Volvo Cars and owner Geely Holding have announced a Euro 640 million (5 Billion Rembi) investment in the Polestar brand. The investment is to cover the first phase of product, brand and production development.
The aim is to make the brand a significant player in electric performance vehicles, with the first product being announced in the Polestar 1.
The Polestar 1 is based on Volvo Car’s SPA platform although it will have a carbon fibre body, will be in a 2+2 seat arrangement and will serve as a halo car for the brand. It is rated at 600hp and 1,000Nm and will have two electric motors on its rear axle. production is to begin by end 2019.
It will be joined by the Polestar 2 – a smaller battery electric car that will compete with the Tesla 3 and the Polestar 3, which will be a crossover option.
A new factory in Chengdu, China is part of the investment. This adds to the electric drive aims of Volvo Cars that has announced an electric drive element in every car from 2019.