Volvo buys 100% of Polestar. Sort of
Volvo has announced it has purchased 100% of Volvo tuning house, Polestar, only the deal doesn’t include the Polestar racing team.
VOLVO IS FOLLOWING the likes of Jaguar and Land Rover, Mercedes-AMG and BMW M in bringing a tuning house in-house. Polestar has only worked with Volvo products and has already contributed to the brand’s road car program. That influence is expected to grow with this announcement.
“We have decided to bring this experience to more Volvo drivers, placing the full resources of Volvo behind the development of Polestar,” CEO Hakan Samuelsson said in a statement. Volvo said it expects Polestar versions of Volvo product to rise from 750 per year to 1500 units in the medium term under Volvo’s control.
While Volvo didn’t disclose the financial arrangements of the deal it did reveal the deal doesn’t include ownership of the Polestar racing team. This will remain controlled and owned by CEO Christian Dahl, although the team will now be renamed.
“Driving a Volvo Polestar is a special experience. We have decided to bring this experience to more Volvo drivers, placing the full resources of Volvo behind the development of Polestar as the model name for our high performance cars,” said Håkan Samuelsson, president and chief executive of Volvo Cars.