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A Polestar 2 car at the Shanghai International Automobile Industry Exhibition.
AFP via Getty Images
Electric-vehicle maker Polestar is attempting to go public through a deal with blank-check company
Gores Guggenheim
that would value the Swedish-based, Chinese-owned company at around $20 billion, according to The Wall Street Journal.
Polestar focuses on high-end electric vehicles, and is a potential rival to
Tesla
(TSLA). It is owned by Chinese car maker Zhejiang Geely, which also acquired Volvo from
Ford
(F) in 2010.
Polestar raised $550 million of financing earlier this year and has announced plans to build electric cars in
Volvo
‘s South Carolina factory in 2022.
The deal, if confirmed, would be one of the largest special-purpose acquisition company deals, after a flurry of activity last year that subsided somewhat in the past few months.
Write to Pierre Briançon at pierre.briancon@dowjones.com