Polestar Announced it Began Delivering on 65,000 EV Partnership with Hertz

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. 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.