- Single-motor variant offers up to 270 miles of range, with
pricing starting as low as $33,400 after incentives*.
- Both dual- and single-motor variants available now for purchase
and test drive.
Polestar, the premium electric performance car maker, today
announced inbound availability of the all-electric Polestar 2 Long
range Single motor fastback in the United States. Available to
order online at Polestar.com, the single-motor Polestar 2 features
an accessible starting price of $45,900, or as low as $33,400 after
qualified federal and state incentives*.
In addition to being the lowest priced vehicle in the Polestar
lineup, this latest model’s EPA estimated 270-mile range** is the
brand’s longest, all while offering the same standard features as
the high-performance dual-motor Polestar 2. This includes the
world’s first infotainment system powered by Android Automotive OS
with Google built-in, a premium vegan interior, and Polestar’s
renowned chassis tuning.
Expanding the Polestar 2 model range in the United States
represents another step in the company’s robust growth plans,
including a global sales target of approximately 65,000 vehicles in
2022. In September 2021, the company announced its intention to
list on the Nasdaq stock exchange through a business combination
with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW and GGPIU).
“The single-motor Polestar 2 can be had for well under $35,000
in states like New Jersey, making it one of the most compelling
offerings on the market,” said Gregor Hembrough, Head of Polestar
North America. “All variants of the Polestar 2 exude the brand’s
leadership in cutting-edge technology with the Google infotainment
system, premium sustainable materials, and unparalleled avant-garde
design.”
“Plus” and “Pilot” option packs are both available on all
Polestar 2 variants. The Plus Pack ($4,000), features
a-new-for-2022 mechanical heat pump to extend range, a full-length
panoramic glass roof, a 13-speaker Harman Kardon audio system, and
WeaveTech vegan interior upholstery. The Pilot Pack ($3,200) offers
enhanced safety and driver assistance features, including Pilot
Assist , Adaptive Cruise Control (ACC), and Blind Spot Information
System (BLISTM). With these combined technologies, the Pilot Pack
aids drivers to safely alleviate stress in certain driving
situations.
Additionally, all Polestar 2 owners receive Over-The-Air (OTA)
updates that deliver enhancements directly to the vehicle, enabling
even the oldest cars to run with the latest technology. Recent
updates include the ability to schedule charging sessions, quicker
DC charging enabled by battery preconditioning, and a Range
Assistant app that includes an Eco Climate function.
As part of the brand’s digital-first retail model, Polestar 2
can be ordered online at
https://www.polestar.com/us/polestar-2/configurator/ or with the
help of Polestar Specialists at one of the brand’s retail
locations.
Polestar currently has retail locations – or Spaces – open in
major markets across the US. This includes test drives, sales, and
service of Polestar vehicles in Los Angeles, the San Francisco Bay
Area, and Orange County, Calif.; New York City; Denver, Colorado;
Boston; Central and Southern New Jersey; Dallas and Austin, Texas;
Detroit; Minneapolis; Phoenix; Seattle; Atlanta; Charlotte, North
Carolina; Connecticut; South Florida; and Washington D.C.
Additionally, Polestar offers vehicle pick up and delivery for test
drives, sales, and service within 150 miles from any Polestar
Space.
Polestar 2 test drives can be scheduled at
Polestar.com/test-drive, or arranged at any Polestar Space.
*The discounted $33,400 price is for illustrative purposes only
and is inclusive of all incentives available to a qualifying New
Jersey resident as an example. The lower price is inclusive of the
following deductions: (i) $7,500 federal EV tax credit and (ii)
$5,000 Charge Up New Jersey incentive. These incentives are only
available in NJ and are not guaranteed, nor in Polestar’s control.
Polestar recommends you consult your tax advisor for personal
eligibility.
**This is an electric vehicle. Since electricity is not measured
in gallons, a conversion factor is used to translate the fuel
economy into miles per gallon of gasoline equivalent (MPGe).
Polestar 2 Long range Single motor is EPA-estimated 113 city/100
highway/107 combined MPGe. Use for comparison purposes only. Your
MPGe will vary for many reasons, including but not limited to,
driving conditions, how and where you drive, how you maintain your
vehicle, battery-package/condition, and other factors. See
www.fueleconomy.gov
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 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.
In the coming three years, Polestar plans to launch one new
electric vehicle per year, starting with Polestar 3 in 2022 – 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.
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 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 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. 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/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
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.
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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220324005249/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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