Investors in Gores Guggenheim (NASDAQ:GGPI) stock are anxiously awaiting Feb. 13, the day of Super Bowl LVI. As a refresher, Gores Guggenheim plans on merging with electric vehicle (EV) maker Polestar via a special purpose acquisition company (SPAC) in the first half of this year.
Polestar recently released a 15 second Super Bowl teaser ad that details the 2022 Polestar 2. As a result, all eyes are on Polestar and the big game.
Here’s what you should know about the company and GGPI stock.
GGPI Stock: Polestar Releases a Super Bowl Teaser Ad
In the teaser video, Polestar boasts that it will have “No stunts,” “No play on words” and “No supermodels.” The EV company seems to be taking a minimalistic approach with its audience, going straight to the point. In the background of the ad, the side of a 2022 Polestar 2 can be seen.
This year, advertisers paid an average of $6.5 million for a 30-second Super Bowl ad, so it can be assumed that Polestar coughed up a decent chunk of change for this one. Is it worth it? Well, the Super Bowl is one of the biggest sporting events in the world. Last year’s game boasted an estimated 91.6 million viewers in the U.S. alone. With that large of a spending budget, it seems Polestar is confident in its new model.
Business Insider calls the Polestar 2 “the coolest electric car you’ve never head of.” The model is the company’s first mass-produced car and starts at $45,900. The long-range single motor version comes with 270 miles of range and 231 horsepower. Further, the more expensive long-range dual motor version comes with 249 miles of range and 408 horsepower. Like Tesla (NASDAQ:TSLA) cars, the Polestar 2 will be capable of over-the-air (OTA) updates. It also utilizes an Alphabet (NASDAQ:GOOGL) operating system and comes pre-installed with features like Google Maps and Google Assistant.
What’s Next for Polestar?
Looking forward, this EV company plans on releasing the Polestar 3 this year, a premium SUV. Next year, the company will also likely launch the Polestar 4. That vehicle is predicted to be an SUV coupe. By the end of 2023, Polestar expects to be active in at least 30 global markets.
Polestar is entering into a phase of expansion as the trend of vehicle electrification accelerates. Last year, EVs accounted for just under 9% of the global passenger vehicle market. That figure almost tripled from two years prior.
Polestar and GGPI stock have a massive opportunity to capitalize on this trend as long as acceptance and adoption of EVs continue. However, the competition is rigid. Contenders like Tesla, Ford (NYSE:F) and Lucid (NASDAQ:LCID) are all vying to take market share.
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.
