If you are going to wish upon a star, it might as well be the brightest one. US investors are doing just that with a deal for Polestar valuing the Swedish electric vehicle maker at $20bn. Special purpose acquisition company Gores Guggenheim will invest $800m alongside $250m from other investors for a 5 per cent stake.

Access to US capital markets is one small step to Polestar’s goal of taking on Tesla. Unlike rival EV start-ups the group has backing that combines established design and manufacturing capabilities from parents Volvo Cars and Geely. In the race to capture market share, Polestar has already shown the ability to increase production quickly. That adds sparkle to its investor pitch.

Polestar emerged from the racing research division of Volvo Cars. The group’s Polestar 2 model mass market electric vehicle should compete with Tesla’s Model 3 in price and performance. Polestar will need that edge to meet an ambitious goal of gaining a third of EV sales by 2025.