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Geely Holdings, parent of Volvo Cars, has announced a major investment in Polestar.

China has set strict quotas for electric and hybrid vehicles that carmakers need to hit by 2019 and has begun looking at an eventual ban on the production and sale of cars using traditional fuels.

The Polestar 2, meanwhile, is expected to go into production in late 2019. In line with its modernization process, the Polestar 1 will employ the phone as a key method of accessing the auto, which means that an app can give access to the vehicle, with no need for a key. The company is so serious about the new model and possibly other BEV models that it is building a brand new manufacturing facility next to the main factory in Stuttgart. The first production model was reveled in Shanghai as the announcement came. It also features Ohlins continuously controlled electric suspension (CESi).

Polestar is now building a new, state-of-the-art production facility in Chengdu, China, part of a US$750 million investment from Volvo and Geely Holding.

The Polestar 1 features dual electric motors putting out a combined 215 BHP that power the rear wheels. Plans call for construction to be completed by mid-2018, with Polestar 1 production to follow in mid-2019. However, Polestar also recognises that customers still want to physically engage with the brand so Polestar will open a network of Polestar Spaces around the world. "They even directly pointed out this competition with Elon Musk's EV company in the press release, saying, "[The Polestar 2] will be a mid-sized BEV, joining the competition around the Tesla Model 3". A maximum of 500 cars will be built per year and all those will be offered on a subscription basis.

Also in Polestar's near-term plans are the mid-size battery electric Polestar 2, which will be positioned to compete with the Tesla Model 3. The Polestar 1 will be acquired via zero-deposit deal over two or three years, with everything incorporated into one monthly payment. The costs will include insurance and maintenance.

"We believe that subscription is the future", said Jonathan Goodman, Polestar's chief operating officer.


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