Electrical-car model Polestar is exploring choices for going public as quickly as this yr, in line with individuals with data of the matter.

The corporate, which is managed by Volvo Automobiles and its proprietor Zhejiang Geely Holding Group, is working with an adviser because it weighs options together with a U.S. or Hong Kong preliminary public providing, or a merger with a particular function acquisition firm, the individuals mentioned.

The EV maker could possibly be valued at greater than $10 billion in any transaction by which it goes public, the individuals mentioned.

Individually, Polestar is weighing a brand new funding spherical after elevating $500 million final yr, the individuals mentioned.

Deliberations are ongoing and Polestar may nonetheless change its fundraising plans, the individuals mentioned.

Representatives for Geely and Polestar declined to remark, whereas a China-based consultant for Volvo additionally declined to remark.

Gothenburg, Sweden-based Polestar, led by CEO Thomas Ingenlath is a fierce rival to Tesla, presently the world’s No. 1 producer of electrical automobiles.

Its second automobile and first full-electric automobile, the Polestar 2, began manufacturing final March at Geely’s plant in Luqiao, China. In September, the automaker mentioned it might put one other automobile, the Polestar Principle, into manufacturing. That automobile’s interiors might be made out of recycled PET bottles and cork vinyl in addition to reclaimed fishing nets.

Volvo and Geely are backed by Chinese language billionaire Li Shufu, who has a web value of about $16.6 billion, in line with the Bloomberg Billionaires Index.

Shufu can also be Daimler’s largest shareholder, and has constructed a worldwide automotive empire over the previous twenty years, securing stakes in European legacy manufacturers similar to Lotus and in Malaysian auto firm Proton.