Gores Guggenheim (NASDAQ:GGPI) stock is enjoying a day in the green after the company’s merger target met its 2021 global sales goal. The special purpose acquisition company (SPAC) agreed to merge with Polestar last year in a transaction valued at $20 billion. The business combination is set to close during the first quarter of this year.
Last year was a standout for Polestar. The Swedish electric vehicle (EV) manufacturer delivered 29,000 vehicles globally, satisfying its sales target. Compared to the previous year, sales rose by an impressive 185% year-over-year (YOY). Furthermore, the company “more than doubled” its retail footprint in 2021, now operating 100 retail locations globally. Mike Whittington, Polestar’s head of sales, had the following to say:
“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.”
It seems like Polestar is entering into a phase of expansion as the new year kicks off. So, what else should investors know about this exciting EV company? Here are six things to have on your radar.
GGPI Stock: 6 Things to Know as Polestar Hits Sales Target
- During 2021, Polestar increased its global presence to 19 markets, up from 10 previously. The company highlighted growth in Europe and the Asia-Pacific region as well.
- Polestar’s business partnerships with Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY) will allow the EV manufacturer to expand quickly. Seeking Alpha adds that the partnerships should “allow the company to avoid the production and quality control issues” that plagued Tesla (NASDAQ:TSLA) early on.
- For 2022, Polestar plans to expand its presence in European and Middle Eastern markets like Portugal, Ireland, Israel and Kuwait. The EV manufacturer expects to operate in at least 30 global markets by the end of 2023.
- Looking forward, Polestar plans to launch “three new cars in the coming three years.” The first new EV will be the Polestar 3, a premium SUV launching this year. The vehicle will be Polestar’s first EV built in the United States and utilize technology from companies like Luminar (NASDAQ:LAZR) to assist in autonomous driving (AD).
- The Polestar 4 is slated to launch in 2023 and expected to be an SUV coupe.
- By 2025, Polestar is estimated to generate revenue of $18 billion.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.