Volvo Cars buys 100% of Polestar; performance PHEVs
14 July 2015
Volvo Cars 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 utilize Volvo’s twin engine electrification technology (plug-in hybrid) to develop next-generation performance cars.
Volvo and Polestar have been working in motor sport since 1996 and in recent years signed a cooperation agreement jointly to 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. The company forecasts Polestar sales will 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 optimization 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.
Volvo has acquired Polestar Performance AB, which comprises performance activities including performance-related software and aftermarket tuning hardware, as well as Polestar Holding AB, which is the owner of the Polestar trademarks. It has not acquired the racing division of Polestar.