Polestar, a joint venture between the car manufacturer and its Chinese owner Geely, will focus on high performance electric cars which aim to change the way people buy, sell and own their vehicles.
The first car, unveiled in Shanghai, will be a high-performance coupe powered by a hybrid petrol-electric drivetrain. It will be produced in a new purpose-built production facility in in Chengdu in southern China – the world’s largest market for electric vehicles.
Set to roll off the production line in mid-2019, the Polestar 1 will be able to travel 93 miles on electric power alone, giving it what is claimed to be the longest range of any battery-powered car. When the engine is combined with the electric power system, the two-door car will be able to produce 600hp, placing it in the performance car market.
Volvo and Geely are investing £570m into the project, with two future cars planned over the next four years, one a small hatchback aimed at competing with Tesla’s Model 3, and an SUV.
Thomas Ingenlath, chief executive of Polestar, said: “Polestar 1 is the first car to carry the Polestar on the bonnet. All future cars from Polestar will feature a fully electric drivetrain, delivering on our brand vision of being a new standalone electric performance brand.”
When production begins, 500 examples of the Polestar 1 will be built a year and sold in China, the US and Europe. Later models will be produced in higher volumes.