EV maker Polestar will go public today through a SPAC merger. CEO Thomas Ingenlath joins SquawkCNBC to discuss Polestar’s debut.
, which went public via a traditional IPO, has also struggled. Its shares are down 84% from its post-IPO high.
Over the next three years, the company plans to add three vehicles to its current model, the compact Polestar 2 crossover built in China. The additions are a large SUV, the Polestar 3; a midsize crossover, the Polestar 4; and a large sedan, the Polestar 5, which is intended to serve as the brand's flagship vehicle.
Ingenlath said Polestar may need to raise more cash before it turns profitable — a milestone he expects to reach before 2025. If so, he said the company will likely issue bonds rather than selling more stock.
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