Polestar will embark on a £14.6 billion public listing as part of a strategy to fund “significant investment in products and the expansion of operations and markets”, it has revealed.

The Geely-owned performance electric vehicle (EV) manufacturer, which is currently driving sales with just two car models in 14 markets, already counts Volvo Car Group, affiliates of Geely chairman Eric Li and movie star Leonardo DiCaprio amongst its stakeholders.

Its listing will be facilitated by a definitive business combination agreement Gores Guggenheim, however, a special purpose acquisition company formed by affiliates of The Gores Group and Guggenheim Capital, LLC.

It will include approximately $800m (£583.8m) of cash from Gores Guggenheim’s trust account and $250m (£182.5m) in cash from PIPE financing, anchored by top-tier institutional investors, Polestar said today (September 27).

Polestar said that, upon closing of the proposed business combination, the combined company will be held by a new public company that will be named Polestar Automotive Holding UK Limited.