Polestar Cars Moves Into Permanent Home in Scottsdale, Arizona

Polestar, the premium electric performance car maker, today opened a new retail location – known as a Polestar Space – in Scottsdale, Arizona. The new showroom offers sales, service, and test drives of the all-electric Polestar 2 performance fastback. Polestar Scottsdale is located in the Scottsdale Fashion Square Mall at 7014 East Camelback Road, and is operated by Courtesy Automotive.

As the company’s first retail location in Arizona, Polestar Scottsdale gives ‘Valley of the Sun’ residents the opportunity to experience Polestar vehicles first-hand and learn more about them from Polestar Specialists in an avant-garde setting. As part of the brand’s innovative retail model, Polestar 2 vehicles can be ordered online at https://www.polestar.com/us/polestar-2/configurator/ for home delivery in the greater Phoenix area, or with the help of a Polestar Specialist at the Scottsdale Space. A test drive can be coordinated on-site or at a customer’s location of choice via Polestar.com/test-drive.

“Polestar Scottsdale gives the brand a great presence in the Southwest. Phoenix is a rapidly growing market, with a 99% year-over-year increase in EV registrations in 2021,” says Gregor Hembrough, Head of Polestar North America. “After several months of operating from a temporary facility, we are thrilled to be in our permanent home in the greater Phoenix area.”

Arizona, already the 11^th largest market in the US for EVs, is experiencing robust growth, with sales of electric cars up 96% year-over-year in 2021, according to IHS Markit data.

With an expanding array of customization options for Polestar 2, Scottsdale-area buyers now have the selection of two motor variants and three optional equipment packs. Specifically notable for desert-climate markets is the ability to opt for a full-metal roof, versus the previously standard full-length glass roof previously standard. The single-motor Polestar 2 has an EPA-estimated range of up to 270 miles* and starts at $45,900, both the longest-range and the least expensive model in Polestar’s lineup. The 408-hp dual-motor variant starts at $49,900.

“We are excited to move Polestar Scottsdale into its permanent ‘Space’ within Scottsdale Fashion Square among some of the world's leading luxury brands,” said Jason Church, Chief Operating Officer of Courtesy Automotive Group. “For customers who don’t want or need to come visit our new Space, Polestar Specialists will deliver a vehicle to the customer's location for a test drive, and cars can be purchased through Polestar.com. Polestar 2 EVs are readily available through Polestar Scottsdale.”

Customers living within 150 miles of Polestar Scottsdale can have their Polestar vehicle retrieved and returned for servicing free of charge, enabling a convenient Polestar ownership experience without being troubled by vehicle service appointments. This encompasses the entire ‘Valley of the Sun’ area of greater Phoenix as well as the Tucson market.

For those living further than 150 miles from Polestar Scottsdale, Polestar offers a mobile service program in which a Polestar-trained technician will travel to the owner’s location for minor repairs or software updates. Mobile service can be requested by contacting Polestar Support 24/7 via phone at 800-806-2504 or at polestar.com/contact.

Polestar Scottsdale is only the next in a rapid expansion of the brand’s retail network of Spaces, with the goal of 35 locations across the U.S. and Canada by the end of 2022.

This expansion continues to strengthen Polestar’s position ahead of its proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW and GGPIU), which is expected to close in the first half of 2022.

*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.

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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.

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