Polestar Releases Downloadable Performance Software Upgrade for Polestar 2

Polestar has released a performance-oriented software upgrade for the Polestar 2 Long range Dual motor in selected European markets. The software upgrade represents the first time Polestar has applied its tuning heritage to its own electric cars. It has already seen enthusiastic pick-up from Polestar 2 owners – over 400 upgrades have been downloaded in its first weeks of availability since late November.

Thomas Ingenlath, Polestar CEO says: “The upgrade highlights how connected technologies can transform the relationship a car company has with its customers. The driving experience in Polestar 2 is something we are really proud of. It is such a fun car to drive already, but with this upgrade we can offer even more to our customers who might be after a little extra excitement.”

Born in motorsport in the late 1990s, Polestar’s racetrack and performance tuning genetics are still very present in its modern electric performance vehicle DNA.

Previewed earlier in 2021 in the experimental Polestar 2 at the Goodwood Festival of Speed, the upgrade adds 50 kW and 20 Nm to the already high-output dual-motor powertrain for a total of 350 kW (476 hp) and 680 Nm (502 lb. ft).

Additional responsiveness also produces a sportier driving experience overall, and the 0-100 km/h sprint time has been reduced to 4,4 seconds. The additional power and torque is available as a ‘boost’ between 70 and 130 km/h, resulting in even more rapid acceleration in the mid-range. Accelerating from 80 to 120 km/h takes just 2,2 seconds, half a second quicker than in the standard car.

With the existing Polestar Engineered performance software tuning business already seeing Polestar applying its engineering expertise to certain hybrid Volvo vehicles, the new development presents an opportunity for fully electric vehicles and allows enthusiastic Polestar 2 drivers to increase the output of the all-wheel drive powertrain and enjoy a sharper driving experience.

The upgrade is rolling out for customers with eligible cars in the Polestar Extras web shop as a software download that is delivered remotely to their Polestar 2 via an Over-the-Air update. The ability to buy online and install remotely also highlights Polestar’s proficiency in the increasingly digital automotive world.

In addition to delivering an enhanced driving experience to customers, the development also allows Polestar to continue to explore alternate revenue streams and further strengthen its financial 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.

Notes to editors:

- The Polestar performance software upgrade is initially available in Europe in the following Polestar markets: UK, Netherlands, Norway, Sweden, Switzerland, Finland, Denmark, Germany and Austria.

- Availability in other Polestar markets will be confirmed in the future.

- Availability and pricing for US and Canada are expected in spring 2022.

- Pricing is on average EUR 1,000 with local variances in certain markets.

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 to be present in 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 fibre 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.

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