Volvo seeking investors for its Polestar brand

Volvo and Chinese parent Zhejiang Geely Holding have had a 50% share in Polestar since 2017, when they agreed to jointly invest USD736 million to develop the brand.

This February 27, Polestar will unveil the Polestar 2, a sedan that Polestar wants to challenge the Tesla Model 3. It will also be the first of 5 full-electric vehicles that Volvo has promised to deliver to the market. Another confirmed model is a full-electric version of the Volvo XC40 compact SUV. The petrol driven XC40 is already a global hit and an electric version will probably make it the best selling model.

Polestar’s first model, the Polestar 1, is scheduled to go into production later this year. The 600bhp plug-in hybrid coupe, which will have a 150-km electric range, is expected to cost about 155,000 euros.

Automotive experts and insiders say that the Polestar 2 has the potential to challenge the Model 3 if it can deliver on an expected range of about 480km and with a starting price of around 40,000 euros.