Polestar, Volvo's performance electric brand, is showing its confidence in the Chinese automobile market's growth potential and believes China is largest single market worldwide. Thomas Ingenlath, CEO of Polestar, said he has great confidence in the Chinese market. "Of course, the economy has cycles," Ingenlath told China Daily at the Guangzhou auto show in mid-November. "I think that is a natural element of a mature economy. There will be elements of slowdown and acceleration again," he added. At the auto show, the automaker unveiled its first model, the Polestar 1, which will be produced from the middle of next year at the automaker's newly-built Chengdu plant. When asked why Polestar located its plant in China, the CEO answered: "You definitely should go with your production to where your biggest market will be. China will be our biggest market." Polestar's high attention to the Chinese market is also manifested in its sales distribution network in the country. Polestar plans to open 60 dealer exhibition halls globally, which are called Polestar Spaces, 20 in China, according to Ingenlath. Utilizing an innovative sales mode, all the Polestar products will be both rented and sold, according to the automaker. Choosing to rent a vehicle, the customer has the ownership of the vehicle as long as he pays off the rental expense every month, which exempts the customer from worrying about vehicle depreciation, insurance and maintenance, according to Polestar. Based on Volvo's experience in producing vehicles, Polestar is optimistic about its product competitiveness. "Polestar has an experienced parent company. We can share technology," Ingenlath said. "I think that will help us to actually be able to deliver fully on what we promised - to be a very serious and highly professional company," the CEO added. As a high-performance hybrid electric vehicle, the Polestar 1's range can reach 150 kilometers on pure electric mode. Equipped with Volvo's Drive-E engine, the Polestar 1 has a maximum output of 600 horsepower and a torque of 1,000 Newton meters. With a 4,585-millimeter-length body and a 2,742-millimeter-wheelbase, the two-door and four-seater model has a sporty and powerful appearance, according to the automaker. The company has its plan to build up its product portfolio in the coming years, adding the Polestar 2 and Polestar 3 models. The Polestar 2 will be the automaker's and even its parent company's first fully electric vehicle, which will be produced from the end of next year, according to Polestar. The Polestar 3, under design at present, is a fully electric sports utility vehicle, featuring advanced performance and handling, according to the automaker. A visitor takes a photo of the Polestar 1, the first model by the automaker, at the Guangzhou auto show last month. Zhang Dandan / China Daily (China Daily 12/03/2018 page18)
Polestar 1, the first model in the performance electric brand by automakers Volvo, will begin production in the middle of next year at the newly built Volvo Chengdu plant. Polestar has identified China as the largest single market worldwide with growth potential for its vehicles. The brand plans to open 40 dealer exhibition halls, Polestar Spaces, in China, with a further 20 to be opened worldwide. Polestar vehicles are high-performance hybrid EVs which can reach 150 km purely on electric mode, and will be available for customers to buy and to rent.