Volvo has said that its Polestar performance division is set to become a standalone high-performance electric car brand.
Volvo acquired 100% stake in Polestar Performance in July 2015 and both the companies have been working together in motorsport since 1996.
In the future, Polestar will produce its own brand of electric vehicles, while continuing to offer high performance upgrades to Volvo.
Volvo stated that Polestar has technological and engineering synergies with it and this will benefit Polestar to enjoy not only economies to scale, but they can allow to design, develop and build world-class electric vehicles.
Polestar is expected to directly compete with Tesla, BMW i, Mercedes Benz and Nissan’s battery-powered electric cars.
The company is expected to launch its new vehicles mainly in the US and in China.
The new company will be headed by Volvo Design senior vice president Thomas Ingenlath, who will join as Polestar’s CEO.
Volvo Cars president and CEO Håkan Samuelsson said “Thomas heading up the Polestar organisation shows our commitment to establishing a truly differentiated stand-alone brand within the Volvo Car Group.”
“With 25 years of commercial experience in the automotive industry, Jonathan is ideally placed to provide operational experience alongside Thomas’s vision, building on the experienced management team that will drive the Polestar brand forwards.”
Ingenlath said: “I am really excited to take up the challenge of establishing this exciting brand, developing a fabulous portfolio of bespoke products and channelling the passion we have throughout the Polestar team. The next chapter in Polestar’s history is just beginning.”
