Company:Polestar

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Short description: Swedish electric car brand
Polestar Automotive Holding UK PLC
TypePublic limited company
NASDAQ: PSNY
Founded2017; 7 years ago (2017)
HeadquartersGothenburg, Sweden
Area served
Worldwide
Key people
ProductsElectric vehicle
RevenueIncrease US$2.46 billion (2022)
Decrease −US$1.3 billion (2022)
Increase −US$466 million (2022)
Total assetsIncrease US$3.94 billion (2022)
Total equityIncrease US$134 million (2022)
OwnerVolvo Cars (49.5%)
Number of employees
2,377 (December 2022)
Websitepolestar.com
Footnotes / references
[1][2]
Polestar
Polestar logo 2020.svg
OwnerVolvo Cars
CountrySweden
Introduced2005; 19 years ago (2005)
Previous ownersPolestar Racing (2005–2015)

Polestar Automotive Holding UK PLC[3] is a Swedish founded, Chinese owned automotive manufacturer that produces electric vehicles under the Polestar brand. Owned by Volvo Cars, the company is headquartered in Torslanda outside Gothenburg, Sweden.[4]

The brand originated from Flash Engineering, a Swedish motorsport team established in 1996 that competed in the Scandinavian Touring Car Championship. In 2005, the team was sold then rebranded to Polestar Racing, which later operates a production car tuning division called Polestar Performance AB.[5][6] In July 2015, the Polestar brand was acquired by Volvo Cars.[7] The racing team was then rebranded to Cyan Racing, while still maintaining close ties to Volvo.[8]

The current holding company of Polestar was jointly formed in 2017 by Volvo Cars and Zhejiang Geely Holding Group.[3] Polestar shares began trading on the Nasdaq exchange under the symbol PSNY on 24 June 2022 through a business combination agreement with Gores Guggenheim, Inc., a special-purpose acquisition company.[9][10]

Polestar produces cars in several countries, including China, the US, and South Korea, in facilities owned by Volvo Cars and Geely.[11][12]

History

Racing team and tuning brand (1996–2017)

The company origins can be traced to the 1996 foundation of Flash Engineering, a Swedish racing team competing in Swedish Touring Car Championship (STCC). The team was sold and rebranded as Polestar Racing, which began modifying Volvos for racing in the late 2000s. In 2009, the brand became the official Volvo partner to modify existing models, under the brand Polestar Performance. Volvo eventually bought the company in July 2015 and began selling Polestar-enhanced models directly through their resellers.[13]

Polestar has also produced prototype cars, with the first being the C30 Polestar Performance Concept Prototype (2010) with over 400 bhp (300 kW) and 510 N⋅m (380 lbf⋅ft).[14]

Volvo V60 Polestar

The Volvo S60 Polestar Concept is the heir to the C30 Polestar, featuring 508 BHP from a modified T6 engine, launched in June 2012.[15] The car sprints from 0–100 km/h (0–62 mph) in 3.9 seconds with a top speed of over 300 km/h (190 mph).[16] Motor Trend tested the car at Mazda Raceway Laguna Seca, where it broke the lap record for four-door cars, matching the lap time of an Audi R8.[17]

Selection of petrol and hybrid powered Volvo-based Polestar models:

Introduced Model Type Engine Drivetrain
2009 Volvo C30 Polestar Concept[18] Concept 5-cylinder, 2500 cc, turbocharged, 451 PS AWD, 6-speed manual
2012 Volvo S60 Polestar Concept[19] Concept 6-cylinder, 3000 cc, turbocharged, 508 PS AWD, 6-speed manual
2013 Volvo S60/V60 Polestar Production 6-cylinder, 3000 cc, turbocharged, 350 PS AWD, 6-speed auto
2016 Volvo S60/V60 Polestar Drive-E Production 4-cylinder, 1969 cc, turbocharged, 367 PS AWD, 8-speed auto
2018 Volvo S60 T8 Polestar Engineered Production 4-cylinder, 1969 cc, plug-in hybrid, 415 PS AWD, 8-speed auto
2020 Volvo V60 T8 Polestar Engineered Production 4-cylinder, 1969 cc, plug-in hybrid, 415 PS AWD, 8-speed auto
2020 Volvo XC60 T8 Polestar Engineered Production 4-cylinder, 1969 cc, plug-in hybrid, 415 PS AWD, 8-speed auto

Standalone brand (2017–present)

Polestar's showroom in Oslo, Norway

In October 2017, Volvo Cars and Geely Holding announced that Polestar would become a standalone brand focusing on electric cars.[20] The brand introduced the Polestar 1 on 17 October 2017, a 2+2 coupé inspired by Volvo's Concept Coupé introduced in 2013, which includes influences from the Volvo P1800. The Polestar 1 was built between 2019 and 2021, and was built in a new purpose-built Polestar Production Centre in Chengdu, China,[21] from 2019 at a rate of up to 500 per year.[22] During its final year of production, a limited-production gold-painted version of Polestar 1 was released. Only 25 units were produced.[23]

In 2019, Polestar announced their second car, the Polestar 2 electric car.[24] It was unveiled on 27 February 2019, in an online unveiling which was broadcast from the Polestar headquarters in Gothenburg, Sweden. Directly after, it had its public debut at the 2019 Geneva Motor Show.[25] It is produced at Volvo Cars's existing plant in Taizhou, China.[26] It will be receiving a mid-life refresh for its 2024 year-model, switching to a rear-wheel drive layout for its single-motor option, and various performance and cosmetic changes for the base model and performance package, respectively. It will also replace the existing front grille with a body-color front-end treatment that houses new safety hardware, including a front-facing camera and a new mid-range radar, matching the Polestar 3, dubbed the "SmartZone".[27]

In March 2022, Polestar launched a roadster concept named the Polestar O2, and later in August 2022, Polestar announced a sixth new roadster model dubbed Polestar 6 based on the O2 concept car, expected to enter production in 2026.[28][29]

In 2023, Polestar announced construction of new headquarters – a 80,000 m2 (860,000 sq ft) building in central Gothenburg.[30][31]

Products

Current and future vehicles

Image Name Introduction
(cal. year) 		Platform Powertrain Vehicle description Assembly location
Polestar 2 facelift 001.jpg Polestar 2 2020 CMA Battery electric Compact executive car with a 5-door liftback body style.
  • China: Luqiao, Zhejiang (Luqiao CMA Super Factory)[32]
Polestar 3 012.jpg Polestar 3 2023 SPA2 Battery electric Mid-size luxury crossover SUV, related to the Volvo EX90.
  • China: Chengdu (Polestar Plant)[33]
  • United States: Ridgeville, South Carolina (South Carolina Factory)[34]
Polestar 4 002.jpg Polestar 4 2024 (planned) SEA Battery electric Compact luxury crossover SUV with a coupe SUV body style.
2023 Polestar 5.jpg Polestar 5 2025 (planned) SEA Battery electric Executive car
Polestar 6 2026 (planned) SEA Battery electric Grand tourer

Discontinued vehicles

Image Name(s) Production
(cal. year) 		Platform Powertrain Vehicle description Assembly location
2018-03-06 Geneva Motor Show 2503 (cropped).JPG Polestar 1 2019–2022 SPA Plug-in hybrid Sports car / grand tourer, 1,500 units produced.
  • China: Chengdu (Polestar Plant)

Performance optimisation

Polestar Precept

Under the label Polestar Engineered, Polestar offers enhancements for Volvo cars which deliver upgraded performance. Examples are engine optimizations with retained warranty and unchanged fuel consumption and emissions. The engine optimization increases the power and torque output, varying depending on engine model. The response of the throttle can be modified and the character of the transmission is tweaked.

In 2022, a special version of Polestar 2 was released as a Polestar Engineered product: the limited-production Polestar 2 BST edition 270, of which only 270 will exist.[36]

Racing

Polestar has been working with Volvo since 1996, starting with racing Volvo cars and being involved in the development of race cars for Cyan Racing. In 2014, Polestar was involved in the development of a V8 powered Volvo S60 that was raced by Garry Rogers Motorsport in the Australian V8 Supercars series.[37] Robert Dahlgren was seconded to Australia in 2014 as part of this programme and pulled out in the end of 2016.[38]

Logo dispute in France

In 2019, French brand Citroën considered that the Polestar company logo – also formed of chevrons – is too close to those of its Citroën and DS Automobiles brands. In the absence of an amicable agreement, Citroën took to the Tribunal de grande instance in July 2019. The latter, in a decision dated 4 June 2020, found in favor of the French manufacturer,[39] decision confirmed on appeal on 14 June 2020. December 2021. As a result, Polestar vehicles cannot be purchased in France.[40] In September 2022, it was reported that Citroën and Polestar had settled their dispute.[41]

Other ventures

In August 2022, the company announced it would supply batteries and charging hardware to Candela for electric boats that would "fly" on hydrofoils.[42][43]

See also

References

  1. ↑ "Polestar Automotive Holding UK PLC 2022 Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 14 April 2023. pp. 98, F-5, F-6. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001884082/000188408223000008/psny-20221231.htm. 
  2. ↑ "Volvo Cars increases shareholding in Polestar to 49.5 per cent" (Press release). Media.volvocars.com. Archived from the original on 19 December 2021. Retrieved 3 June 2022.
  3. ↑ 3.0 3.1 "Report of Foreign Private Issuer Pursuant to Rule 13a-16 Or 15d-16 Under the Securities Exchange Act of 1934 for the Month of July, 2022 - Commission File Number: 001-41431 - Polestar Automotive Holding UK PLC". United States Securities and Exchange Commission. https://investors.polestar.com/static-files/71fb9467-708b-4a1c-9dae-8833534f2e87. 
  4. ↑ "Polestar inaugurates new headquarters in Sweden" (Press release). Polestar. Retrieved 29 November 2019.[yes|permanent dead link|dead link}}]
  5. ↑ "Volvo S60 Polestar Limited Edition" (in en). Polestar AB. 2013. https://www.polestar.com/en-int/performance/polestar-cars/volvo-s60-polestar-limited-edition/. 
  6. ↑ "Polestar Performance gives your Volvo more performance" (in en). Polestar AB. http://www.polestar.se/en-int/performance/about-performance/. 
  7. ↑ "Polestar announces new management team" (Press release). Polestar. Retrieved 29 November 2019.[yes|permanent dead link|dead link}}]
  8. ↑ "History" (in en). Cyan Racing. https://www.cyanracing.com/about/history/. 
  9. ↑ "Polestar lists successfully on Nasdaq" (Press release). investors.polestar.com. Archived from the original on 24 June 2022. Retrieved 24 June 2022.
  10. ↑ Hawkins, Andrew J. (27 September 2021). "Electric car company Polestar is going public via SPAC". https://www.theverge.com/2021/9/27/22696139/polestar-spac-public-value-ev-startup-volvo-geely. 
  11. ↑ "Polestar Bets on US, Korea to Avoid ‘Made in China’ EV Tariffs" (in en). Bloomberg.com. 2023-11-09. https://www.bloomberg.com/news/articles/2023-11-09/polestar-bets-on-us-korea-to-avoid-made-in-china-ev-tariffs. 
  12. ↑ Cole, Dani (2023-11-17). "Polestar 4 China production starts" (in en-US). https://www.just-auto.com/news/polestar-4-china-production-starts/. 
  13. ↑ "Volvo Cars buys 100 per cent of Polestar" (in en-gb). https://www.media.volvocars.com/uk/en-gb/media/pressreleases/165856/volvo-cars-buys-100-per-cent-of-polestar. 
  14. ↑ Yarrow, Richard (24 May 2010). "Volvo C30 Polestar review" (in en). Dennis Publishing Ltd.. http://www.evo.co.uk/carreviews/evocarreviews/252307/volvo_c30_polestar_review.html. 
  15. ↑ Meissner, Johan (7 June 2012). "Polestar presents Volvo S60 Polestar at the TTA Gothenburg City Race" (in en). Touring Car Team Association. http://ttagroup.se/2012/06/07/polestar-presents-volvo-s60-polestar-at-the-tta-gothenburg-city-race/. 
  16. ↑ "Polestar presents Volvo S60 Polestar performance concept" (in en). Polestar AB. http://www.polestar.se/en-int/performance/about-performance/volvo-s60-polestar/. 
  17. ↑ Kiino, Ron (8 January 2013). "Volvo S60 Polestar Track Test – 'Vette, Viper, Volvo?" (in en). MotorTrend. http://www.motortrend.com/roadtests/sedans/1303_volvo_s60_polestar_track_test/. 
  18. ↑ "Polestar to become the new electrified performance brand for Volvo Cars" (in en). Polestar AB. 2017. https://www.polestar.com/intl/products/concept-cars/volvo-c30-polestar-concept-car/. 
  19. ↑ "Polestar to become the new electrified performance brand for Volvo Cars" (in en). Polestar AB. 2017. https://www.polestar.com/intl/products/concept-cars/volvo-s60-polestar-concept-car/. 
  20. ↑ "Volvo Cars and Geely Holdings invest 5 billion RMB to develop Polestar" (in en-gb). https://www.media.volvocars.com/uk/en-gb/media/pressreleases/215024/volvo-cars-and-geely-holdings-invest-5-billion-rmb-to-develop-polestar. 
  21. ↑ Lambert, Fred (17 October 2017). "Volvo's Polestar unveils performance electric car, announces new 'Tesla Model 3 competitor'" (in en). https://electrek.co/2017/10/17/volvo-polestar-unveils-performance-electric-car-tesla-model-3-competitor/. 
  22. ↑ Valle, Marius (17 October 2017). "Avduket i dag: Slik blir de elektriske sportsbilene fra Volvo" (in sv). Teknisk Ukeblad. https://www.tu.no/artikler/slik-blir-de-elektriske-sportsbilene-fra-volvo/409596. 
  23. ↑ "The golden goodbye to Polestar 1" (in en). https://about.polestar.com/news/the-golden-goodbye-to-polestar-1/. 
  24. ↑ "Polestar 2 electric powertrains | Polestar UK" (in en). https://www.polestar.com/uk/polestar-2/performance/electric-powertrains/. 
  25. ↑ Baldwin, Roberto (27 February 2019). "The stylish Polestar 2 takes on the Model 3 with a 275-mile range" (in en). Engadget. https://www.engadget.com/2019/02/27/polestar-2-reveal/. 
  26. ↑ "Polestar unveils its first car – the Polestar 1 – and reveals its vision to be the new electric performance brand" (in en). Volvo Car Corporation. 17 October 2017. https://www.media.volvocars.com/global/en-gb/media/pressreleases/215025. 
  27. ↑ "2024 Polestar 2 brings more power, performance and range" (in en). https://media.polestar.com/us/en/media/pressreleases/663202. 
  28. ↑ "The emotions of performance: Polestar 6 to enter production" (in en). https://www.polestar.com/us/news/the-emotions-of-performance-polestar-6-to-enter-production/. 
  29. ↑ Doll, Scooter (16 August 2022). "Polestar (PSNY) announces its O₂ roadster concept will enter production as the Polestar 6" (in en-US). https://electrek.co/2022/08/16/polestar-o%E2%82%82-roadster-polestar-6/. 
  30. ↑ Valdemar Lönnroth, Paul Wennerholm (2023-06-02). "Polestar bygger nytt, stort huvudkontor i Frihamnen" (in sv). https://www.gp.se/ekonomi/polestar-bygger-nytt-stort-huvudkontor-i-frihamnen-1.101184233. 
  31. ↑ Engström, Fredrik (2023-06-09). "80.000 kvm Polestar-projekt till salu" (in sv). https://www.fastighetsvarlden.se/notiser/80-000-kvm-polestar-projekt-till-salu/. 
  32. ↑ "Polestar 2 production begins in Luqiao, China" (Press release). Polestar. 24 March 2020. Archived from the original on 24 July 2020. Retrieved 24 July 2020.
  33. ↑ Chilton, 1 Chris (12 October 2022). "2024 Polestar 3 Is An Electric Luxury SUV Priced From $84k With Up To 510 HP And A 379-Mile Range". Carscoops. https://www.carscoops.com/2022/10/2024-polestar-3-is-an-electric-luxury-suv-with-up-to-510-hp-and-a-379-mile-range/. 
  34. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named cnet
  35. ↑ "Polestar expands manufacturing footprint to South Korea with production of Polestar 4 set to start in Busan in 2025". https://media.polestar.com/us/en/media/pressreleases/675431. 
  36. ↑ "Polestar 2 BST edition 270 | Polestar UK" (in en). https://www.polestar.com/uk/polestar-2/bst-edition-270/. 
  37. ↑ Bartholomaeus, Stefan (17 June 2013). "Volvo launches V8 Supercar campaign in Brisbane" (in en). http://www.speedcafe.com/2013/06/17/volvo-launches-v8-supercar-campaign-in-brisbane/. 
  38. ↑ Bartholomaeus, Stefan (16 January 2014). "Robert Dahlgren confirmed for Volvo V8 seat" (in en). http://www.speedcafe.com/2014/01/16/robert-dahlgren-confirmed-volvo-v8-seat/. 
  39. ↑ "Tribunal de grande instance de Paris, 4 juin 2020, 19/08639". 4 June 2020. https://www.legifrance.gouv.fr/juri/id/JURITEXT000043759837. .
  40. ↑ "CA Paris, pôle 5 – ch. 1, 14 déc. 2021, n° 20/12598". https://www.doctrine.fr/d/CA/Paris/2021/C658B195726D6C92F3CB8. 
  41. ↑ "Entre Citroën et Polestar, les chevrons de la réconciliation". 31 August 2022. https://www.lemonde.fr/economie/article/2022/08/31/entre-citroen-et-polestar-les-chevrons-de-la-reconciliation_6139632_3234.html. 
  42. ↑ Frangoul, Anmar. "EV maker Polestar to provide batteries for 'flying' electric boats" (in en). https://www.cnbc.com/2022/08/23/polestar-to-provide-batteries-for-electric-boats-that-fly-over-water.html. 
  43. ↑ Toll, Micah (2023-05-23). "Candela and Polestar unveil new flying electric boat based on Scandinavian design". https://electrek.co/2023/05/23/candela-and-polestar-unveil-new-candela-c-8-polestar-edition/. 

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