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Polestar

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This article is about the car manufacturer. For the celestial body, see Pole star. For other uses, see Polestar (disambiguation).

Polestar Automotive Holding UK PLC
Company typePublic
Nasdaq: PSNY
Founded2017; 7 years ago (2017)
Headquarters
Area served
Worldwide
Key people
ProductsElectric vehicle
RevenueIncrease US$2.46 billion (2022)
Decrease −US$1.3 billion (2022)
Increase −US$466 million (2022)
Total assetsIncrease US$3.94 billion (2022)
Total equityIncrease US$134 million (2022)
Owner
Number of employees
2,377 (December 2022)
Websitepolestar.com
Footnotes / references
[4][5][6]
Polestar
OwnerVolvo Cars
CountrySweden
Introduced2005; 19 years ago (2005)
Previous ownersPolestar Racing (2005–2015)

Polestar is a Swedish automotive manufacturer that produces electric cars. Principally owned by Li Shufu's PSD Investment, Geely Holding and Volvo Cars (each with ties to the Geely industrial conglomerate),[2][3] the company is headquartered in Torslanda outside Gothenburg, Sweden.[7] With an "asset-light" approach in development and manufacturing, Polestar does not have its own manufacturing facility,[8] instead it produces cars in facilities controlled by Volvo or Geely in several countries, including China, the United States, and South Korea.[9][10]

The brand originated from Flash Engineering, a Swedish motorsport team established in 1996 that competed in the Scandinavian Touring Car Championship. In 2005, the team was sold then rebranded to Polestar Racing, which later operated a production car tuning division called Polestar Performance AB.[11][12] In July 2015, the Polestar brand was acquired by Volvo Cars, which repositioned the brand as an electric vehicle manufacturer since 2017.[13] The racing team was then rebranded to Cyan Racing, while still maintaining close ties to Volvo.[14]

The current United Kingdom-based holding company of Polestar, Polestar Automotive Holdings UK PLC was jointly formed in 2021 by Volvo Cars and Geely Holding Group.[15][16] Polestar shares began trading on the Nasdaq exchange under the symbol PSNY on 24 June 2022.[17][18]

In February 2024, Volvo (itself 79.5% owned by Geely at the time) announced that it would attempt to reduce its ownership stake in Polestar from 48% to 18%, by transferring US$921 million of stock to its shareholders.[2] This would result in PSD Investment (Geely founder Li Shufu's personal company[19]) becoming the largest shareholder with at least a 39% stake.[2] According to a Polestar news release to its investors, in April 2024, Geely Holdings became a major new shareholder, directly owning approximately 24% of Polestar.[3] The free float also rose to about 18% of shares at that time,[3] signifying that Volvo's February plan had been substantially realized.

History

Racing team and tuning brand (1996–2017)

Polestar logo until 2016

The company origins can be traced to the 1996 foundation of Flash Engineering, a Swedish racing team competing in Swedish Touring Car Championship (STCC). The team was sold and rebranded as Polestar Racing, which began modifying Volvos for racing in the late 2000s. In 2009, the brand became the official Volvo partner to modify existing models, under the brand Polestar Performance. Volvo eventually bought the company in July 2015 and began selling Polestar-enhanced models directly through their resellers.[20]

Polestar has also produced prototype cars, with the first being the C30 Polestar Performance Concept Prototype (2010) with over 400 bhp (300 kW) and 510 N⋅m (380 lbf⋅ft).[21]

Volvo V60 Polestar

The Volvo S60 Polestar Concept is the heir to the C30 Polestar, featuring 508 BHP from a modified T6 engine, launched in June 2012.[22] The car sprints from 0–100 km/h (0–62 mph) in 3.9 seconds with a top speed of over 300 km/h (190 mph).[23] Motor Trend tested the car at Mazda Raceway Laguna Seca, where it broke the lap record for four-door cars, matching the lap time of an Audi R8.[24]

Selection of petrol and hybrid powered Volvo-based Polestar models:

Introduced Model Type Engine Drivetrain
2009 Volvo C30 Polestar Concept[25] Concept 5-cylinder, 2500 cc, turbocharged, 451 PS AWD, 6-speed manual
2012 Volvo S60 Polestar Concept[26] Concept 6-cylinder, 3000 cc, turbocharged, 508 PS AWD, 6-speed manual
2013 Volvo S60/V60 Polestar Production 6-cylinder, 3000 cc, turbocharged, 350 PS AWD, 6-speed auto
2016 Volvo S60/V60 Polestar Drive-E Production 4-cylinder, 1969 cc, turbocharged, 367 PS AWD, 8-speed auto
2018 Volvo S60 T8 Polestar Engineered Production 4-cylinder, 1969 cc, plug-in hybrid, 415 PS AWD, 8-speed auto
2020 Volvo V60 T8 Polestar Engineered Production 4-cylinder, 1969 cc, plug-in hybrid, 415 PS AWD, 8-speed auto
2020 Volvo XC60 T8 Polestar Engineered Production 4-cylinder, 1969 cc, plug-in hybrid, 415 PS AWD, 8-speed auto

Standalone brand (2017–present)

Polestar's showroom in Oslo, Norway

In October 2017, Volvo Cars and Geely Holding announced that Polestar would become a standalone brand focusing on electric cars.[27] The brand introduced the Polestar 1 on 17 October 2017, a 2+2 coupé inspired by Volvo's Concept Coupé introduced in 2013, which includes influences from the Volvo P1800. The Polestar 1 was built between 2019 and 2021, and was built in a new purpose-built Polestar Production Centre in Chengdu, China,[28] from 2019 at a rate of up to 500 per year.[29] During its final year of production, a limited-production gold-painted version of Polestar 1 was released. Only 25 units were produced.[30]

In 2019, Polestar announced their second car, the Polestar 2 electric car.[31] It was unveiled on 27 February 2019, in an online unveiling which was broadcast from the Polestar headquarters in Gothenburg, Sweden. Directly after, it had its public debut at the 2019 Geneva Motor Show.[32] It is produced at Volvo Cars's existing plant in Taizhou, China.[33] It received a mid-life refresh for its 2024 year-model, switching to a rear-wheel drive layout for its single-motor option, and various performance and cosmetic changes for the base model and performance package, respectively. It will also replace the existing front grille with a body-color front-end treatment that houses new safety hardware, including a front-facing camera and a new mid-range radar, matching the Polestar 3, dubbed the "SmartZone".[34]

In March 2022, Polestar launched a roadster concept named the Polestar O2, and later in August 2022, Polestar announced a sixth new roadster model dubbed Polestar 6 based on the O2 concept car, expected to enter production in 2026.[35][36]

In 2023, Polestar announced construction of its new headquarters – a 80,000 m2 (860,000 sq ft) building in central Gothenburg.[37][38]

Products

Current and future vehicles

Image Name Introduction
(cal. year) 		Platform Powertrain Vehicle description Assembly location
Polestar 2 2020 CMA Battery electric Compact car with a 5-door liftback body style
Polestar 3 2024 SPA2 Battery electric Mid-size SUV, related to the Volvo EX90
Polestar 4 2024 SEA Battery electric Compact coupe SUV
Polestar 5 2025 (planned) SEA Battery electric Mid-size sedan
Polestar 6 2026 (planned) SEA Battery electric Sports car
Polestar 7 2027 (planned)[43] SEA Battery electric Sports car

Discontinued vehicles

Image Name(s) Production
(cal. year) 		Platform Powertrain Vehicle description Assembly location
Polestar 1 2019–2022 SPA Plug-in hybrid Sports car / grand tourer, 1,500 units produced.

Performance optimisation

Polestar Precept

Under the label Polestar Engineered, Polestar offers enhancements for Volvo cars which deliver upgraded performance. Examples are engine optimizations with retained warranty and unchanged fuel consumption and emissions. The engine optimization increases the power and torque output, varying depending on engine model. The response of the throttle can be modified and the character of the transmission is tweaked.

In 2022, a special version of Polestar 2 was released as a Polestar Engineered product: the limited-production Polestar 2 BST edition 270, of which only 270 will exist.[44]

Finances

As of December 2023, Polestar is a publicly-traded company trading under the symbol PSNY on the Nasdaq stock exchange.

Key figures:[45]

Year Revenue
(mil. USD) 		Net income
(mil. USD) 		Employees
2019 92 -198
2020 610 -485
2021 1,346 −969 1,300
2022 2,444 -477 2,377
2023 2,379 -1,195 2,515

Racing

Polestar has been working with Volvo since 1996, starting with racing Volvo cars and being involved in the development of race cars for Cyan Racing. In 2014, Polestar was involved in the development of a V8 powered Volvo S60 that was raced by Garry Rogers Motorsport in the Australian V8 Supercars series.[46] Robert Dahlgren was seconded to Australia in 2014 as part of this programme and pulled out in the end of 2016.[47]

Logo dispute in France

In 2019, French brand Citroën considered that the Polestar company logo – also formed of chevrons – is too close to those of its Citroën and DS Automobiles brands. In the absence of an amicable agreement, Citroën took to the Tribunal de grande instance in July 2019. The latter, in a decision dated 4 June 2020, found in favor of the French manufacturer,[48] decision confirmed on appeal on 14 June 2020. As a result, from December 2021, Polestar vehicles cannot be purchased in France.[49] In September 2022, it was reported that Citroën and Polestar had settled their dispute.[50]

Other ventures

In August 2022, the company announced it would supply batteries and charging hardware to Candela for electric boats that would "fly" on hydrofoils.[51][52]

See also

References

  1. ^ "POLESTAR AUTOMOTIVE HOLDING UK PLC overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 17 June 2024.
  2. ^ a b c d e Lindeberg, Rafaela (23 February 2024), "Volvo is ditching most of its stake in struggling Tesla rival Polestar", Fortune website, archived from the original on 23 February 2024, retrieved 17 June 2024, Volvo Car currently holds around 48% in Polestar. The share transfer will have to be approved by Volvo Car shareholders at the company's annual general meeting next month. Geely owns 79.5% in Volvo Car, while Li Shufu holds a roughly 39% stake in Polestar.
  3. ^ a b c d e f "Polestar announces global volumes for the first quarter; growing line-up of luxury SUV's to drive revenue and margin progression", Polestar Investors website, 11 April 2024, archived from the original on 8 September 2024, Polestar's ownership structure has been clarified, with Geely Holdings becoming a major new shareholder, with approximately 24% and Volvo Cars retaining a strategic 18% stake. Furthermore, the Company will welcome new shareholders and see its free float increase to approximately 18%.
  4. ^ "Polestar Automotive Holding UK PLC 2022 Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 14 April 2023. pp. 98, F-5, F-6. Archived from the original on 29 June 2023. Retrieved 28 June 2023.
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  9. ^ "Polestar Bets on US, Korea to Avoid 'Made in China' EV Tariffs". Bloomberg.com. 9 November 2023. Retrieved 4 January 2024.
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  35. ^ "The emotions of performance: Polestar 6 to enter production". The emotions of performance: Polestar 6 to enter production. Archived from the original on 18 August 2022. Retrieved 16 August 2022.
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  47. ^ Bartholomaeus, Stefan (16 January 2014). "Robert Dahlgren confirmed for Volvo V8 seat". www.speedcafe.com. Archived from the original on 1 March 2019. Retrieved 27 February 2019.
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  49. ^ "CA Paris, pôle 5 – ch. 1, 14 déc. 2021, n° 20/12598". Doctrine.fr. Archived from the original on 16 March 2022. Retrieved 16 March 2022.
  50. ^ "Entre Citroën et Polestar, les chevrons de la réconciliation". lemonde.fr. 31 August 2022. Archived from the original on 30 September 2022. Retrieved 30 September 2022.
  51. ^ Frangoul, Anmar. "EV maker Polestar to provide batteries for 'flying' electric boats". CNBC. Archived from the original on 6 September 2022. Retrieved 7 September 2022.
  52. ^ Toll, Micah (23 May 2023). "Candela and Polestar unveil new flying electric boat based on Scandinavian design". Electrek. Retrieved 6 January 2024.
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