- “F-4” registration/proxy statement filed, next step on road to
NASDAQ listing.
- Strong global market expansion continues; on the road in 14
markets today. Further markets already planned.
- Rapid physical sales footprint expansion; 46 new retail
locations in 2021, of which 20 in United States.
- Polestar 2 continues to drive brand awareness; 50+ awards to
date.
Polestar Automotive Holding UK Limited has filed a
Registration/Proxy Statement with the U.S. Securities and Exchange
Commission (the “SEC”) on November 12, 2021. The filing follows the
September announcement of Polestar’s intention to list on Nasdaq in
connection with its proposed business combination (the “Business
Combination”) with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW and
GGPIU). The Business Combination is expected to close in the first
half of 2022.
Polestar continues to deliver on its market and retail expansion
plans that underpin significant growth targets over the coming
years. The brand is expected to be operating in 30 markets by the
end of 2023 as it is looking to ramp up sales to 290,000 vehicles
by the end of 2025.
“We have driven tremendous growth since beginning full scale
activity in 2020, underpinned by organic market expansion, strong
interest in our award-winning Polestar models and benefits from
post-pandemic retail tailwinds,” says Thomas Ingenlath, Polestar
CEO. “We look forward to further accelerating growth by expanding
our global presence and continuing to innovate our product
portfolio.”
Polestar began full-scale activity with 10 global markets in
2020 and is on the road in 14 markets today. Market expansion
continues and in the first half of 2022, Spain, Portugal and
Ireland are planned to be added to the European market footprint,
with Israel planned to expand presence in the Middle East.
The expansion of Polestar’s global retail presence has also
picked up. A total of 86 Polestar retail locations are now open
globally, up from 40 at the end of 2020. These Polestar retail
locations include downtown Polestar Spaces, easily accessible
out-of-town Polestar Destinations and Polestar test drive centers.
The latest additions include facilities in New York City and Boston
in the U.S., where, after a surge of new openings, a total of 25
facilities are expected to be in operation by the end of 2021.
Polestar has also seen an increase in interest attributed to the
launch of the critically acclaimed Polestar 2, which has seen over
110,000 test drives completed and more than 50 awards to date. More
than two million people have visited Polestar retail locations
since the start of deliveries in August 2020.
“New markets and growth in our existing markets underpin our
near-term volume ambitions,” continues Thomas Ingenlath.
“Longer-term, this expansion will be fueled by our plan to launch a
new car every year for the next three years. These are the
foundations of our rapid growth strategy.”
With the expansion into existing and new markets and the planned
arrival of three new products, Polestar aims to increase its annual
sales to 290,000 vehicles by the end of 2025.
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 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. 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.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211115005725/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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