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China's Geely eyes SPAC listing for Polestar EV brand: report

US float to follow fundraising, looking to lift luxury unit's value to $40bn

The Polestar 2 electric car is displayed at a showroom in Shanghai.   © Reuters

GUANGZHOU -- Geely, China's largest private-sector automaker, reportedly is exploring a U.S. listing for its luxury subsidiary Polestar through a deal with a special-purpose acquisition company (SPAC).

The move, reported by The Wall Street Journal, citing unnamed sources, is part of a plan to raise Polestar's valuation to $40 billion, up drastically from an estimated $7 billion.

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