Volvo & Geely are spending 640 Million Euro on Polestar
Polestar is Volvo Car Group’s performance road car brand. Polestar will become a new separately-branded electric high-performance car company, offering a portfolio of bespoke Polestar cars. Polestar will enjoy specific technological and engineering synergies with Volvo Cars and benefit from significant economies of scale as a result of its connection to Volvo. These synergies will allow it to design, develop and build world beating electrified high performance cars.
Today, Polestar builds the S60 and V60 Polestar, 367hp performance road cars with over 250 developments over-and-above the standard Volvo products. It also offers Polestar Engineered performance hardware upgrades and engine software optimisations for existing Volvo products.
Thomas Ingenlath, Chief Executive Officer of Polestar said; “Polestar 1 is the first car to carry the Polestar on the bonnet. A beautiful GT with amazing technology packed into it – a great start for our new Polestar brand. All future cars from Polestar will feature a fully electric drivetrain, delivering on our brand vision of being the new standalone electric performance brand”.
Volvo Cars has formed a joint venture with two companies within its parent company, Zhejiang Geely Holding. This JV is capitalised with 5B RMB (640M Euro) of equity to support Polestar’s development. Polestar remains a subsidiary of Volvo Car Group and will be fully consolidated into Volvo Car Group. Over 40% of global car sales expected to be electric within 20 years.
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