Polestar Begins Delivering on 65,000 Electric Vehicle Partnership With Hertz

GOTHENBURG, Sweden--(BUSINESS WIRE)--Polestar, the Swedish electric performance car manufacturer, has begun delivering new Polestar 2 electric cars to Hertz as part of the agreement announced in April 2022, under which Polestar will supply the global car rental giant with 65,000 cars over the next five years.

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The partnership between Polestar and Hertz is one of the largest single orders for electric cars ever made. The start of deliveries signifies Polestar’s operational capability as a relatively mature brand in a space heavily populated by early-stage start-ups.

Polestar’s long-term plan is to increase annual sales to approximately 290,000 cars by the end of 2025. This growth is already underway – Polestar has taken over 32,000 customer orders for Polestar 2 since the start of 2022, representing an increase of 290% versus the same period in 2021.

“Our partnership with Hertz is an exciting milestone that provides the opportunity for a significant number of potential new customers to experience an EV for the first time, and it will be in a Polestar,” says Thomas Ingenlath, CEO of Polestar. “With over 55,000 Polestar cars already on the road across our 25 live markets, there is no doubt that our brand is growing at an incredible pace.”

Hertz is initially receiving Polestar 2, the award-winning EV which has established Polestar’s position as a premium EV manufacturer. Polestar 2 is also featured in the current Hertz “Let’s go” marketing campaign, further reinforcing the partnership between the two companies.

"We’re excited to add this first delivery of Polestars to our fleet, expanding the opportunities for Hertz customers to enjoy the experience of driving an electric vehicle," says Darren Arrington, executive vice president, Revenue Management and Fleet Acquisition for Hertz.

Polestar 2 offers avant-garde Scandinavian design and leading in-car technology, including the world’s first built-in infotainment system powered by Android Automotive OS from Google. The Hertz agreement includes forthcoming Polestar models such as the Polestar 3 electric SUV which has its world premiere in October 2022.

In addition, Hertz is now adding the Polestar 1 electric performance hybrid to their Dream fleet as well, to allow customers to experience the high-performance carbon fiber sports GT firsthand.

Polestar 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 June 2022.

About Polestar

Polestar was established as a new, standalone Swedish premium electric vehicle manufacturer in 2017. Founded by Volvo Car AB (publ) (together with its subsidiaries, “Volvo Cars”) and Zhejiang Geely Holding Group Co., Ltd (“Geely”), 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.

From 2022, Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 – 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.

In early March 2022, Polestar revealed its second concept car, the Polestar O₂ electric performance roadster. Polestar O₂ builds on the design, technology, and sustainability ambitions laid out by Precept and showcases the brand’s vision for future sports cars. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasizes a dynamic driving experience. The concept further develops the focus on sustainability and technology, aiming towards greater circularity.

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.