Volvo Cars has acquired 100% of Swedish prestige manufacturer Polestar for an undisclosed amount.
Polestar will be used as the model name for special high performance Volvos, and Polestar will in the future utilise Volvo’s twin engine electrification technology to develop next generation performance cars.
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The two manufacturers have been working together since 1996 in motor sports, and in recent years signed a cooperation agreement to jointly develop Polestar versions of Volvo cars.
Volvo said it expects to sell 750 Polestar versions of the V60 wagon and S60 sedan globally. Polestar sales are forecast to increase to between 1,000 and 1,500 cars a year in the medium term under Volvo’s ownership.
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