Volvo acquires 100 per cent ownership of Polestar
Polestar, the Swedish high performance car company that is responsible for the high performance variants of the regular Volvos has now been acquired completely by Volvo. The Polestar name will now be used as part of the model name for future high performance Volvos, like the M and AMG badges used on BMW's and Mercedes' high-performance vehicles.
Håkan Samuelsson, president and chief executive of Volvo Cars, said, "Driving a Volvo Polestar is a special experience. We have decided to bring this experience to more Volvo drivers, placing the full resources of Volvo behind the development of Polestar as the model name for our high performance cars."
The two companies have been in collaboration since 1996 in the field of motorsport. Volvo, which is in the business of producing some of the most powerful yet environmentally-friendly hybrid engines, will share its twin engine electrification technology with Polestar to develop and shape the future of high performance cars.
Volvo expects to sell 750 units of the V60 and S60 Polestars and these numbers are expected to grow to 1,000 and 1,500 cars a year under the ownership of Volvo. Volvo will also profit from the sale of aftermarket Polestar performance optimisation kits for their existing cars.
With no information on the financial details, all that has been revealed is that all Polestar employees will become Volvo employees. The Polestar racing team will be renamed, but will continue to be run by Christian Dahl, the former owner of Polestar who was quoted as saying, "We are extremely satisfied with the way the performance business with Volvo has developed. But we are a racing team first and foremost. This is an opportunity to return our full attention to our core business to develop and race Volvo cars."
Volvo Cars buys 100 per cent of Polestar
| Volvo Cars buys 100 per cent of 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. "Driving a Volvo Polestar is a special experience. We have decided to bring this experience to more Volvo drivers, placing the full resources of Volvo behind the development of Polestar as the model name for our high performance cars," said Håkan Samuelsson, president and chief executive of Volvo Cars. 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. The Polestar racing team will remain under the control of Christian Dahl, the former owner of Polestar, and will be renamed. The Polestar brand will continue to work alongside Christian Dahl. "We are extremely satisfied with the way the performance business with Volvo has developed. But we are a racing team first and foremost. This is an opportunity to return our full attention to our core business to develop and race Volvo cars," said Christian Dahl. | |
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