 "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.”
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