In 2017, Volvo jointly with the Chinese company Zhejiang Geely Holding Group founded Polestar, a brand of electric cars. Six years later, the Swedish manufacturer announced that it was selling its share to a Chinese company, as it failed to establish itself in the electric car segment.
Although Volvo will no longer fund Polestar, the two brands will continue to collaborate on development and research, production and after-sales services. At the same time, Thomas Ingenlath, the head of Polestar, expressed his enthusiasm for the idea of Geely becoming the new majority and direct shareholder of this young company. The decision had a positive reaction from Volvo brand investors. After that, Volvo shares rose 40 percent.
All models launched by Polestar are based on Volvo technology. An example is Polestar 2, the first battery electric vehicle and mass production Polestar vehicle in the Volvo Car Group, premiered in 2020. It is offered in combination with one or two electric motors. The base version is powered by a single electric motor with 224 hp (165 kW) and 243 lb-ft (330 Nm). It is equipped with a 64 kWh battery pack that enables a range of up to 440 kilometers (WLTP). The most powerful version is powered by two electric motors with 408 hp (300 kW) and 487 lb-ft (660 Nm). It is equipped with a 78 kWh battery pack that enables a range of up to 480 kilometers. It also has AWD.
When it comes to future models, the Polestar 3 entered production at the end of last year, the Polestar 4 crossover coupe will arrive in 2024, while the Polestar 5 luxury sedan is expected to arrive in 2025.
Source: Volvo
