Volvo Cars now owns Polestar
Volvo Cars, the premium car maker, has acquired 100 per cent of Polestar, the Swedish high performance car company, including the Polestar brand. Polestar will now be used as the model name for special high performance Volvos. Polestar will also in future utilise Volvo’s twin engine electrification technology to develop next generation performance cars. Volvo is the largest manufacturer of plug in hybrid cars in Europe and leader in advanced vehicle electrification technology. Volvo currently develops and manufactures some of the most powerful, most environmentally-friendly hybrid engines in the automotive industry.
Volvo and Polestar share a long history. They have been working in motor sport since 1996 and in recent years signed a cooperation agreement to jointly develop Polestar versions of Volvo cars that combine a comfortable Volvo driving experience with a very high level of power and handling.
In 2015, Volvo expects to sell 750 Polestar versions of the V60 wagon and S60 sedan globally. Polestar sales are forecast to increase to between 1,000 and 1,500 cars a year in the medium term under Volvo’s ownership.
The Polestar brand is already firmly established internationally through the sale of Polestar-branded Volvos. Volvo will also benefit from the sale of aftermarket Polestar performance optimisation kits for existing Volvos. No financial details of the deal have been disclosed. Existing Polestar Performance employees will become Volvo employees.
Credits: Oneshift News Team
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