GGPI stock ripped 6% higher in after-hours trading on February 9, 2022, after the company reported a shocking 4,000 reservations in its first week.
Polestar 2 Off to Strong Start in South Korea with Over 4,000 Reservations in One Week
On January 26, 2022, Polestar, the premium electric performance car company, is experiencing an unprecedented market launch impact after arriving in South Korea.
Following the brand launch at the end of 2021 where Polestar Precept was shown, Polestar 2 was officially unveiled on 18 January 2022 at the Seoul Wave Art Center, with the opportunity for customers to place reservations online at Polestar.com with a USD 840 deposit. Polestar 2 reservations surpassed the 2,000 mark within just two hours and totaled over 4,000 within one week.
“This extremely positive reaction to the launch of Polestar in Korea is another highpoint for a brand that is gaining momentum by the day,” comments Mike Whittington, Polestar’s global Head of SalesThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th.... “It is clear that the hard work and dedication from our team worldwide has resulted in another highly successful market launch and we are delighted with the initial response from customers in South Korea.”
South Korea is Polestar’s newest market as it continues to expand its global footprint, and becomes the 19th market worldwide where Polestar cars are available. This is in line with Polestar’s ambition to be present in at least 30 markets by 2023 as it pursues its intentions to grow to 290,000 cars per year by 2025. Polestar also intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022.
“This overwhelming response in such a short space of time is incredible and we would like to thank everyone for their great interest in Polestar 2, the first Polestar vehicle to be launched in South Korea,” says Head of Polestar Korea, Jongsung Ham. “We have great support from our colleagues at Polestar headquarters in Sweden and will work hard to deliver this car in a smooth way to all our enthusiastic new customers.”
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 at least 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.
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.
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.
Polestar Meets Global Sales Target of 29,000 Cars in 2021 and Continues to Deliver on Ambitious Growth Plans Ahead of Proposed Listing
On January 11, 2022, Polestar, the pure-play, premium electric car company, confirms that it continues to deliver on ambitious global sales, market, and retail expansion plans that underpin significant growth targets for the coming years. The company delivered on its global sales target of 29,000 vehicles in 2021, representing year-on-year growth exceeding 185%. Polestar’s proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), is expected to close in the first half of 2022.
Polestar increased its global presence from 10 to 19 markets in 2021, with growth in Europe and Asia Pacific. In the first half of 2022, Polestar plans to add Spain, Portugal and Ireland to its European market footprint, and enter the Middle East with presence in the UAE, Kuwait and Israel. By the end of 2023, Polestar aims to be operating in at least 30 global markets.
“We are delivering on our targets,” says Thomas Ingenlath, Polestar CEO. “It is a hugely exciting time for the brand, with new markets and models to support the ambitious growth plans we have set for ourselves. Thanks to the relentless dedication of Polestar employees across the globe, we are progressing with confidence towards our proposed public listing.”
Mike Whittington, Polestar’s Head of Sales, adds: “With strong new market launches and the fantastic reception of an expanded Polestar 2 model line-up, we have seen interest in Polestar and vehicle sales increase in all our markets. Our order intake is strong and we are looking forward to further growth in our sales volume again in 2022.”
Additionally, Polestar’s retail footprint more than doubled in 2021 to 100 locations globally and the company aims to have 150 in operation by the end of 2022. In addition to the openings of inner-city Polestar Spaces, the company debuted its new, larger, out-of-town Polestar Destinations. The first permanent Polestar Destination opened in December 2021, outside Gothenburg, Sweden.
In 2021, Polestar also announced its plans to launch three new cars in the coming three years. Polestar 3, a premium electric performance SUV, is set to launch in 2022 and will be the first Polestar to be built in the US. Polestar 3 will benefit from advanced technologies from Luminar, Nvidia and Zenseact that will provide cutting-edge unsupervised autonomous driving functionality.
📺 EV maker Polestar going public via a SPAC with Gores Guggenheim[embedyt] https://www.youtube.com/watch?v=XInw1dwSSOY[/embedyt]
📉 GGPI Stock Technical Analysis
The long-term trend is positive and the short-term trend is negative. Considerably lower volume is observed in the last couple of days. GGPI is currently trading in the lower part of its 52-week range. The S&P500 Index however is trading in the upper part of its 52-week range, so GGPI is lagging the market.
There is a support zone ranging from 10.25 to 10.38. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. There is also a support zone ranging from 9.70 to 9.93. This zone is formed by a combination of multiple trend lines in the daily time frame.
There is resistance at 12.00 from a horizontal line in the daily time frame.
GGPI has a bad technical rating, but it does show a decent setup pattern. GGPI stock has a Setup Rating of 6 out of 10. Prices have been consolidating lately and the volatility has been reduced. There is a support zone below the current price at 10.38, a Stop Loss order could be placed below this zone. Click here to sign up for email alerts on when GGPI stock consolidates and has a Setup Rating of 8 or higher.