cheque company Gores Guggenheim, valuing the company at about US$20 billion. According to people familiar with the matter.

Polestar is a high-performance electric vehicle brand jointly owned by Volvo Car Group and China's Zhejiang Geely Holding Group, and currently has two mass-production models, Polestar 1 and Polestar 2.

Sources familiar with the matter disclosed in April that Geely Holding Group was considering a merger with another SPAC to make Polestar public, a deal that could value Polestar at up to $40 billion.

In June, Polestar was allegedly actively seeking to go public through a merger with another SPAC (special purpose acquisition company) or through a traditional IPO.