Polestar, the Swedish electric vehicle (EV) marque spun off from Volvo, is grappling with profitability pressures after Volvo reduced its stake and funding in the company. Despite operating independently since 2017, Polestar still owes Volvo a significant amount through a convertible loan.
Polestar started life in 2005 as the brand name for a Volvo -tuning, gasoline-powered Swedish motorsports team. It was transformed into an EV marque when Volvo bought the team 10 years later. Polestar has operated independently of Volvo since 2017, but both still have production facilities next to each other in Torslanda, Sweden, and both have been ultimately owned since 2010 by automotive giant Geely of China.
Indeed, Volvo’s new EV flagship, the EX90, is basically a family-friendly version of the Polestar 3, as it has nearly the same underpinnings. To set itself as truly apart from Volvo, Polestar should have provided more “visual differentiation,” says Wells, as well as offering “differences in terms of performance, but also the other features in the car.
Polestar Volvo Electric Vehicles Profitability Funding Cuts
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