This morning Polestar took the wraps off its first model, the plug-in hybrid Polestar 1 coupe. While the Polestar 1 will be a limited production model when it goes on sale in 2019, the brand is already working on two other electric models.
Following up the debut of the Polestar 1 in mid-2019, the Polestar 2 will go into production by the end of 2019. The Polestar 2 is a midsize electric model that will rival the Tesla Model 3. The third model will be the Polestar 3, which will be an electric SUV.
“Polestar 1 is the first car to carry the Polestar on the bonnet. A beautiful GT with amazing technology packed into it – a great start for our new Polestar brand. All future cars from Polestar will feature a fully electric drivetrain, delivering on our brand vision of being the new standalone electric performance brand,” stated Thomas Ingenlath, Chief Executive Officer of Polestar.
To build the three Polestar models, Volvo and Geely Holding have announced that they will jointly invest around $750 million to support the initial phase of Polestar’s product, brand and industrial development. The investment will also be used to establish a Polestar manufacturing facility in Chengdu, China.
“Being part of the Volvo Car Group enables Polestar to design, develop and engineer our cars using the processes of a well-established car company but at the same time, enables us to experiment with new technology in lower volume cars outside the mainstream segments. This pace of development means as we announce the future of the company, we can also already confirm that a portfolio of three Polestar cars will be on sale within the next four year timescale,” continued Thomas Ingenlath.