Swedish EV brand Polestar plans to be publicly listed

The Polestar 2 is being delivered in Europe already. Photo: Polestar

Polestar, the premium electric vehicle maker owned by China's Geely and Volvo Cars, plans to be publicly listed soon but at this stage is concentrating on the launch of its new sedan.

"The mid- and long-term perspective indeed is to be open for the stock market and an IPO," CEO Thomas Ingenlath told reporters on a conference call, according to Europe Automotive News.

"This is indeed one track that is absolutely still on and has not changed" since Volvo Cars CEO Hakan Samuelsson said in January 2019 that Polestar could eventually be listed publicly, said Ingenlath.

Volvo Cars is owned by Chinese company Geely.

The Polestar 2 will be sold in China, Europe and the United States and the company is targeting annual sales of more than 50,000 within two to three years. Deliveries of the Polestar 2 have already started in Europe, with North American shipments arriving next month.

The car will compete with Tesla's Model 3 sedan, but will also be targeted at owners of the petrol-powered luxury sedans Mercedes-Benz, BMW and Volkswagen Group's Audi brand, Ingenlath said. It has a range of 470 km.