SPAC for electric car Polestar gains as company set to debut first ever Super Bowl ad
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SPAC Gores Guggenheim (NASDAQ:GGPI), which is taking electric vehicle maker Polestar public, rose 5.5% amid an announcement that the company will debut its first ever Super Bowl ad on Sunday.
The 30-second spot will air in the first quarter of the game, and the company has teased the spot with a 15-second preview, according to a statement. The stock move also comes on news that competitor Tesla (NASDAQ:TSLA) announced its fourth recall in two weeks
Last year Polestar also announced its plans to launch three new cars over the next three years. Last month the company said it delivered on its global sales target of 29,000 vehicles in 2021, representing year-on-year growth exceeding 185%.
Polestar's SPAC deal with Gore Guggenheim (GGPI) is expected to close in the first half of 2022.
See from December, Polestar CEO on EV valuations: Everybody understands EVs are the future.