Polestar, the pure play, premium electric car company, today
announced the Polestar 2 Long range Single motor received one of
the best ratings in its class by the U.S. Environmental Protection
Agency (EPA) – an estimate range of 270 miles. This announcement
comes alongside ongoing Over-The-Air (OTA) updates that are
delivering new features to Polestar 2 owners and pre-empts a future
option to purchase a performance software upgrade that adds an
extra 67-hp for the dual-motor variant.
“We are pleased to announce the longest range of any Polestar
yet,” said Gregor Hembrough, Head of Polestar in North America.
“Alongside continual range improvements, we continue to offer new
conveniences for our customers free of charge via OTA software
downloads.”
Polestar continues to improve the Polestar 2 while its owners
are living with it, thanks to OTA updates. The latest update is
rolling out now, and includes a suite of new and improved features,
including the ability to schedule charging sessions, allowing
customers to take advantage of off-peak electricity pricing. The
update also adds refinements to the Advanced Driving Assistance
Systems (ADAS) in the Polestar 2.
Other recent OTA additions include battery preconditioning when
a DC charger is set as a destination so the driver can be back on
the road after the quickest possible charge, SiriusXM satellite
radio; and a Range Assistant app that is geared to improve driver
efficiency and increase range confidence. There is also an Eco
Climate function in the app that allows the driver to reduce demand
on the battery, thereby extending range.
These updates are applicable to the full Polestar 2 model range,
regardless of model year or variant.
Coming soon specifically for the Polestar 2 Long range Dual
motor is a performance software upgrade designed to raises output
to 476 hp and 502 lb. ft., an increase of an average 67 hp and 15
lb. ft. over the standard dual-motor car. The upgrade will be
available to purchase and unlocks the additional performance via an
OTA update. North American pricing and availability will also be
announced in the coming months.
Earlier this year, Polestar announced that the Long range Dual
motor variant gained a range increase to an EPA-estimated 249
miles. Through OTA updates, 2021 Polestar 2 owners also received
the additional range capability, a proof point in the company’s
promise to continually enhance the ownership experience.
The single- and dual-motor Polestar 2 variants are available to
order online at Polestar.com, and test drives can be scheduled at
Polestar.com/test-drive. For those who prefer a physical car-buying
experience, Polestar is rapidly expanding its network of retail
“Spaces” throughout the United States, with 38 retail locations
planned to be open by the end of 2022.
The most recent Spaces to open include Westport, CT, Washington,
D.C., and Portland, OR. Each of these Spaces feature dedicated
Polestar Specialists who can answer questions, schedule test
drives, and assist with the digital ordering process.
Polestar also recently announced its intention to list on Nasdaq
in connection with its proposed business combination with Gores
Guggenheim, Inc. (Nasdaq: GGPI, GGPIW and GGPIU), which is expected
to close in the first half of 2022.
For images and other media information, visit
polestar.com/press.
Contact Details General media queries
napress@polestar.com
John Paolo Canton, Public Relations and Communications, North
America jp.canton@polestar.com
Donny Nordlicht, Public Relations, North America
donny.nordlicht@polestar.com
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 to be present in 30 global 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.
In the US, the local Polestar office is located in the New York
metro area, in Mahwah, New Jersey. Polestar Spaces have been opened
in Los Angeles, the San Francisco Bay Area, and Orange County,
Calif.; New York City; Denver, Colorado; Boston; Central and
Southern New Jersey; Dallas; Austin; Detroit; Minneapolis; Phoenix;
Seattle; Atlanta; Charlotte, North Carolina; Connecticut, South
Florida, and Washington D.C., with more to follow in Central
California, the Pacific Northwest, and Hawaii.
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, 619 hp, 738 lb-ft
of torque, and an electric-only range of 52 miles (EPA) – 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 408 hp and 487 lb-ft of torque.
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
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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 proposed business combination
between Gores Guggenheim, the Company, ListCo and the other parties
thereto (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
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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 U.S. Securities and
Exchange Commission (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
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these forward-looking statements.
Additional Information
In connection with the proposed Business Combination, (i) ListCo
is expected to file 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 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, when available, 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
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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 web site 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 will be contained in the Registration/Proxy
Statement for the proposed Business Combination when available.
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 will
be included in the Registration/Proxy Statement for the proposed
Business Combination when available.
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
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version on businesswire.com: https://www.businesswire.com/news/home/20211215005474/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 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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