Polestar Explained

Polestar Automotive Holding UK PLC
Type:Public
Traded As:NASDAQ:
Products:Electric vehicle
Area Served:Worldwide
Revenue: (2022)
Operating Income: − (2022)
Net Income: − (2022)
Assets: (2022)
Equity: (2022)
Num Employees:2,377 (December 2022)
Footnotes:[1] [2] [3]
Polestar
Origin:Sweden
Previousowners:Polestar Racing (2005–2015)
Currentowner:Volvo Cars

Polestar is a Swedish automotive manufacturer that produces electric cars. Owned by Volvo Cars, the company is headquartered in Torslanda outside Gothenburg, Sweden.[4] With an "asset-light" approach in development and manufacturing, Polestar does not have its own manufacturing facility.[5] It produces cars in facilities controlled by Volvo Cars or its parent company Geely Holding in several countries, including China, the US, and South Korea.[6] [7] 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 operated a production car tuning division called Polestar Performance AB.[8] [9] In July 2015, the Polestar brand was acquired by Volvo Cars, which repositioned the brand as an electric vehicle manufacturer since 2017.[10] The racing team was then rebranded to Cyan Racing, while still maintaining close ties to Volvo.[11]

The current United Kingdom-based holding company of Polestar, Polestar Automotive Holdings UK PLC was jointly formed in 2021 by Volvo Cars and Geely Holding Group.[12] [13] Polestar shares began trading on the Nasdaq exchange under the symbol PSNY on 24 June 2022.[14] [15] Due to its continuing loss,[16] Volvo Cars plans to reduce its stake in Polestar by the third quarter of 2024 from currently 48.3% to around 18% by ceding it to Geely Holding.

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.[17]

Polestar has also produced prototype cars, with the first being the C30 Polestar Performance Concept Prototype (2010) with over 400bhp and 510Nm.[18] The Volvo S60 Polestar Concept is the heir to the C30 Polestar, featuring 508 BHP from a modified T6 engine, launched in June 2012.[19] The car sprints from 0- in 3.9 seconds with a top speed of over 300kph.[20] 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.[21]

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

Introduced Model Type Engine Drivetrain
2009 Volvo C30 Polestar Concept[22] Concept 5-cylinder, 2500 cc, turbocharged, 451 PS AWD, 6-speed manual
2012 Volvo S60 Polestar Concept[23] 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)

In October 2017, Volvo Cars and Geely Holding announced that Polestar would become a standalone brand focusing on electric cars.[24] 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,[25] from 2019 at a rate of up to 500 per year.[26] During its final year of production, a limited-production gold-painted version of Polestar 1 was released. Only 25 units were produced.[27]

In 2019, Polestar announced their second car, the Polestar 2 electric car.[28] 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.[29] It is produced at Volvo Cars's existing plant in Taizhou, China.[30] It received 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".[31]

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.[32] [33]

In 2023, Polestar announced construction of its new headquarters – a 80000m2 building in central Gothenburg.[34] [35]

Products

Current and future vehicles

ImageNameIntroduction
(year)		PlatformPowertrainVehicle descriptionAssembly location
Polestar 22020CMABattery electricCompact car with a 5-door liftback body style
Polestar 32024SPA2Battery electricMid-size SUV, related to the Volvo EX90
Polestar 42024 SEABattery electricCompact coupe SUV
Polestar 52025 (planned)SEABattery electricMid-size sedan
Polestar 62026 (planned)SEABattery electricSports car

Performance optimisation

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. As a result, from December 2021, 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

Notes and References

  1. Web site: Polestar Automotive Holding UK PLC 2022 Annual Report (Form 20-F) . 14 April 2023 . . 98, F-5, F-6 . 28 June 2023 . 29 June 2023 . https://web.archive.org/web/20230629225512/https://www.sec.gov/ix?doc=/Archives/edgar/data/0001884082/000188408223000008/psny-20221231.htm . live .
  2. Volvo Cars increases shareholding in Polestar to 49.5 per cent . 3 June 2022 . Media.volvocars.com . en-gb . 19 December 2021 . https://web.archive.org/web/20211219135038/https://www.media.volvocars.com/global/en-gb/media/pressreleases/285170/volvo-cars-increases-shareholding-in-polestar-to-495-per-cent . live .
  3. Web site: Volvo to reduce its stake in Polestar from 48 to 18 per cent . 20 May 2024 . electrive.com . en-US.
  4. Polestar inaugurates new headquarters in Sweden . Polestar . en . 29 November 2019.
  5. Web site: Holt . Nick . 2024-08-15 . Polestar starts US production of the Polestar 3 . 2024-08-18 . Automotive Manufacturing Solutions . en.
  6. News: 9 November 2023 . Polestar Bets on US, Korea to Avoid ‘Made in China’ EV Tariffs . 4 January 2024 . Bloomberg.com . en.
  7. Web site: Cole . Dani . 17 November 2023 . Polestar 4 China production starts . 4 January 2024 . Just Auto . en-US.
  8. Web site: 2013 . Volvo S60 Polestar Limited Edition . dead . https://web.archive.org/web/20130827094710/http://www.polestar.com/en-int/performance/polestar-cars/volvo-s60-polestar-limited-edition/ . 27 August 2013 . 27 February 2019 . Polestar AB . en.
  9. Web site: Polestar Performance gives your Volvo more performance . dead . https://archive.today/20130418084502/http://www.polestar.se/en-int/performance/about-performance/ . 18 April 2013 . 23 January 2013 . Polestar AB . en.
  10. Polestar announces new management team . Polestar . en . 29 November 2019 .
  11. Web site: History . dead . https://web.archive.org/web/20151208082149/http://www.cyanracing.com/about/history/ . 8 December 2015 . 4 December 2015 . Cyan Racing . en.
  12. Web site: 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 . 22 January 2024 . Polestar . United States Securities and Exchange Commission.
  13. Web site: 23 June 2022 . Polestar Automotive Holding UK PLC . 17 June 2024 . U.S. Securities and Exchange Commission.
  14. Polestar lists successfully on Nasdaq . investors.polestar.com . 24 June 2022. 24 June 2022. https://web.archive.org/web/20220624160716/https://investors.polestar.com/news-releases/news-release-details/polestar-lists-successfully-nasdaq-0. live.
  15. Web site: Hawkins . Andrew J. . 27 September 2021 . Electric car company Polestar is going public via SPAC . live . https://web.archive.org/web/20210927142709/https://www.theverge.com/2021/9/27/22696139/polestar-spac-public-value-ev-startup-volvo-geely . 27 September 2021 . 27 September 2021 . The Verge.
  16. Web site: Lindeberg . Rafaela . 23 February 2024 . Volvo is ditching most of its stake in struggling Tesla rival Polestar . 17 June 2024 . Fortune . en.
  17. Web site: Volvo Cars buys 100 per cent of Polestar. www.media.volvocars.com. en-gb. 2 December 2019. 30 September 2020. https://web.archive.org/web/20200930002134/https://www.media.volvocars.com/uk/en-gb/media/pressreleases/165856/volvo-cars-buys-100-per-cent-of-polestar. live.
  18. Web site: Volvo C30 Polestar review. Richard. Yarrow. 24 May 2010. www.evo.co.uk. Dennis Publishing Ltd.. en. live. 27 February 2019. 24 September 2015. https://web.archive.org/web/20150924004532/http://www.evo.co.uk/carreviews/evocarreviews/252307/volvo_c30_polestar_review.html.
  19. Web site: Polestar presents Volvo S60 Polestar at the TTA Gothenburg City Race. Johan. Meissner. 7 June 2012. ttagroup.se. Touring Car Team Association. en. dead. https://web.archive.org/web/20121119063815/http://ttagroup.se/2012/06/07/polestar-presents-volvo-s60-polestar-at-the-tta-gothenburg-city-race/. 19 November 2012. 23 January 2013.
  20. Web site: Polestar presents Volvo S60 Polestar performance concept. Polestar AB. en. dead. https://archive.today/20130418095305/http://www.polestar.se/en-int/performance/about-performance/volvo-s60-polestar/. 18 April 2013. 23 January 2013.
  21. Web site: Volvo S60 Polestar Track Test – 'Vette, Viper, Volvo?. Ron. Kiino. 8 January 2013. www.motortrend.com. MotorTrend. en. Pictures by William Walker. dead. https://web.archive.org/web/20130110112727/http://www.motortrend.com/roadtests/sedans/1303_volvo_s60_polestar_track_test/. 10 January 2013. 27 February 2019.
  22. Web site: Polestar to become the new electrified performance brand for Volvo Cars. 2017. www.polestar.com. Polestar AB. en. dead. https://web.archive.org/web/20170708203102/https://www.polestar.com/intl/products/concept-cars/volvo-c30-polestar-concept-car/. 8 July 2017. 8 July 2017.
  23. Web site: Polestar to become the new electrified performance brand for Volvo Cars. 2017. www.polestar.com. Polestar AB. en. dead. https://web.archive.org/web/20170708210725/https://www.polestar.com/intl/products/concept-cars/volvo-s60-polestar-concept-car/. 8 July 2017. 8 July 2017.
  24. Web site: Volvo Cars and Geely Holdings invest 5 billion RMB to develop Polestar. www.media.volvocars.com. en-gb. 2 December 2019. 24 September 2020. https://web.archive.org/web/20200924093130/https://www.media.volvocars.com/uk/en-gb/media/pressreleases/215024/volvo-cars-and-geely-holdings-invest-5-billion-rmb-to-develop-polestar. live.
  25. Web site: Lambert . Fred . 17 October 2017 . Volvo's Polestar unveils performance electric car, announces new 'Tesla Model 3 competitor' . live . https://web.archive.org/web/20190226170738/https://electrek.co/2017/10/17/volvo-polestar-unveils-performance-electric-car-tesla-model-3-competitor/ . 26 February 2019 . 27 February 2019 . en.
  26. Web site: Valle . Marius . 17 October 2017 . Avduket i dag: Slik blir de elektriske sportsbilene fra Volvo . Unveiled today: This is what will be the electric sports cars from Volvo . live . https://web.archive.org/web/20171018074228/https://www.tu.no/artikler/slik-blir-de-elektriske-sportsbilene-fra-volvo/409596 . 18 October 2017 . 17 October 2017 . . sv.
  27. Web site: The golden goodbye to Polestar 1 . live . https://web.archive.org/web/20220701164040/https://about.polestar.com/news/the-golden-goodbye-to-polestar-1 . 1 July 2022 . 22 June 2022 . The golden goodbye to Polestar 1 . en.
  28. Web site: Polestar 2 electric powertrains Polestar UK . live . https://web.archive.org/web/20220622120243/https://www.polestar.com/uk/polestar-2/performance/electric-powertrains/ . 22 June 2022 . 22 June 2022 . Polestar 2 electric powertrains Polestar UK . en.
  29. Web site: Baldwin . Roberto . 27 February 2019 . The stylish Polestar 2 takes on the Model 3 with a 275-mile range . live . https://web.archive.org/web/20190227171042/https://www.engadget.com/2019/02/27/polestar-2-reveal/ . 27 February 2019 . 27 February 2019 . . en.
  30. Web site: 17 October 2017 . Polestar unveils its first car – the Polestar 1 – and reveals its vision to be the new electric performance brand . live . https://web.archive.org/web/20190130053103/https://www.media.volvocars.com/global/en-gb/media/pressreleases/215025 . 30 January 2019 . 27 February 2019 . www.media.volvocars.com . Volvo Car Corporation . en.
  31. Web site: 2024 Polestar 2 brings more power, performance and range . live . https://web.archive.org/web/20230128072627/https://media.polestar.com/us/en/media/pressreleases/663202 . 28 January 2023 . 28 January 2023 . media.polestar.com . en.
  32. Web site: The emotions of performance: Polestar 6 to enter production . live . https://web.archive.org/web/20220818163313/https://www.polestar.com/us/news/the-emotions-of-performance-polestar-6-to-enter-production/ . 18 August 2022 . 16 August 2022 . The emotions of performance: Polestar 6 to enter production . en.
  33. Web site: Doll . Scooter . 16 August 2022 . Polestar (PSNY) announces its O₂ roadster concept will enter production as the Polestar 6 . live . https://web.archive.org/web/20230420111241/https://electrek.co/2022/08/16/polestar-o%E2%82%82-roadster-polestar-6/ . 20 April 2023 . 17 August 2022 . Electrek . en-US.
  34. Web site: Valdemar Lönnroth . Paul Wennerholm . Polestar bygger nytt, stort huvudkontor i Frihamnen . gp.se . 2 June 2023 . sv . 10 November 2023.
  35. Web site: Engström . Fredrik . 80.000 kvm Polestar-projekt till salu . Fastighetsvärlden . 9 June 2023 . sv . 10 November 2023.
  36. Web site: Polestar 2 BST edition 270 Polestar UK . 22 June 2022 . Polestar UK . en . 22 June 2022 . https://web.archive.org/web/20220622120253/https://www.polestar.com/uk/polestar-2/bst-edition-270/ . live .
  37. News: en . Volvo launches V8 Supercar campaign in Brisbane . Stefan . Bartholomaeus . www.speedcafe.com . 17 June 2013 . 27 February 2019 . live . 28 February 2019 . https://web.archive.org/web/20190228180425/https://www.speedcafe.com/2013/06/17/volvo-launches-v8-supercar-campaign-in-brisbane/ .
  38. News: en . Robert Dahlgren confirmed for Volvo V8 seat . Stefan . Bartholomaeus . www.speedcafe.com . 16 January 2014 . 27 February 2019 . live . 1 March 2019 . https://web.archive.org/web/20190301010411/https://www.speedcafe.com/2014/01/16/robert-dahlgren-confirmed-volvo-v8-seat/ .
  39. Web site: Tribunal de grande instance de Paris, 4 juin 2020, 19/08639. legifrance.gouv.fr. 4 June 2020. 10 March 2022. 10 March 2022. https://web.archive.org/web/20220310133215/https://www.legifrance.gouv.fr/juri/id/JURITEXT000043759837. live. .
  40. Web site: CA Paris, pôle 5 – ch. 1, 14 déc. 2021, n° 20/12598. Doctrine.fr. 16 March 2022. 16 March 2022. https://web.archive.org/web/20220316194801/https://www.doctrine.fr/d/CA/Paris/2021/C658B195726D6C92F3CB8. live.
  41. Web site: Entre Citroën et Polestar, les chevrons de la réconciliation. lemonde.fr. 31 August 2022. 30 September 2022. 31 August 2022. 30 September 2022. https://web.archive.org/web/20220930121648/https://www.lemonde.fr/economie/article/2022/08/31/entre-citroen-et-polestar-les-chevrons-de-la-reconciliation_6139632_3234.html. live.
  42. Web site: Frangoul . Anmar . EV maker Polestar to provide batteries for 'flying' electric boats . 7 September 2022 . CNBC . en . 6 September 2022 . https://web.archive.org/web/20220906114539/https://www.cnbc.com/2022/08/23/polestar-to-provide-batteries-for-electric-boats-that-fly-over-water.html . live .
  43. Web site: Toll . Micah . Candela and Polestar unveil new flying electric boat based on Scandinavian design . . 23 May 2023 . 6 January 2024.

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