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Polestar has launched the Vivaldi web browser for its Polestar 2 electric vehicle, fulfilling a significant demand from users. This browser, the first for Android Automotive OS, offers functionalities like tabbed browsing, streaming, and enhanced security features. Thomas Ingenlath, Polestar's CEO, expresses excitement over this addition, which enhances the infotainment experience. The Vivaldi browser is now available in Europe, North America, and select Asia Pacific markets, further solidifying Polestar's technological advancements as it approaches its business combination with Gores Guggenheim (Nasdaq: GGPI, GGPIW, GGPIU).
Polestar has launched a new retail location in Corte Madera, California, expanding its network across North America. The Polestar Marin space will provide sales, service, and test drives for the Polestar 1 and Polestar 2 models. A complimentary pickup and delivery service will cater to customers within a 150-mile radius. Polestar is targeting a total of 38 locations across the U.S. by the end of 2022, further positioning itself in the San Francisco market and enhancing the customer experience.
Polestar has announced that its Polestar 2 Long Range Single Motor achieved a top EPA rating of 270 miles range, the longest for any Polestar vehicle. This follows ongoing Over-The-Air (OTA) updates that enhance features for owners. The latest update introduces charging scheduling and improved Advanced Driving Assistance Systems (ADAS). Upcoming options include a performance software upgrade for the Dual Motor variant, increasing output to 476 hp. Polestar aims to expand its retail network across the U.S., with 38 locations planned by the end of 2022.
Polestar has launched a performance-focused software upgrade for the Polestar 2 Long Range Dual Motor in select European markets. The upgrade, enhancing the vehicle's output by 50 kW and 20 Nm for a total of 350 kW (476 hp) and 680 Nm (502 lb. ft), allows for quicker acceleration with a 0-100 km/h time of 4.4 seconds. Over 400 upgrades were downloaded shortly after release. This initiative also aims to open new revenue streams for Polestar ahead of its merger with Gores Guggenheim (tickers GGPI, GGPIW, GGPIU) expected in the first half of 2022.
Polestar has unveiled plans to launch the Polestar 3 electric performance SUV in 2022, marking its first SUV and U.S. production at the Charleston, South Carolina plant. The company anticipates approximately 29,000 global sales in 2021 and aims for a ten-fold increase to 290,000 by 2025. The Polestar Precept also debuted in New York, demonstrating the brand's commitment to sustainability and advanced technology. CEO Thomas Ingenlath emphasized the company's established production capabilities and plans for growth in 30 global markets by 2023, highlighting its competitive stance in the electric vehicle market.
Polestar has unveiled the third episode of its YouTube series, 'Precept: from Concept to Car', showcasing the design journey of the upcoming Polestar 5, an electric performance 4-door GT set for launch in 2024. CEO Thomas Ingenlath emphasizes the company's transparent approach to production. The series highlights key exterior design changes, addressing the balance between aesthetic appeal and engineering requirements. The Polestar 5 reflects the brand's focus on sustainability, technology, and performance, ahead of its North American debut in December and its planned merger with Gores Guggenheim (Nasdaq: GGPI, GGPIW, GGPIU).
Polestar Automotive Holding UK Limited has filed an F-4 registration/proxy statement with the SEC, advancing its plans for a NASDAQ listing following a September announcement for a business combination with Gores Guggenheim (GGPI). Aiming to expand its global market presence, Polestar operates in 14 markets and plans to reach 30 markets by the end of 2023. In 2021, the company added 46 retail locations, including 20 in the U.S. The Polestar 2 has garnered over 50 awards and significant interest, with an objective of selling 290,000 vehicles by 2025.
Polestar Performance AB and Gores Guggenheim, Inc. announced a definitive business combination, implying an enterprise value of approximately USD 20 billion. Polestar, a premium electric vehicle manufacturer, operates in 14 markets and plans to expand to 30 by 2023. The transaction includes USD 800 million from Gores Guggenheim’s trust and USD 250 million from PIPE financing. Polestar aims to accelerate growth and sustainability, targeting to develop a climate-neutral car by 2030.
Gores Guggenheim announced that the underwriters partially exercised their option to purchase 5,000,000 units, generating an additional $50 million in gross proceeds on April 22, 2021. This brings the total issuance to 80 million units at $10 per unit, totaling $800 million. The units, which began trading on March 23, 2021, under the symbol 'GGPIU,' comprise one share of Class A common stock and one-fifth of a warrant. Upon separate trading, the common stock and warrants will trade under 'GGPI' and 'GGPIW', respectively.
Gores Guggenheim, Inc. has announced the pricing of its initial public offering (IPO) of 75,000,000 units, priced at $10.00 each. The units will trade on the Nasdaq under the symbol GGPIU starting March 23, 2021. Each unit includes one share of Class A common stock and one-fifth of a warrant, with each whole warrant allowing the purchase of one share at $11.50. Underwriters have a 45-day option for an additional 11,250,000 units. The offering's details are available in the prospectus following SEC approval on March 22, 2021.
