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September 2, 2022:-
Swedish carmaker Volvo is planning to produce a new premium SUV for its electric Polestar brand at a plant in Charleston, South Carolina, says the company.
It will be the first domestically produced vehicle for Polestar, formed in 2017 by Volvo Cars, based in China’s parent company, known as Geely Holding Group. It also is one of the first electric vehicles, even though not the first, produced in the U.S by Volvo.
Polestar CEO Thomas Ingenlath said that the new Polestar 3 SUV would “absolutely” be the new flagship for the brand as it is planning to expand its lineup and retail network in the U.S.
“It will be a big milestone for our brand, The expression of the car will be so much Polestar and show where our brand is going in the future ahead,” he told CNBC in an interview.
Volvo is investing $118 million for the production of the Polestar 3 at the South Carolina plant. The vehicle is expected to be in production in the coming year. It will have a similar platform as the next-generation Volvo XC90, which will be produced at the plant.
Polestar is unique, as it’s an electric-vehicle brand from an established automaker, instead of a new EV start-up or a traditional automotive brand that adds EVs to its lineup. Such a structure was permitting Polestar to move quickly while having the resources of an automaker to rely on when needed, according to Ingenlath.
In April, Polestar said that it had produced $550 million from a group of long-term external investors and that more fundraising was a possibility.
Polestar currently operates in 13 countries, selling tens of thousands of vehicles globally.
