Another electric vehicle maker just went public through a SPAC merger. Sweden-based Polestar (PSNY, $12.49) began trading on the Nasdaq last Friday under the ticker symbol PSNY after merging with the special purpose acquisition company Cores Guggenheim.

Polestar’s first day of trading was a great success. It ended the day at $13 even, up 15.8% the SPAC’s closing price the day before. However, the newly minted shares were down by almost 7% in after-hours trading. According to Polestar’s CEO Thomas Ingenlath, the $890m raised from the SPAC merger will go towards funding its three-year plan to build new electric vehicles and eventually become profitable. 

The company plans to add three new electric vehicles to its current model line-up over the next three years: a large SUV, a midsize crossover and a large sedan to be rolled out in the US, Europe and China. By the end of 2025, Polestar expects to sell about 290,000 vehicles annually.