Geely Holdings, Volvo Invest Heavily In Polestar

Polestar unveils their first car as an independent company

It also confirms the plan for its first three models, a new purpose-built production facility in China and a customer-focused route to market that will set a new industry benchmark for performance vehicles.

Revealed this week was the hybrid Polestar 1, a four-seater grand tourer which generates 447kW (600 horsepower) and has a range of 150km on pure electric power alone. The new 1 coupe, along with all future Polestar models, will be available on a subscription-only basis, with the car's "owner" never actually owning the vehicle. The move comes following Volvo's announcement this summer that from 2019, every vehicle in their lineup will have an electric motor. The company is so serious about the new model and possibly other BEV models that it is building a brand new manufacturing facility next to the main factory in Stuttgart.

It is true that Polestar's volume models are still to come.

We'll get more details on the Polestar 1 later this year at the 2017 L.A. Auto Show. It also features Ohlins continuously controlled electric suspension (CESi).

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It will be built at the Polestar Production Centre in Chengdu, China. It will be called as the Polestar 1 and the production is expected to start by mid-2019.

The Polestar 1 features dual electric motors putting out a combined 215 BHP that power the rear wheels. In addition, Polestar owners will have the option to rent other Volvo Cars vehicles. Now under construction, it is due for completion in mid-2018. Polestar 2 will start production later in 2019 and will be the first battery-electric vehicle (BEV) from the Volvo Car Group.

Interestingly, Volvo and parent company Geely are using the launch of Polestar as an opportunity to step away from the traditional sales and ownership model, toward what could very well become a growing market paradigm. However, Polestar also recognises that customers still want to physically engage with the brand so Polestar will open a network of Polestar Spaces around the world. The Polestar 1 will be acquired via zero-deposit deal over two or three years, with everything incorporated into one monthly payment. The $756 million dollar investment will bolster the early phases of Polestar's product lineup and industrial footprint.

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