An electric vehicle factory planned by Chinese automaking group Geely will produce cars under the premium Polestar marque, two people with direct knowledge of the matter told Reuters on Monday.
Zhejiang Geely Holding Group Co Ltd plans to build a plant with annual manufacturing capacity of 30,000 premium EVs in the western city of Chongqing, run by a wholly owned, newly registered company, showed documents on its website.The plan comes as foreign automakers including BMW AG and Tesla Inc expand EV production in the world's biggest market, sourcing major EV components such as batteries locally and often exporting the end product.
Through wholly owned company Polestar, it builds low-volume Polestar 1 hybrid performance cars in the western city of Chengdu and Polestar 2 volume sedans in Taizhou in the east.It also plans to begin production of the Precept sedan, displayed at this year's China auto show.
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