Polestar teases 5th EV, announces NASDAQ listing

Just a couple of weeks after releasing the first image of the upcoming production Precept sedan, EV maker teased what will be its fifth model. The new teaser comes with the announcement that Polestar plans to list shares on NASDAQ as part of a $20 billion valuation.

The first of the new teaser images shows the existing Polestar 1 coupe and Polestar 2 sedan alongside three cars under white sheets. In the middle is the upcoming Polestar 3, which will be a rakish SUV riding on the same SPA 2 platform that the next-gen Volvo XC90 will use. To the far right is the production version of the Precept, which will look nearly identical to the concept car. But in between the 3 and the Precept is Polestar's newly announced model, which we previously hadn't even heard rumors about.

Judging by the two released teasers, the fifth model will have a similar shape to the Polestar 2 but with a more upright SUV vibe. We can see a sloping hood with crisp lines, a prominent shoulder line, tall wheel arches and a coupelike greenhouse. It's reminiscent of other electric crossovers like the and Genesis GV60, and our best guess is that it will be a crossover counterpart to the 2.

Polestar says the 3 SUV will launch in 2022, with the next two models to come by 2024. Given how far along Precept development already seems to be, we're likely to see that sedan come out first. The brand delivered about 10,000 vehicles globally in 2020 and plans to sell 290,000 cars every year by 2025.

As for the new round of investments, it's led by a merger with the SPAC Gores Guggenheim. The newly created company will be called Polestar Automotive Holding UK Limited, with the ticker symbol PSNY. The transaction consists of $800 million from Gores Guggenheim and around $250 million in PIPE investment. Polestar expects the deal to close in the first half of 2022.