Polestar Automotive Holding UK PLC
TypePublic limited company
Nasdaq: PSNY
Founded1996 (1996)
HeadquartersGothenburg, Sweden
Area served
Worldwide
Key people
Products
  • High performance electric engines & cars
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's showroom in Oslo, Norway

Polestar is a Swedish automotive brand owned by Volvo Cars that currently produces electric vehicles, headquartered in Torslanda outside Gothenburg, Sweden.[3] It was established in 1996 as Flash Engineering, then later rebranded Polestar Racing. In 2015, it was acquired in 2015 by Volvo Cars.[4]

The Polestar name originates from the STCC Polestar racing team which spawned Polestar Performance AB,[5][6] in turn acquired by Volvo Cars in July 2015. The racing team changed its name to Cyan Racing, while maintaining close ties to Volvo.[7]

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.[8][9]

Polestar produces cars in several countries, including China, US, and South Korea, in facilities owned by Volvo Cars and Geely.[10][11]

History

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.[12]

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).[13]

The Volvo S60 Polestar Concept is the heir to the C30 Polestar, featuring 508 BHP from a modified T6 engine, launched in June 2012.[14] 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).[15] 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.[16]

Selection of petrol and hybrid powered Polestar models:

IntroducedModelTypeEngineDrivetrain
2009Volvo C30 Polestar Concept[17]concept5-cylinder, 2500 cc, turbocharged, 451 PSAWD, 6-speed manual
2012Volvo S60 Polestar Concept[18]concept6-cylinder, 3000 cc, turbocharged, 508 PSAWD, 6-speed manual
2013Volvo S/V60 Polestarproduction6-cylinder, 3000 cc, turbocharged, 350 PSAWD, 6-speed auto
2016Volvo S/V60 Polestar Drive-Eproduction4-cylinder, 1969 cc, turbocharged, 367 PSAWD, 8-speed auto
2018Volvo S60 T8 Polestar Engineeredproduction4-cylinder, 1969 cc, plug-in hybrid, 415 PSAWD, 8-speed auto
2020Volvo V60 T8 Polestar Engineeredproduction4-cylinder, 1969 cc, plug-in hybrid, 415 PSAWD, 8-speed auto
2020Volvo XC60 T8 Polestar Engineeredproduction4-cylinder, 1969 cc, plug-in hybrid, 415 PSAWD, 8-speed auto

In October 2017, Volvo Cars and Geely Holding announced that Polestar would become a standalone brand focusing on electric cars.[19]

In 2023, Polestar announced construction of new headquarters – a 80,000 m2 (860,000 sq ft) building in central Gothenburg.[20][21]

Products

Production cars

Production startModel TypeStateEngineAssembly location
2018Polestar 1 Sports car/Grand tourerDiscontinued4-cylinder, 1969 cc, plug-in hybrid, 600 PSChina: Chengdu (Polestar Plant)
2020Polestar 2 Compact executive carProductionEFAD + ERAD combined output 300 kWChina: Luqiao, Zhejiang (Luqiao CMA Super Factory)[22]
2023 Polestar 3 Mid-size luxury crossover SUV Production EFAD + ERAD combined output 360–380 kW
2024 (est.) Polestar 4 Compact luxury crossover SUV Pre-production Battery electric vehicle
2025 (est.) Polestar 5 Executive car Pre-production Battery electric vehicle
2026 (est.) Polestar 6 Grand tourer Pre-production Battery electric vehicle

Polestar has produced two electric performance cars. The first was Polestar 1, a luxurious 2+2 coupé inspired by Volvo's Concept Coupé introduced in 2013, which includes influences from the Volvo P1800. The Polestar 1 was introduced on 17 October 2017, and was built between 2019 and 2021. The Polestar 1 was built in a new purpose-built Polestar Production Centre in Chengdu, China,[26] from 2019 at a rate of up to 500 per year.[27] During its final year of production, a limited-production gold-painted version of Polestar 1 was released. Only 25 units were produced.[28]

In 2019, Polestar announced their second car, the Polestar 2 electric car.[29] 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.[30] It is produced at Volvo Cars's existing plant in Taizhou, China.[31] 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".[32]

Polestar Precept

Performance optimisation

Under the label Polestar Engineered, Polestar offers enhancements for Volvo cars which deliver better 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.[33]

Upcoming cars

Polestar O2 Concept

The marque has announced new models debuting starting in 2022. This entails the introduction of the Polestar 3, followed by the 4 and 5 in the following years.[34][35][36] On 25 February 2020, Polestar unveiled the Precept concept car. It was expected to debut at the 2020 Geneva Motor Show,[37] however the event was cancelled due to the COVID-19 pandemic. It is expected to be launched in 2024 as the Polestar 5.[38]

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.[39][40]

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.[41] Robert Dahlgren was seconded to Australia in 2014 as part of this programme and pulled out in the end of 2016.[42]

Logo dispute in France

The French Citroën company 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,[43] decision confirmed on appeal on 14 June 2020. December 2021. As a result, Polestar vehicles cannot be purchased in France.[44] In September 2022, it was reported that Citroën and Polestar had settled their dispute.[45]

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.[46][47]

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. Archived from the original on 29 June 2023. Retrieved 28 June 2023.
  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. ↑ "Polestar inaugurates new headquarters in Sweden" (Press release). Polestar. Retrieved 29 November 2019.
  4. ↑ "Polestar announces new management team" (Press release). Polestar. Retrieved 29 November 2019.
  5. ↑ "Volvo S60 Polestar Limited Edition". Polestar AB. 2013. Archived from the original on 27 August 2013. Retrieved 27 February 2019.
  6. ↑ "Polestar Performance gives your Volvo more performance". Polestar AB. Archived from the original on 18 April 2013. Retrieved 23 January 2013.
  7. ↑ "History". Cyan Racing. Archived from the original on 8 December 2015. Retrieved 4 December 2015.
  8. ↑ "Polestar lists successfully on Nasdaq" (Press release). investors.polestar.com. Archived from the original on 24 June 2022. Retrieved 24 June 2022.
  9. ↑ Hawkins, Andrew J. (27 September 2021). "Electric car company Polestar is going public via SPAC". The Verge. Archived from the original on 27 September 2021. Retrieved 27 September 2021.
  10. ↑ "Polestar Bets on US, Korea to Avoid 'Made in China' EV Tariffs". Bloomberg.com. 9 November 2023. Retrieved 4 January 2024.
  11. ↑ Cole, Dani (17 November 2023). "Polestar 4 China production starts". Just Auto. Retrieved 4 January 2024.
  12. ↑ "Volvo Cars buys 100 per cent of Polestar". www.media.volvocars.com. Archived from the original on 30 September 2020. Retrieved 2 December 2019.
  13. ↑ Yarrow, Richard (24 May 2010). "Volvo C30 Polestar review". www.evo.co.uk. Dennis Publishing Ltd. Archived from the original on 24 September 2015. Retrieved 27 February 2019.
  14. ↑ Meissner, Johan (7 June 2012). "Polestar presents Volvo S60 Polestar at the TTA Gothenburg City Race". ttagroup.se. Touring Car Team Association. Archived from the original on 19 November 2012. Retrieved 23 January 2013.
  15. ↑ "Polestar presents Volvo S60 Polestar performance concept". Polestar AB. Archived from the original on 18 April 2013. Retrieved 23 January 2013.
  16. ↑ Kiino, Ron (8 January 2013). "Volvo S60 Polestar Track Test – 'Vette, Viper, Volvo?". www.motortrend.com. Pictures by William Walker. MotorTrend. Archived from the original on 10 January 2013. Retrieved 27 February 2019.
  17. ↑ "Polestar to become the new electrified performance brand for Volvo Cars". www.polestar.com. Polestar AB. 2017. Archived from the original on 8 July 2017. Retrieved 8 July 2017.
  18. ↑ "Polestar to become the new electrified performance brand for Volvo Cars". www.polestar.com. Polestar AB. 2017. Archived from the original on 8 July 2017. Retrieved 8 July 2017.
  19. ↑ "Volvo Cars and Geely Holdings invest 5 billion RMB to develop Polestar". www.media.volvocars.com. Archived from the original on 24 September 2020. Retrieved 2 December 2019.
  20. ↑ Valdemar Lönnroth, Paul Wennerholm (2 June 2023). "Polestar bygger nytt, stort huvudkontor i Frihamnen". gp.se (in Swedish). Retrieved 10 November 2023.
  21. ↑ Engström, Fredrik (9 June 2023). "80.000 kvm Polestar-projekt till salu". Fastighetsvärlden (in Swedish). Retrieved 10 November 2023.
  22. ↑ "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.
  23. ↑ 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. Archived from the original on 12 October 2022. Retrieved 13 October 2022.{{cite web}}: CS1 maint: numeric names: authors list (link)
  24. ↑
  25. ↑ "Polestar expands manufacturing footprint to South Korea with production of Polestar 4 set to start in Busan in 2025". Polestar.
  26. ↑ Lambert, Fred (17 October 2017). "Volvo's Polestar unveils performance electric car, announces new 'Tesla Model 3 competitor'". Archived from the original on 26 February 2019. Retrieved 27 February 2019.
  27. ↑ 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] (in Swedish). Teknisk Ukeblad. Archived from the original on 18 October 2017. Retrieved 17 October 2017.
  28. ↑ "The golden goodbye to Polestar 1". The golden goodbye to Polestar 1. Archived from the original on 1 July 2022. Retrieved 22 June 2022.
  29. ↑ "Polestar 2 electric powertrains | Polestar UK". Polestar 2 electric powertrains | Polestar UK. Archived from the original on 22 June 2022. Retrieved 22 June 2022.
  30. ↑ Baldwin, Roberto (27 February 2019). "The stylish Polestar 2 takes on the Model 3 with a 275-mile range". Engadget. Archived from the original on 27 February 2019. Retrieved 27 February 2019.
  31. ↑ "Polestar unveils its first car – the Polestar 1 – and reveals its vision to be the new electric performance brand". www.media.volvocars.com. Volvo Car Corporation. 17 October 2017. Archived from the original on 30 January 2019. Retrieved 27 February 2019.
  32. ↑ "2024 Polestar 2 brings more power, performance and range". media.polestar.com. Archived from the original on 28 January 2023. Retrieved 28 January 2023.
  33. ↑ "Polestar 2 BST edition 270 | Polestar UK". Polestar UK. Archived from the original on 22 June 2022. Retrieved 22 June 2022.
  34. ↑ "Polestar 3, 4 and 5 teased: large EV SUV coming 2022; crossover coupé, production Precept to follow by 2024". paultan.org. 29 September 2021. Archived from the original on 29 September 2021.
  35. ↑ Raja, Shrawan (7 July 2022). "Everything we know about the Polestar 4 in July 2022". topelectricsuv.com. Archived from the original on 17 August 2022. Retrieved 17 August 2022.
  36. ↑ "Polestar 5 sedan: Everything we know as of July 2022". topelectricsuv.com. 10 July 2022. Archived from the original on 28 June 2022. Retrieved 17 August 2022.
  37. ↑ Hyatt, Kyle (25 February 2020). "Polestar Precept concept prioritizes sustainability, design for its planned Geneva debut". CNET.com. Archived from the original on 25 February 2020. Retrieved 25 February 2020.
  38. ↑ "Polestar to debut Polestar 5 electric performance 4-door GT prototype and Polestar 2 BST edition 270 at 2022 Goodwood Festival of Speed". media.polestar.com. Archived from the original on 21 June 2022. Retrieved 22 June 2022.
  39. ↑ "The emotions of performance: Polestar 6 to enter production". The emotions of performance: Polestar 6 to enter production. Archived from the original on 18 August 2022. Retrieved 16 August 2022.
  40. ↑ Doll, Scooter (16 August 2022). "Polestar (PSNY) announces its O₂ roadster concept will enter production as the Polestar 6". Electrek. Archived from the original on 20 April 2023. Retrieved 17 August 2022.
  41. ↑ Bartholomaeus, Stefan (17 June 2013). "Volvo launches V8 Supercar campaign in Brisbane". www.speedcafe.com. Archived from the original on 28 February 2019. Retrieved 27 February 2019.
  42. ↑ Bartholomaeus, Stefan (16 January 2014). "Robert Dahlgren confirmed for Volvo V8 seat". www.speedcafe.com. Archived from the original on 1 March 2019. Retrieved 27 February 2019.
  43. ↑ "Tribunal de grande instance de Paris, 4 juin 2020, 19/08639". legifrance.gouv.fr. 4 June 2020. Archived from the original on 10 March 2022. Retrieved 10 March 2022..
  44. ↑ "CA Paris, pôle 5 – ch. 1, 14 déc. 2021, n° 20/12598". Doctrine.fr. Archived from the original on 16 March 2022. Retrieved 16 March 2022.
  45. ↑ "Entre Citroën et Polestar, les chevrons de la réconciliation". lemonde.fr. 31 August 2022. Archived from the original on 30 September 2022. Retrieved 30 September 2022.
  46. ↑ Frangoul, Anmar. "EV maker Polestar to provide batteries for 'flying' electric boats". CNBC. Archived from the original on 6 September 2022. Retrieved 7 September 2022.
  47. ↑ Toll, Micah (23 May 2023). "Candela and Polestar unveil new flying electric boat based on Scandinavian design". Electrek. Retrieved 6 January 2024.
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