Polestar

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Polestar AB
TypePublic company
NasdaqPSNY
Founded1996; 26 years ago (1996)
HeadquartersGothenburg, Sweden
Key people
Products
  • High performance electric engines & cars
RevenueIncrease US$1.34 billion (2021)
Decrease US$−995 million (2021)
Decrease US$−1.01 billion (2021)
Total assetsIncrease US$3.31 billion (2021)
Total equityIncrease US$−122 million (2021)
OwnerVolvo Cars (49.5%)
Number of employees
1,300+ (December 2021)
Websitewww.polestar.com
Footnotes / references
[1][2]

Polestar is a Swedish automotive brand established in 1996 by Volvo Cars' partner Flash/Polestar Racing and acquired in 2015 by Volvo, which itself was acquired by Geely in 2010.[3] It is headquartered in Torslanda outside Gothenburg, Sweden[4] with vehicle production taking place in China.[5]

The Polestar name originates from the STCC Polestar racing team which spawned Polestar Performance AB,[6][7] in turn acquired by Volvo Cars in July 2015. The racing team changed its name to Cyan Racing, while maintaining close ties to Volvo.[8]

In September 2021, Polestar announced an intention to go public through a business combination agreement with Gores Guggenheim, Inc., a special-purpose acquisition company.[9] Polestar shares began trading on the Nasdaq exchange under the symbol PSNY on 24 June 2022.[10]

History[edit]

The company origins can be traced back to the foundation of Flash Engineering in 1996, a Swedish racing team competing in Swedish Touring Car Championship (STCC). The team was later sold and rebranded to Polestar Racing, starting to engineer their own racing Volvos 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 and brand in July 2015, offering Polestar enhanced models directly from their resellers.[11]

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).[12]

The Volvo S60 Polestar Concept is the heir to the C30 Polestar, featuring 508 BHP from a modified T6 engine, launched in June 2012.[13] 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).[14] 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.[15]

Selection of petrol and hybrid powered Polestar models:

Introduced Model Type Engine Drivetrain
2009 Volvo C30 Polestar Concept[16] concept 5-cylinder, 2500 cc, turbocharged, 451 PS AWD, 6-speed manual
2012 Volvo S60 Polestar Concept[17] concept 6-cylinder, 3000 cc, turbocharged, 508 PS AWD, 6-speed manual
2013 Volvo S/V60 Polestar production 6-cylinder, 3000 cc, turbocharged, 350 PS AWD, 6-speed auto
2016 Volvo S/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

In October 2017, Volvo Cars and Geely Holding announced that the Polestar would become a standalone brand focusing on electric cars.[18]

Products[edit]

Production cars[edit]

Production Start Model Type State Engine Drive-train
2018 Polestar 1 Sports car/Grand tourer discontinued 4-cylinder, 1969 cc, plug-in hybrid, 600 PS AWD. 8-speed auto
2020 Polestar 2 Compact executive car production EFAD + ERAD combined output 300 kW FWD, AWD. 1-speed fixed gear
2022 Polestar 3 Mid-size luxury crossover SUV pre-production 1-speed fixed gear
2023 Polestar 4 Compact luxury crossover SUV pre-production 1-speed fixed gear
2024 Polestar 5 Sports car/Grand tourer concept 1-speed fixed gear
2026 Polestar 6 Sports car/Grand tourer concept 1-speed fixed gear

Polestar has produced two electric performances 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,[19] from 2019 at a rate of up to 500 per year.[20] During its final year of production, a limited-production gold-painted version of Polestar 1 was released. Only 25 units were produced.[21] In 2019, Polestar announced their second car, the Polestar 2 electric car.[22] 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.[23] It is produced at Volvo Cars's existing plant in Taizhou, China.[24]

Polestar Precept

Performance optimisation[edit]

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.[25]

Upcoming cars[edit]

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.[26][27][28] On 25 February 2020, Polestar unveiled the Precept concept car. It was expected to debut at the 2020 Geneva Motor Show,[29] however the event was cancelled due to the COVID-19 pandemic. It is expected to be launched in 2024 as the Polestar 5.[30] 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.[31][32]

One-off cars[edit]

Polestar created the Experimental Polestar 2 in 2021, first shown at the Goodwood Festival of Speed.[33] The one-off model was used to showcase a higher-performing, more dynamic version of Polestar 2. This later evolved into the limited-production Polestar 2 BST edition 270.

In 2022, Polestar released a one-off winter rally-inspired version of Polestar 2, known as the Polestar 2 Arctic Circle. The car was modified for snow and ice driving as a showcase of the Swedish brand's expertise in chassis engineering.[34]

Racing[edit]

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.[35] Robert Dahlgren was seconded to Australia in 2014 as part of this programme and pulled out in the end of 2016.[36]

Logo dispute and ban in France[edit]

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,[37] decision confirmed on appeal on 14 June 2020. December 2021. As a result, Polestar vehicles cannot be purchased in France.[38]

Other ventures[edit]

In August 2022, the company announced it would supply batteries to Candela for electric boats that would fly.[39]

See also[edit]

References[edit]

  1. ^ "Polestar Automotive Holding UK PLC 2021 Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 29 June 2022. pp. 123, 142, F-5, F7.
  2. ^ "Volvo Cars increases shareholding in Polestar to 49.5 per cent". www.media.volvocars.com. Retrieved 3 June 2022.
  3. ^ "Polestar announces new management team" (Press release). Polestar. Retrieved 29 November 2019.
  4. ^ "Polestar inaugurates new headquarters in Sweden" (Press release). Polestar. Retrieved 29 November 2019.
  5. ^ "Polestar announces World Manufacturer Identifier and opens new Production Centre in China" (Press release). Polestar. Retrieved 29 November 2019.
  6. ^ "Volvo S60 Polestar Limited Edition". Polestar AB. 2013. Archived from the original on 27 August 2013. Retrieved 27 February 2019.
  7. ^ "Polestar Performance gives your Volvo more performance". Polestar AB. Archived from the original on 18 April 2013. Retrieved 23 January 2013.
  8. ^ "History". Cyan Racing. Archived from the original on 8 December 2015. Retrieved 4 December 2015.
  9. ^ Hawkins, Andrew J. (27 September 2021). "Electric car company Polestar is going public via SPAC". The Verge. Retrieved 27 September 2021.
  10. ^ "Polestar lists successfully on Nasdaq | Polestar". investors.polestar.com.
  11. ^ "Volvo Cars buys 100 per cent of Polestar". www.media.volvocars.com. Retrieved 2 December 2019.
  12. ^ Yarrow, Richard (24 May 2010). "Volvo C30 Polestar review". www.evo.co.uk. Dennis Publishing Ltd. Retrieved 27 February 2019.{{cite web}}: CS1 maint: url-status (link)
  13. ^ 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.
  14. ^ "Polestar presents Volvo S60 Polestar performance concept". Polestar AB. Archived from the original on 18 April 2013. Retrieved 23 January 2013.
  15. ^ 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.
  16. ^ "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.
  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. ^ "Volvo Cars and Geely Holdings invest 5 billion RMB to develop Polestar". www.media.volvocars.com. Retrieved 2 December 2019.
  19. ^ Lambert, Fred (17 October 2017). "Volvo's Polestar unveils performance electric car, announces new 'Tesla Model 3 competitor'". Retrieved 27 February 2019.{{cite web}}: CS1 maint: url-status (link)
  20. ^ 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. Retrieved 17 October 2017.{{cite web}}: CS1 maint: url-status (link)
  21. ^ "The golden goodbye to Polestar 1". The golden goodbye to Polestar 1. Retrieved 22 June 2022.
  22. ^ "Polestar 2 electric powertrains | Polestar UK". Polestar 2 electric powertrains | Polestar UK. Retrieved 22 June 2022.
  23. ^ Baldwin, Roberto (27 February 2019). "The stylish Polestar 2 takes on the Model 3 with a 275-mile range". Engadget. Retrieved 27 February 2019.{{cite web}}: CS1 maint: url-status (link)
  24. ^ "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. Retrieved 27 February 2019.{{cite web}}: CS1 maint: url-status (link)
  25. ^ "Polestar 2 BST edition 270 | Polestar UK". Polestar UK. Retrieved 22 June 2022.
  26. ^ "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.
  27. ^ Raja, Shrawan (7 July 2022). "Everything we know about the Polestar 4 in July 2022". topelectricsuv.com. Retrieved 17 August 2022.
  28. ^ "Polestar 5 sedan: Everything we know as of July 2022". topelectricsuv.com. 10 July 2022. Retrieved 17 August 2022.
  29. ^ Hyatt, Kyle (25 February 2020). "Polestar Precept concept prioritizes sustainability, design for its planned Geneva debut". CNET.com. Retrieved 25 February 2020.
  30. ^ "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. Retrieved 22 June 2022.
  31. ^ "The emotions of performance: Polestar 6 to enter production". The emotions of performance: Polestar 6 to enter production. Retrieved 16 August 2022.
  32. ^ Doll, Scooter (16 August 2022). "Polestar (PSNY) announces its O₂ roadster concept will enter production as the Polestar 6". Electrek. Retrieved 17 August 2022.
  33. ^ "Polestar at Goodwood Festival of Speed 2021". Polestar at Goodwood Festival of Speed 2021. Retrieved 22 June 2022.
  34. ^ "Unique Polestar 2 'Arctic Circle' exhibits Swedish EV engineering expertise". media.polestar.com. Retrieved 22 June 2022.
  35. ^ Bartholomaeus, Stefan (17 June 2013). "Volvo launches V8 Supercar campaign in Brisbane". www.speedcafe.com. Retrieved 27 February 2019.{{cite news}}: CS1 maint: url-status (link)
  36. ^ Bartholomaeus, Stefan (16 January 2014). "Robert Dahlgren confirmed for Volvo V8 seat". www.speedcafe.com. Retrieved 27 February 2019.{{cite news}}: CS1 maint: url-status (link)
  37. ^ "Tribunal de grande instance de Paris, 4 juin 2020, 19/08639". legifrance.gouv.fr. 4 June 2020. Retrieved 10 March 2022..
  38. ^ "CA Paris, pôle 5 – ch. 1, 14 déc. 2021, n° 20/12598". Doctrine.fr. Retrieved 16 March 2022.
  39. ^ Frangoul, Anmar. "EV maker Polestar to provide batteries for 'flying' electric boats". CNBC. Retrieved 7 September 2022.

External links[edit]