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Gores Guggenheim (NASDAQ: GGPI, GGPIU, GGPIW) announced the effectiveness of its registration statement with the SEC for a proposed business combination with Polestar on
Polestar reports record sales for the first four months of 2022, with vehicle sales exceeding 13,600 and orders reaching nearly 23,000, significantly up from 2021. The company expanded to 23 markets and aims for 30 by year-end 2023. However, due to COVID-19 lockdowns in China, Polestar lowered its 2022 sales target from 65,000 to approximately 50,000. Despite supply chain challenges, the CEO remains optimistic about future growth, especially with the upcoming launch of the Polestar 3 SUV. The company plans to merge with Gores Guggenheim (Nasdaq: GGPI, GGPIW, GGPIU).
Polestar has launched its first retail location in Arizona, named Polestar Scottsdale, situated in Scottsdale Fashion Square Mall. This outlet offers sales, service, and test drives for the Polestar 2 fastback. The site aims to enhance Polestar's presence in the rapidly growing Phoenix market, which saw a 99% increase in EV registrations in 2021. Customers can order vehicles online, receive test drives, and enjoy complimentary servicing within a 150-mile radius. This expansion is part of Polestar's strategy to reach 35 retail locations in the U.S. and Canada by the end of 2022.
Polestar has launched the all-electric Polestar 2 Long Range Single Motor in the United States, starting at $45,900 and as low as $33,400 after incentives. This model features a remarkable EPA estimated range of 270 miles and retains advanced features from the dual-motor version, including the Android Automotive OS infotainment system. The company aims for global sales of approximately 65,000 vehicles in 2022. Additionally, Polestar announced its public listing via a merger with Gores Guggenheim (Nasdaq: GGPI, GGPIW, GGPIU) in September 2021.
Polestar is set to enhance its Board of Directors ahead of its anticipated listing on the Nasdaq later this year. Key appointments include Thomas Ingenlath as executive director and new directors Jim Rowan, Karen Francis, and David Wei. Existing board members such as Håkan Samuelsson and Daniel Li will retain their positions. This strategic restructuring aims to improve governance and expertise in electric vehicles and capital markets. The merger with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, GGPIU) is expected to finalize in the first half of 2022, strengthening Polestar's market position.
Polestar has unveiled the Polestar O2, a new concept hard-top convertible car aimed at the electric vehicle market. Showcasing a bespoke aluminum platform for enhanced rigidity, it emphasizes electric performance and sustainability through innovative materials, including recycled polyester. The design closely resembles the Polestar Precept, featuring improved aerodynamics and a distinct driving experience. Notably, it includes an autonomous drone for filming while driving. Polestar plans to launch three new cars over the next three years and is preparing for a business combination with Gores Guggenheim (Nasdaq: GGPI, GGPIW, GGPIU).
Polestar has announced the development of a bespoke bonded aluminum platform for its upcoming Polestar 5 electric performance 4-door GT, designed by a team of over 280 engineers in the UK. The new platform enhances vehicle dynamics, rigidity, and safety while reducing weight for better efficiency and range. The manufacturing process, which allows simultaneous construction of the body and platform, shortens development timelines. Polestar's UK R&D team is expected to expand to 500 employees as development progresses, reinforcing the company's engineering capabilities.
Polestar, the premium electric car maker, has announced its first Super Bowl ad, set to air on February 13, 2022, during the game's first quarter. The 30-second spot promotes Polestar's philosophy of 'no compromises', featuring the Polestar 2 electric fastback. In January 2022, Polestar achieved global sales of 29,000 vehicles in 2021, marking a growth exceeding 185%. The company plans to launch three new electric vehicles over the next three years and intends to list on Nasdaq through a merger with Gores Guggenheim (Nasdaq: GGPI, GGPIW, GGPIU).
Polestar has officially launched its Polestar 2 in South Korea, marking its 19th global market entry. On January 18, 2022, reservation books opened, yielding over 4,000 orders in just one week, with more than 2,000 reservations made within two hours. This rapid uptake reflects strong demand and enthusiasm for electric vehicles in the region. Polestar aims to expand into 30 markets by 2023 and plans to produce 290,000 vehicles annually by 2025, coinciding with its proposed Nasdaq listing through a business combination with Gores Guggenheim (Nasdaq: GGPI, GGPIW, GGPIU).
Polestar has achieved its 2021 global sales target of 29,000 vehicles, a remarkable year-on-year growth of over 185%. The company's market presence expanded from 10 to 19 countries, with a plan to operate in at least 30 markets by the end of 2023. Retail locations doubled to 100 globally, with plans to reach 150 by the end of 2022. Polestar is gearing up for the launch of three new cars over the next three years, starting with the Polestar 3 SUV in 2022, featuring advanced autonomous driving capabilities.
