• Skip to primary navigation
  • Skip to main content
  • Skip to footer
Camp Hall logo

Camp Hall

  • Why Camp Hall
    • What We Offer
    • Environmental Focus
    • Technology
    • Incentives
  • Avian Commons
  • Location
  • Workforce
    • Our Workforce
    • Education
    • Training
    • Industries
      • Life Sciences
      • Manufacturing
      • Automotive
      • Data Centers
      • Cold Storage
  • Master Plan
  • Available Industrial Sites
    • Permits and Infrastructure
    • Campus 1
    • Avian Commons
    • Campus 3
    • Campus 4
    • Campus 5
    • Campus 6
    • Campus 7
    • Campus 8
    • Campus 9
  • Partners
  • News
  • Contact
  • Request Info
New Volvo under sheet for unveiling

Published by DAVID WREN dwren@postandcourier.com

September 29, 2021

Volvo Cars spinoff Polestar to go public

Polestar, the high-performance electric carmaker that’s building its next vehicle at the Volvo Cars manufacturing campus in Ridgeville, is going public in a deal that values the company at about $20 billion.

The Volvo spinoff, founded in 2017 by China’s Geely Holding Group, will be listed on the Nasdaq exchange under the ticker symbol PSNY during the first half of 2022.

“This is not a startup that’s all alone out there,” Thomas Ingenlath, Polestar’s CEO, told Bloomberg. “Our speed of growth and our capability is linked to us having the access to the manufacturing footprint of the Volvo group.”

Instead of going it alone in the stock market, Polestar will merge with Gores Guggenheim Inc. through a “special purpose acquisition company,” or SPAC.

Gores Guggenheim is a publicly traded shell business that’s been set up specifically to take another firm public. It’s different from an initial public offering — historically the most common way a company can offer shares to the masses — because the acquirer is already listed on a stock exchange, so the company wishing to go public doesn’t have to convince individual investors of its value.

The automaker will produce its new Polestar 3 SUV at the Volvo Cars plant off Interstate 26 in Berkeley County, where a $118 million upgrade to the production line is taking place to accommodate the vehicle.

Polestar hasn’t announced details of its new vehicle’s design except to say it will have a futuristic look with an emphasis on aerodynamic efficiency. It will be the brand’s first vehicle built in the U.S. — the other two models have been built in China — and it will seek to compete with the Jaguar I-Pace and Tesla’s Model X.

Polestar did not say how many cars it will build in South Carolina, but the first will roll off the production line in 2022. Polestar hopes to sell 29,000 automobiles this year and expects annual sales to top 225,000 units by 2025. The brand is sold in 13 markets now and Polestar expects to be available in 30 countries by the end of 2023.

The Polestar 3 will be the first electrified vehicle that Volvo will produce at its U.S. plant. The site will add Volvo’s next generation XC90 SUV, to be available in both electric and hybrid versions, to a second production line in 2023.

The Polestar brand, which is headquartered in Sweden and counts actor Leonardo DiCaprio among its investors, raised $550 million from private groups in April. It will get about $1 billion from the deal with Gores Guggenheim, which is backed by billionaire Alec Gores and the investment bank Guggenheim Partners. Current investors in Polestar will see their shares rolled into the new public company.

Folder IconLocal News

Reader Interactions

Footer

Connect With Us

  • Facebook
  • LinkedIn

Dan Camp
Vice President of Real Estate
dan.camp@santeecooper.com
M: 770-883-8003
O: 843-761-4070

Download Marketing Booklet

Stay Informed

Receive the very latest progress, updates and news from Camp Hall.

Request More Information

  • Why Camp Hall
  • Location
  • Workforce
  • Community
  • Master Plan
  • Available Sites
  • Incentives
  • Partners
  • News
  • Contact
  • POA Portal

Copyright © 2025 · All Rights Reserved. Privacy PolicySantee Cooper logo Developed by Santee Cooper

The information provided by Santee Cooper (“we,” “us” or “our”) on Camp Hall (the “Site”) is for general informational purposes only and all information on the Site is provided in good faith. HOWEVER, TO THE FULL EXTENT PERMISSIBLE BY LAW, SANTEE COOPER DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. TO THE FULL EXTENT PERMISSIBLE BY LAW, SANTEE COOPER WILL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE RESULTING FROM YOUR ACCESS TO OR USE OF OR INABILITY TO ACCESS OR USE ANY CONTENT OR MATERIAL MADE AVAILABLE TO YOU THROUGH THIS SITE INCLUDING, BUT NOT LIMITED TO DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, AND CONSEQUENTIAL DAMAGES, UNLESS OTHERWISE SPECIFIED IN WRITING. THE MATERIALS AND CONENT ON THIS SITE DO NOT CONSTITUTE LEGAL OR OTHER PROFESSIONAL ADVICE. YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER FOR LEGAL OR OTHER ADVICE. FURTHER, THIS SITE OFFERS LINKS TO OTHER SITES THEREBY ENABLING YOU TO LEAVE THIS SITE AND GO DIRECTLY TO THE LINKED SITE. WE ARE NOT RESPONSIBLE FOR THE CONTENT OF ANY LINKED SITE OR ANY LINK IN A LINKED SITE. THE LINKS ARE PROVIDED TO ASSIST VISITORS TO THE SITE AND THE INCLUSION OF A LINK DOES NOT IMPLY THAT WE ENDORSE OR APPROVE THE LINKED SITE.

Welcome!

Sign up to receive the latest news from Camp Hall.