Polestar, a Swedish EV company jointly owned by Volvo and China’s Geely, is about to go public on the Nasdaq on June 24, where it will compete with several other EV makers.

It will trade under the ticker symbol PSNY, through a Special Acquisition Company, Gores Guggheim (GGPI), backed by billionaire Alec Gores and investment bank Guggenheim Partners.

The merger was approved by shareholders of Gores Guggenheim on June 22. Polestar’s current investors, including the actor Leonardo DiCaprio, will own 94% of Polestar Automotive Holding UK Ltd.

The company has proclaimed its goal is to increase production tenfold, from 29,000 cars in 2021 to 290,000 cars in 2025. Its Polestar 2 sedan retails for at least $40,900 after tax credit.

CEO Thomas Ingenlath said, “Listing on the Nasdaq is an incredibly proud moment for Polestar. Gores Guggenheim has been an excellent partner. This milestone will help accelerate Polestar’s growth plans and help us drive our industry-leading sustainability goals forward.”

Polestar plans to add three new EV models by 2024. Two of them will be SUVs, the Polestar 3, a full-size SUV, and the Polestar 4, a smaller SUV. The model 3 will become available in October 2022, and the model 4 will be sold in 2023.

In 2021, Polestar’s growth was 185%, as it sold 29,000 EVs and doubled its retail locations to 100 locations globally. It seeks to have 150 stores by the end of 2022.

Presently it manufactures vehicles in two facilities in China, but it has plans to open a US production facility.