In the latest episode of its YouTube documentary series,
“Precept: from Concept to Car”, Polestar has previewed more of
final design direction for the forthcoming Polestar 5. The web
series documents the transformation of the Polestar Precept concept
car into the Polestar 5 – an electric performance 4-door GT set to
be launched in 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211123005716/en/
(Photo: Polestar)
“With the Precept documentary series we are intentionally doing
something car companies usually don’t – going behind the scenes
with transparency as we turn this stunning concept car into
production reality. It makes me very proud to see how much of the
concept car’s design is making it into the Polestar 5 – a great
achievement by our designers and engineers alike,” comments Thomas
Ingenlath, Polestar CEO.
This third instalment of the series shows the closest look at
the car on its way to production to date, thanks to a focus on the
exterior design process. As such it reveals key production features
which distinguish Polestar 5 from the show car that debuted in
early 2020. A behind-the-scenes look elaborates on the challenges
to establish a balance between sensational design and engineering
requirements.
Precept was developed to preview the future of Polestar,
embodying the company’s key pillars of design, sustainability,
technology and performance. Now seen with production readiness in
mind, the Polestar 5 embodies the company’s increasingly
independent and muscular design language, cues of which will
already be seen on Polestar 3 that is expected to be launched in
2022.
The development of the sustainability, technology and
performance credentials of Polestar 5 will be discussed in future
episodes of the series. The confirmation of the Polestar 5
production nomenclature for Precept comes on the eve of the concept
car’s North American debut, which will coincide with a Polestar
presentation in New York City in the first week of December at
exclusive investor, analyst and press events. Precept will
subsequently be undertaking a public tour in the US, visiting
Polestar Spaces across the country.
This represents Polestar taking yet another step towards its
future. In September, the company announced its intention to list
on the Nasdaq stock exchange in a business combination with Gores
Guggenheim, Inc. (Nasdaq: GGPI, GGPIW and GGPIU).
About Polestar
Polestar was established as a new, standalone Swedish premium
electric vehicle manufacturer in 2017. Founded by Volvo Cars and
Geely Holding, 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 14 global
markets across Europe, North America and China. In 2021, Polestar
is expanding into eight additional new markets in Europe, the
middle East and Asia Pacific. Polestar cars are currently
manufactured in two facilities in China, with additional future
manufacturing planned in the U.S.
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. More information on this definitive
agreement can be found here.
Polestar produces two electric performance cars. The Polestar 1
is a low-volume electric performance hybrid GT with a carbon fibre
body, 609 hp, 1,000 Nm and an electric-only range of 124 km (WLTP)
– the longest of any hybrid car in the world. With production
coming to an end late in 2021, Polestar 1 has established itself as
a truly exclusive driver’s car.
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.
In the future, the Polestar 3 electric performance SUV is
expected to join the portfolio, as well as the Precept – a design
study vehicle released in 2020 that is under development for future
production. Precept showcases the brand’s future vision in terms of
sustainability, digital technology and design. In April 2021,
Polestar announced the important goal of creating a truly
climate-neutral car by 2030.
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 revenue, volumes 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”,
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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 Gores Guggenheim, the Company, ListCo and the
other parties thereto (the “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 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 U.S. Securities and Exchange Commission
(the “SEC”) on March 22, 2021, and other documents filed, or to be
filed, with the SEC by Gores Guggenheim or ListCo, including the
Registration/Proxy Statement (as defined below). 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 proposed Business Combination, (i) ListCo
has filed with the SEC a registration statement on Form F-4
containing a preliminary proxy statement of Gores Guggenheim and a
preliminary prospectus (the “Registration/Proxy Statement”), and
(ii) Gores Guggenheim will file a definitive proxy statement
relating to the proposed Business Combination (the “Definitive
Proxy Statement”) and will mail the Definitive Proxy Statement and
other relevant materials to its stockholders after the
Registration/Proxy Statement is declared effective. The
Registration/Proxy Statement contains and the Definitive Proxy
Statement will contain important information about the proposed
Business Combination and the other matters to be voted upon at a
meeting of Gores Guggenheim stockholders to be held to approve the
proposed Business Combination. This Press Release does not contain
all the information that should be considered concerning the
proposed 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 Registration/Proxy Statement and
the amendments thereto and the Definitive Proxy Statement and other
documents filed in connection with the proposed Business
Combination, as these materials will contain important information
about Gores Guggenheim, the Company, ListCo and the Business
Combination. When available, the Definitive Proxy Statement and
other relevant materials for the proposed Business Combination will
be mailed to stockholders of Gores Guggenheim as of a record date
to be established for voting on the proposed Business Combination.
Stockholders will also be able to obtain copies of the
Registration/Proxy Statement, 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 proposed
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 Registration/Proxy
Statement and will be 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 proposed Business Combination. A list of the
names of such directors and executive officers and information
regarding their interests in the proposed Business Combination is
included in the Registration/Proxy Statement and will be 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/20211123005716/en/
For inquiries regarding Polestar: Jonathan Goodman Polestar
jonathan.goodman@polestar.com
Andrew Lytheer Polestar andrew.lytheer@polestar.com
John Paolo Canton Polestar jp.canton@polestar.com
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