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Hertz Global to Acquire Up to 65,000 Polestar EVs over 5 Years -Breaking


Hertz and Polestar Announce World Strategic Partnership to Speed up
Electrical Car Adoption


Hertz (NASDAQ:) and Polestar, the Swedish premium electrical efficiency automobile maker, at present introduced a brand new world partnership that features buying as much as 65,000 electrical autos (EVs) over 5 years. Availability is anticipated to start in Spring 2022 in Europe and late 2022 in North America and Australia.

For Hertz, the partnership is a part of the corporate’s ongoing dedication to guide in electrification, shared mobility and a digital-first buyer expertise. The partnership with Polestar builds on Hertz’s announcement final October to supply its clients the most important EV rental fleet in North America and one of many largest on this planet. Along with making the fleet accessible to its enterprise and leisure clients, Hertz is extending EVs to rideshare drivers as a technique to additional speed up electrification.

“We’re excited to associate with Polestar and stay up for introducing their premium EV merchandise into our retail and rideshare fleets,” stated Stephen Scherr, Hertz CEO. “Immediately’s partnership with Polestar additional builds on our ambition to change into a number one participant within the fashionable mobility ecosystem and doing in order an environmentally-forward firm. By working with EV business leaders like Polestar, we may also help speed up the adoption of electrification whereas offering renters, company clients and rideshare companions a premium EV product, distinctive expertise and decrease carbon footprint.”

Polestar is likely one of the drivers of world EV development, serving to to speed up the shift to sustainable mobility as shopper curiosity within the environmental and comfort advantages of electrification will increase. Polestar reported that it almost tripled volumes in 2021 and anticipates greater than doubling volumes once more this 12 months. Polestar expects volumes to succeed in 290,000 autos per 12 months by the top of 2025. Polestar beforehand introduced its intention to listing on Nasdaq New York in a proposed enterprise mixture with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is anticipated to shut within the second quarter of 2022.

“Polestar is dedicated to accelerating the transfer to electrical mobility with an enchanting and revolutionary product portfolio,” stated Polestar CEO Thomas Ingenlath. “We’re delighted that Hertz has chosen Polestar as a strategic associate on their street to electrification. The partnership with a worldwide pioneer like Hertz will carry the superb expertise of driving an electrical automobile to a wider viewers, satisfying a broad number of our mutual clients’ short- and longer-term mobility necessities. For a lot of of them it might be the primary time they’ve pushed an EV, and will probably be a Polestar.”

Hertz will initially order Polestar 2, an award-winning EV which established Polestar’s place as a premium EV producer with its first quantity mannequin. Polestar 2 brings avant-garde Scandinavian design and main in-car know-how. Polestar 2 contains the world’s first infotainment system powered by Android Automotive OS with Google (NASDAQ:) built-in for the premium EV phase, in a driver-oriented, dynamic driving package deal.

About Hertz

The Hertz Company, a subsidiary of Hertz World Holdings Inc . (OTC:), operates the Hertz, Greenback and Thrifty car rental manufacturers all through North America, Europe, the Caribbean, Latin America, Africa, the Center East, Asia, Australia and New Zealand. The Hertz Company is likely one of the largest worldwide car rental corporations, and the Hertz model is likely one of the most acknowledged globally. Moreover, The Hertz Company operates the Firefly car rental model and Hertz 24/7 automobile sharing enterprise in worldwide markets and sells autos via Hertz Automotive Gross sales. For extra details about The Hertz Company, go to

About Polestar

Polestar was established as a brand new, standalone Swedish premium electrical car producer in 2017. Based by Volvo Vehicles and Geely Holding, Polestar enjoys particular technological and engineering synergies with Volvo Vehicles and advantages from vital economies of scale consequently.

Polestar is headquartered in Gothenburg, Sweden, and its autos are at present accessible and on the street in markets throughout Europe, North America, China and Asia Pacific. By 2023, the corporate plans that its automobiles can be accessible in an mixture of 30 markets. Polestar automobiles are at present manufactured in two amenities in China, with extra future manufacturing deliberate within the USA. In September 2021, Polestar introduced its intention to listing as a public firm on the Nasdaq in a enterprise mixture settlement with Gores Guggenheim, Inc. Full info on this definitive settlement may be discovered right here.

Ahead-Wanting Statements

Sure statements on this press launch (“Press Launch”) could also be thought of “forward-looking statements” as outlined within the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements usually relate to future occasions, plans or the long run monetary or working efficiency of Gores Guggenheim, Inc. (“Gores Guggenheim”), Polestar Efficiency AB and/or its associates ( “Polestar”) and Polestar Automotive Holding UK Restricted (“Polestar ListCo”) or Hertz World Holdings, Inc. (“Hertz”). For instance, projections of future volumes or different metrics are forward-looking statements. In some instances, you may establish forward-looking statements by terminology similar to “could”, “ought to”, “count on”, “intend”, “will”, “estimate”, “anticipate”, “imagine”, “predict”, “potential”, “forecast”, “plan”, “search”, “future”, “suggest”, “supply”, “buy” or “proceed”, or the negatives of those phrases or variations of them or related terminology. Such forward-looking statements are topic to dangers, uncertainties, and different components which might trigger precise outcomes to vary materially from these expressed or implied by such ahead wanting statements.

These forward-looking statements are primarily based upon estimates and assumptions that, whereas thought of cheap by Gores Guggenheim and its administration, and Polestar and its administration, or Hertz, because the case could also be, are inherently unsure. Elements that will trigger precise outcomes to vary materially from present expectations disclosed on this press launch embody, however aren’t restricted to, dangers associated to the power of Hertz and Polestar to ascertain and obtain the objectives of their introduced partnership and different danger components that Hertz identifies in its Annual Report on Kind 10-Okay for the 12 months ended December 31, 2021, as filed with the Securities and Trade Fee (the “SEC”), and any updates thereto in subsequent filings with the SEC, and with respect to Polestar such components embody, however aren’t restricted to: (1) the incidence of any occasion, change or different circumstances that might give rise to the termination of definitive agreements with respect to the Enterprise Mixture; (2) the end result of any authorized proceedings which may be instituted in opposition to Gores Guggenheim, the mixed firm or others following the announcement of the Enterprise Mixture and any definitive agreements with respect thereto; (3) the shortcoming to finish the Enterprise Mixture as a result of failure to acquire approval of the stockholders of Gores Guggenheim, to acquire financing to finish the Enterprise Mixture or to fulfill different circumstances to closing; (4) adjustments to the proposed construction of the Enterprise Mixture which may be required or acceptable on account of relevant legal guidelines or laws or as a situation to acquiring regulatory approval of the Enterprise Mixture; (5) the power to fulfill inventory trade itemizing requirements following the consummation of the Enterprise Mixture; (6) the chance that the Enterprise Mixture disrupts present plans and operations of Polestar on account of the announcement and consummation of the Enterprise Mixture; (7) the power to acknowledge the anticipated advantages of the Enterprise Mixture, which can be affected by, amongst different issues, competitors, the power of the mixed firm to develop and handle development profitably, preserve relationships with clients and suppliers and retain its administration and key staff; (8) prices associated to the Enterprise Mixture; (9) dangers related to adjustments in relevant legal guidelines or laws and Polestar’s worldwide operations; (10) the chance that Polestar or the mixed firm could also be adversely affected by different financial, enterprise, and/or aggressive components; (11) Polestar’s estimates of bills and profitability; (12) Polestar’s skill to take care of agreements or partnerships with its strategic companions Volvo Vehicles and Geely and to develop new agreements or partnerships; (13) Polestar’s skill to take care of relationships with its current suppliers and strategic companions, and supply new suppliers for its crucial parts, and to finish constructing out its provide chain, whereas successfully managing the dangers as a consequence of such relationships; (14) Polestar’s reliance on its partnerships with car charging networks to supply charging options for its autos and its strategic companions for servicing its autos and their built-in software program; (15) Polestar’s skill to ascertain its model and seize extra market share, and the dangers related to adverse press or reputational hurt, together with from lithium-ion battery cells catching fireplace or venting smoke; (16) delays within the design, manufacture, launch and financing of Polestar’s autos and Polestar’s reliance on a restricted variety of car fashions to generate revenues; (17) Polestar’s skill to repeatedly and quickly innovate, develop and market new merchandise; (18) dangers associated to future market adoption of Polestar’s choices; (19) will increase in prices, disruption of provide or scarcity of supplies, specifically for lithium-ion cells or semiconductors; (20) Polestar’s reliance on its companions to fabricate autos at a excessive quantity, a few of which have restricted expertise in producing electrical autos, and on the allocation of enough manufacturing capability to Polestar by its companions to ensure that Polestar to have the ability to enhance its car manufacturing capacities; (21) dangers associated to Polestar’s distribution mannequin; (22) the results of competitors and the excessive limitations to entry within the automotive business, and the tempo and depth of electrical car adoption usually on Polestar’s future enterprise; (23) adjustments in regulatory necessities, governmental incentives and gasoline and vitality costs; (24) the impression of the worldwide COVID-19 pandemic on Gores Guggenheim, Polestar, Polestar’s put up enterprise mixture’s projected outcomes of operations, monetary efficiency or different monetary metrics, or on any of the foregoing dangers; and (25) different dangers and uncertainties set forth within the part entitled “Danger Elements” and “Cautionary Notice Relating to Ahead-Wanting Statements” in Gores Guggenheim’s ultimate prospectus regarding its preliminary public providing (File No. 333-253338) declared efficient by the SEC on March 22, 2021, and different paperwork filed, or to be filed, with the SEC by Gores Guggenheim or Polestar ListCo, together with the Registration/Proxy Assertion. There could also be extra dangers that neither Gores Guggenheim, Polestar nor Polestar ListCo presently know or that Gores Guggenheim, Polestar or Polestar ListCo at present imagine are immaterial that might additionally trigger precise outcomes to vary from these contained within the forward-looking statements.

Nothing on this Press Launch ought to be thought to be a illustration by any person who the forward-looking statements set forth herein can be achieved or that any of the contemplated outcomes of such forward-looking statements can be achieved. You shouldn’t place undue reliance on forward-looking statements, which converse solely as of the date they’re made. Neither Gores Guggenheim, Polestar nor Polestar ListCo undertakes any responsibility to replace these forward-looking statements.

Extra Info

In reference to the proposed Enterprise Mixture, (i) Polestar ListCo has filed with the SEC a Registration/Proxy Assertion, and (ii) Gores Guggenheim will file a definitive proxy assertion regarding the proposed Enterprise Mixture (the “Definitive Proxy Assertion”) and can mail the Definitive Proxy Assertion and different related supplies to its stockholders after the Registration/Proxy Assertion is asserted efficient. The Registration/Proxy Assertion will comprise vital details about the proposed Enterprise Mixture and the opposite issues to be voted upon at a gathering of Gores Guggenheim stockholders to be held to approve the proposed Enterprise Mixture. This Press Launch doesn’t comprise all the data that ought to be thought of in regards to the proposed Enterprise Mixture and isn’t meant to type the premise of any funding resolution or every other resolution in respect of the Enterprise Mixture. Earlier than making any voting or different funding selections, securityholders of Gores Guggenheim and different individuals are suggested to learn, the Registration/Proxy Assertion and the amendments thereto and the Definitive Proxy Assertion and different paperwork filed in reference to the proposed Enterprise Mixture, as these supplies will comprise vital details about Gores Guggenheim, Polestar, Polestar ListCo and the Enterprise Mixture. When accessible, the Definitive Proxy Assertion and different related supplies for the proposed Enterprise Mixture can be mailed to stockholders of Gores Guggenheim as of a file date to be established for voting on the proposed Enterprise Mixture. Stockholders can even be capable to acquire copies of the Registration/Proxy Assertion, the Definitive Proxy Assertion and different paperwork filed with the SEC, with out cost, as soon as accessible, on the SEC’s web site at, or by directing a request to: Gores Guggenheim, Inc., 6260 Lookout Rd., Boulder, CO 80301, consideration: Jennifer Kwon Chou.


Members within the Solicitation

Gores Guggenheim and sure of its administrators and government officers could also be deemed contributors within the solicitation of proxies from Gores Guggenheim’s stockholders with respect to the proposed Enterprise Mixture. An inventory of the names of these administrators and government officers and an outline of their pursuits in Gores Guggenheim is ready forth in Gores Guggenheim’s filings with the SEC (together with Gores Guggenheim’s ultimate prospectus associated to its preliminary public providing (File No. 333-253338) declared efficient by the SEC on March 22, 2021), and can be found freed from cost on the SEC’s web site at, or by directing a request to Gores Guggenheim, Inc., 6260 Lookout Rd., Boulder, CO 80301, consideration: Jennifer Kwon Chou. Extra info concerning the pursuits of such contributors is contained within the Registration/Proxy Assertion.

Polestar and Polestar ListCo, and sure of their administrators and government officers may additionally be deemed to be contributors within the solicitation of proxies from the stockholders of Gores Guggenheim in reference to the proposed Enterprise Mixture. An inventory of the names of such administrators and government officers and knowledge concerning their pursuits within the proposed Enterprise Mixture is included within the Registration/Proxy Assertion.

No Provide and Non-Solicitation

This Press Launch just isn’t a proxy assertion or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not represent a proposal to promote or a solicitation of a proposal to purchase the securities of Gores Guggenheim, Polestar or Polestar ListCo, nor shall there be any sale of any such securities in any state or jurisdiction wherein such supply, solicitation, or sale could be illegal previous to registration or qualification underneath the securities legal guidelines of such state or jurisdiction. No supply of securities shall be made besides via a prospectus assembly the necessities of the Securities Act of 1933, as amended.


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SOURCE Hertz World Holdings, Inc.