Geely's independent car brand (Polestar) is actively seeking to go public to raise more money to cope with the increasingly competitive electric car market, according to the Financial Times.

Star is a Swedish car brand founded in 1996 and acquired by Volvo in 2015.

Because Volvo was wholly acquired by Geely in 2009. Polar Star is currently owned by Volvo and Geely.

Geely, which owns a majority stake in Polar, announced that Polestar would operate independently in June 2017, while focusing more on the development of its sister brand Lynk & Co in China.

Recently, Thomas Ingenlath, the CEO of Polar Star, said that he would not refuse the listing of Spac (special purpose acquisition company), but there is no clear planned time for the listing.

In addition, he also stressed that he would prefer to accept long-term investment from investors.

Meanwhile, Ingenlath says its latest model is aimed at the high end of the market and is more likely to compete with Lucid, another electric car start-up, than Tesla.

In the past year or so, Spac has become a way for many electric vehicle companies, including Nikola Corporation, Hyliion Holdings and Fisker, to go public.

Polar Star has launched two electric cars, and its flagship model, the Polestar 2, is currently manufactured in Chengdu.

It plans to start production of the SUV Polestar 3 in 2022, which is the same size as the Volvo XC90 and is manufactured in South Carolina.

At present, Polar has not publicly disclosed any financial performance.