- Over 32,000 customer orders globally for Polestar 2 since start
of 2022; increase of 290% versus the same period in 2021
- Polestar already operating in 25 global markets; well ahead of
plan on being present in 30 by end of 2023
- Nearly 130 retail locations open globally; with 30 more
expected to open in 2022
- Polestar 3 to be followed by Polestar 4 electric SUV coupe and
Polestar 5 electric 4-door GT
Polestar, the Swedish electric performance car brand, continues
to deliver on its growth promise as it progresses towards a planned
listing on the Nasdaq through a proposed business combination with
Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), expected
to close at the end of June 2022.
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the full release here:
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Polestar complete product range to 2024.
Polestar 2, Polestar 3, Polestar 4, Polestar 5. (Photo: Business
Wire)
Expansion into new markets and a growing retail footprint are
both driving and supporting customer demand, while the development
of new models is set to propel the brand further into high-margin
premium SUV segments.
Polestar launched its 25th global market in the first half of
2022, a significant increase from 10 markets in 2020. Polestar has
added six new markets since the start of 2022, including UAE,
Kuwait, Hong Kong, Ireland, Spain and Portugal. The company also
plans to launch in Israel and Italy in the second half of 2022,
adding to its Middle East and European footprint. By the end of
2023, Polestar plans to be present in an aggregate of at least 30
markets globally, while continuing to evaluate new market
opportunities for the future.
Thomas Ingenlath, CEO of Polestar, says: “Selling already in 25
countries across the globe, Polestar has a unique position in the
pure play EV market. We are a real company, not one based on
slideshow promises. More than 55,000 Polestar cars are on the roads
globally today and we are launching a stunning portfolio of three
new models in just three years. These gorgeous EVs are all in
advanced development stages, and we have the ability to produce
great quality cars with our experienced industrial partners.”
Product expansion also continues with the Polestar 3 electric
performance SUV, scheduled for its world premiere in October 2022.
Polestar 3 marks the company’s first product for the attractive,
high-growth SUV market. This will be followed by the Polestar 4
electric SUV coupe, and the Polestar 5 electric 4-door GT.
Polestar 4 is expected to be launched in 2023 and enters one of
the most competitive market segments in terms of demand,
performance and design.
Polestar 5 is also in advanced stages of development and planned
to be launched in 2024. A prototype will be shown in public for the
first time at the 2022 Goodwood Festival of Speed from 23 to 26
June 2022.
Mike Whittington, Head of Global Sales at Polestar, adds: “It’s
exciting for the whole team to experience this growing momentum in
our business. Our order intake is at record levels and currently
represents an annualized run-rate of over 75,000 vehicles, putting
us in a strong position as the production landscape normalizes. In
addition, with both Polestar 3 and Polestar 4 on the horizon, we
are set to play a leading role in the electrification of lucrative
and sizeable premium SUV segments. With a 2025 production capacity
for these two EVs expected above 160,000 vehicles per year, we will
have the ability to scale quickly and attract new customers to the
brand.”
Polestar now has close to 130 retail locations open around the
globe and expects to have 160 locations open by the end of 2022.
More Polestar Spaces and Destinations are planned in existing and
new markets, in cities including London, Madrid, Tel Aviv,
Reykjavík, Vancouver, Austin, Shenzhen, and others.
Ends.
About Polestar
Polestar was established as a new, standalone Swedish premium
electric vehicle manufacturer in 2017. Founded by Volvo Car AB
(publ) (together with its subsidiaries, “Volvo Cars”) and Zhejiang
Geely Holding Group Co., Ltd (“Geely”), Polestar enjoys specific
technological and engineering synergies with Volvo Cars and
benefits from significant economies of scale as a result.
Polestar is headquartered in Gothenburg, Sweden, and its
vehicles are currently available and on the road in markets across
Europe, North America, China and Asia Pacific. By 2023, the company
plans that its cars will be available in an aggregate of 30
markets. Polestar cars are currently manufactured in two facilities
in China, with additional future manufacturing planned in the
USA.
In September 2021, Polestar announced its intention to list as a
public company on the Nasdaq in a business combination agreement
with Gores Guggenheim, Inc. Full information on this definitive
agreement can be found here.
Polestar has produced two electric performance cars. The
Polestar 1 was built between 2019 and 2021 as a low-volume electric
performance hybrid GT with a carbon fiber body, 609 hp, 1,000 Nm
and an electric-only range of 124 km (WLTP) – the longest of any
hybrid car in the world.
The Polestar 2 electric performance fastback is the company’s
first fully electric, high volume car. The Polestar 2 model range
includes three variants with a combination of long- and standard
range batteries as large as 78 kWh, and dual- and single-motor
powertrains with as much as 300 kW / 408 hp and 660 Nm.
From 2022, Polestar plans to launch one new electric vehicle per
year, starting with Polestar 3 – the company’s first electric
performance SUV. Polestar 4 is expected to follow in 2023, a
smaller electric performance SUV coupe.
In 2024, the Polestar 5 electric performance 4-door GT is
planned to be launched as the production evolution of Polestar
Precept – the manifesto concept car that Polestar released in 2020
that showcases the brand’s future vision in terms of design,
technology, and sustainability. As the company seeks to reduce its
climate impact with every new model, Polestar aims to produce a
truly climate-neutral car by 2030.
In early March 2022, Polestar revealed its second concept car,
the Polestar O₂ electric performance roadster. Polestar O₂ builds
on the design, technology and sustainability ambitions laid out by
Precept and showcases the brand’s vision for future sports cars.
The hard-top convertible presents an evolution of the unique design
language first shown by Precept and emphasizes a dynamic driving
experience. The concept further develops the focus on
sustainability and technology, aiming towards greater
circularity.
About Gores Guggenheim, Inc.
Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a
special purpose acquisition company sponsored by an affiliate of
The Gores Group, LLC, founded by Alec Gores, and by an affiliate of
Guggenheim Capital, LLC. Gores Guggenheim completed its initial
public offering in April 2021, raising approximately USD 800
million in cash proceeds for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Gores Guggenheim's strategy is to identify and complete
business combinations with market leading companies with strong
equity stories that will benefit from the growth capital of the
public equity markets and be enhanced by the experience and
expertise of Gores' and Guggenheim’s long history and track record
of investing in and operating businesses.
Forward-Looking Statements
Certain statements in this press release (“Press Release”) may
be considered “forward-looking statements” as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or the future
financial or operating performance of Gores Guggenheim, Inc.
(“Gores Guggenheim”), Polestar Performance AB and/or its affiliates
(the “Company”) and Polestar Automotive Holding UK Limited
(“ListCo”). For example, projections of future Adjusted EBITDA or
revenue and other metrics are forward-looking statements. In some
cases, you can identify forward-looking statements by terminology
such as “may”, “should”, “expect”, “intend”, “will”, “estimate”,
“anticipate”, “believe”, “predict”, “potential”, “forecast”,
“plan”, “seek”, “future”, “propose” or “continue”, or the negatives
of these terms or variations of them or similar terminology. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward looking
statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Gores Guggenheim
and its management, and the Company and its management, as the case
may be, are inherently uncertain. Factors that may cause actual
results to differ materially from current expectations include, but
are not limited to: (1) the occurrence of any event, change or
other circumstances that could give rise to the termination of
definitive agreements with respect to the proposed business
combination between the Company and Gores Guggenheim (the “Business
Combination”); (2) the outcome of any legal proceedings that may be
instituted against Gores Guggenheim, the combined company or others
following the announcement of the Business Combination and any
definitive agreements with respect thereto; (3) the inability to
complete the Business Combination due to the failure to obtain
approval of the stockholders of Gores Guggenheim, to obtain
financing to complete the Business Combination or to satisfy other
conditions to closing; (4) changes to the proposed structure of the
Business Combination that may be required or appropriate as a
result of applicable laws or regulations or as a condition to
obtaining regulatory approval of the Business Combination; (5) the
ability to meet stock exchange listing standards following the
consummation of the Business Combination; (6) the risk that the
Business Combination disrupts current plans and operations of the
Company as a result of the announcement and consummation of the
Business Combination; (7) the ability to recognize the anticipated
benefits of the Business Combination, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (8) costs related to the Business
Combination; (9) risks associated with changes in applicable laws
or regulations and the Company’s international operations; (10) the
possibility that the Company or the combined company may be
adversely affected by other economic, business, and/or competitive
factors; (11) the Company’s estimates of expenses and
profitability; (12) the Company’s ability to maintain agreements or
partnerships with its strategic partners Volvo Cars and Geely and
to develop new agreements or partnerships; (13) the Company’s
ability to maintain relationships with its existing suppliers and
strategic partners, and source new suppliers for its critical
components, and to complete building out its supply chain, while
effectively managing the risks due to such relationships; (14) the
Company’s reliance on its partnerships with vehicle charging
networks to provide charging solutions for its vehicles and its
strategic partners for servicing its vehicles and their integrated
software; (15) the Company’s ability to establish its brand and
capture additional market share, and the risks associated with
negative press or reputational harm, including from lithium-ion
battery cells catching fire or venting smoke; (16) delays in the
design, manufacture, launch and financing of the Company’s vehicles
and the Company’s reliance on a limited number of vehicle models to
generate revenues; (17) the Company’s ability to continuously and
rapidly innovate, develop and market new products; (18) risks
related to future market adoption of the Company’s offerings; (19)
increases in costs, disruption of supply or shortage of materials,
in particular for lithium-ion cells or semiconductors; (20) the
Company’s reliance on its partners to manufacture vehicles at a
high volume, some of which have limited experience in producing
electric vehicles, and on the allocation of sufficient production
capacity to the Company by its partners in order for the Company to
be able to increase its vehicle production capacities; (21) risks
related to the Company’s distribution model; (22) the effects of
competition and the high barriers to entry in the automotive
industry, and the pace and depth of electric vehicle adoption
generally on the Company’s future business; (23) changes in
regulatory requirements, governmental incentives and fuel and
energy prices; (24) the impact of the global COVID-19 pandemic,
inflation, interest rate changes, the ongoing conflict between
Ukraine and Russia, supply chain disruptions and logistical
constraints on Gores Guggenheim, the Company, the Company’s post
business combination’s projected results of operations, financial
performance or other financial metrics, or on any of the foregoing
risks; and (25) other risks and uncertainties set forth in the
section entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in Gores Guggenheim’s final prospectus
relating to its initial public offering (File No. 333-253338)
declared effective by the SEC on March 22, 2021, and other
documents filed, or to be filed, with the SEC by Gores Guggenheim
or ListCo, including the Definitive Proxy Statement. There may be
additional risks that neither Gores Guggenheim, the Company nor
ListCo presently know or that Gores Guggenheim, the Company or
ListCo currently believe are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements.
Nothing in this Press Release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Neither Gores
Guggenheim, the Company nor ListCo undertakes any duty to update
these forward-looking statements.
Additional Information
In connection with the Business Combination, (a) ListCo has
filed with the SEC a registration statement on Form F-4 containing
a proxy statement of the Gores Guggenheim and a prospectus, which
the SEC declared effective on May 25, 2022 and (b) Gores Guggenheim
has filed a definitive proxy statement relating to the Business
Combination (the “Definitive Proxy Statement”) and has mailed the
Definitive Proxy Statement and other relevant materials to its
stockholders and warrant holders, each as of May 18, 2022, the
record date established for voting on the Business Combination and
the other matters to be voted upon at the Special Meeting and
Warrant Holder Meeting. The Definitive Proxy Statement contains
important information about the Business Combination and the other
matters to be voted upon at the meetings of Gores Guggenheim’s
stockholders and warrant holders. This press release does not
contain all the information that should be considered concerning
the Business Combination and is not intended to form the basis of
any investment decision or any other decision in respect of the
Business Combination. Before making any voting or other investment
decisions, securityholders of Gores Guggenheim and other interested
persons are advised to read the Definitive Proxy Statement and
other documents filed or to be filed in connection with the
Business Combination, as these materials will contain important
information about Gores Guggenheim, Polestar, ListCo and the
Business Combination. Stockholders will also be able to obtain
copies of the Definitive Proxy Statement and other documents filed
with the SEC, without charge, once available, at the SEC’s website
at www.sec.gov, or by directing a request to: Gores Guggenheim,
Inc., 6260 Lookout Rd., Boulder, CO 80301, attention: Jennifer Kwon
Chou.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in the Solicitation
Gores Guggenheim and certain of its directors and executive
officers may be deemed participants in the solicitation of proxies
from Gores Guggenheim’s stockholders with respect to the Business
Combination. A list of the names of those directors and executive
officers and a description of their interests in Gores Guggenheim
is set forth in Gores Guggenheim’s filings with the SEC (including
Gores Guggenheim’s final prospectus related to its initial public
offering (File No. 333-253338) declared effective by the SEC on
March 22, 2021), and are available free of charge at the SEC’s
website at www.sec.gov, or by directing a request to Gores
Guggenheim, Inc., 6260 Lookout Rd., Boulder, CO 80301, attention:
Jennifer Kwon Chou. Additional information regarding the interests
of such participants is contained in the Definitive Proxy
Statement.
The Company and ListCo, and certain of their directors and
executive officers may also be deemed to be participants in the
solicitation of proxies from the stockholders of Gores Guggenheim
in connection with the Business Combination. A list of the names of
such directors and executive officers and information regarding
their interests in the Business Combination is included in the
Definitive Proxy Statement.
No Offer and Non-Solicitation
This Press Release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of Gores Guggenheim, the Company or ListCo, nor shall there be any
sale of any such securities in any state or jurisdiction in which
such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of the Securities
Act of 1933, as amended.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220615005238/en/
For inquiries regarding Polestar: Bojana Flint Polestar
(Investor Relations) bojana.flint@polestar.com Jonathan Goodman
Polestar jonathan.goodman@polestar.com Andrew Lytheer Polestar
andrew.lytheer@polestar.com John Paolo Canton Polestar
jp.canton@polestar.com For inquiries regarding The Gores Group and
affiliates: Jennifer Kwon Chou Managing Director The Gores Group
jchou@gores.com John Christiansen/Cassandra Bujarski Sard Verbinnen
& Co GoresGroup-SVC@sardverb.com
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