Polestar

Last updated

Polestar Automotive Holding UK PLC
Company type Public
Nasdaq:  PSNY
Founded2017;7 years ago (2017)
Headquarters
Area served
Worldwide
Key people
Products Electric vehicle
RevenueIncrease2.svg US$2.46 billion (2022)
Decrease2.svg −US$1.3 billion (2022)
Increase2.svg −US$466 million (2022)
Total assets Increase2.svgUS$3.94 billion (2022)
Total equity Increase2.svgUS$134 million (2022)
Owner
Number of employees
2,377 (December 2022)
Website polestar.com
Footnotes /references
[2] [3] [4]
Polestar
Polestar logo 2020.svg
Owner Volvo Cars
CountrySweden
Introduced2005;19 years ago (2005)
Previous owners Polestar Racing (2005–2015)

Polestar is a Swedish automotive manufacturer that produces electric cars. Owned by Volvo Cars, the company is headquartered in Torslanda outside Gothenburg, Sweden. [5] With an "asset-light" approach in development and manufacturing, Polestar does not have its own manufacturing facility, [6] instead 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. [7] [8]

Contents

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. [9] [10] In July 2015, the Polestar brand was acquired by Volvo Cars, which repositioned the brand as an electric vehicle manufacturer since 2017. [11] The racing team was then rebranded to Cyan Racing, while still maintaining close ties to Volvo. [12]

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. [13] [14] Polestar shares began trading on the Nasdaq exchange under the symbol PSNY on 24 June 2022. [15] [16] Due to its continuing loss, [17] 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. [4]

History

Racing team and tuning brand (1996–2017)

Polestar logo until 2016 Polestar Logo 2016.png
Polestar logo until 2016

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. [18]

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). [19]

Volvo V60 Polestar 2016 Volvo V60 Polestar AWD Automatic Estate 2.0 Front.jpg
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. [20] 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). [21] 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. [22]

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

IntroducedModelTypeEngineDrivetrain
2009 Volvo C30 Polestar Concept [23] Concept5-cylinder, 2500 cc, turbocharged, 451 PSAWD, 6-speed manual
2012 Volvo S60 Polestar Concept [24] Concept6-cylinder, 3000 cc, turbocharged, 508 PSAWD, 6-speed manual
2013Volvo S60/V60 PolestarProduction6-cylinder, 3000 cc, turbocharged, 350 PSAWD, 6-speed auto
2016Volvo S60/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
2020 Volvo XC60 T8 Polestar EngineeredProduction4-cylinder, 1969 cc, plug-in hybrid, 415 PSAWD, 8-speed auto

Standalone brand (2017–present)

Polestar's showroom in Oslo, Norway Polestar store in Oslo.jpg
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. [25] 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, [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 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". [32]

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. [33] [34]

In 2023, Polestar announced construction of its new headquarters – a 80,000 m2 (860,000 sq ft) building in central Gothenburg. [35] [36]

Products

Current and future vehicles

ImageNameIntroduction
(cal. year)		PlatformPowertrainVehicle descriptionAssembly location
Polestar 2 facelift 001.jpg Polestar 2 2020 CMA Battery electric Compact car with a 5-door liftback body style
Polestar 3 012.jpg Polestar 3 2024 SPA2 Battery electric Mid-size SUV, related to the Volvo EX90
Polestar 4 002.jpg Polestar 4 2024 SEA Battery electric Compact coupe SUV
2023 Polestar 5.jpg Polestar 5 2025 (planned) SEA Battery electric Mid-size sedan
Polestar 62026 (planned) SEA Battery electric Sports car
Polestar 72027 (planned) [41] SEA Battery electric Sports car

Discontinued vehicles

ImageName(s)Production
(cal. year)		PlatformPowertrainVehicle descriptionAssembly 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.

Performance optimisation

Polestar Precept Polestar Precept.jpg
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. [42]

Finances

As of December 2023, Polestar is a publicly-traded company trading under the symbol PSNY on the Nasdaq stock exchange.

Key figures: [43]

YearRevenue
(mil. USD)		Net income
(mil. USD)		Employees
201992-198
2020610-485
20211,346−9691,300
20222,444-4772,377
20232,379-1,1952,515

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. [44] Robert Dahlgren was seconded to Australia in 2014 as part of this programme and pulled out in the end of 2016. [45]

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, [46] decision confirmed on appeal on 14 June 2020. As a result, from December 2021, Polestar vehicles cannot be purchased in France. [47] In September 2022, it was reported that Citroën and Polestar had settled their dispute. [48]

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. [49] [50]

See also

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References

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