Volvo produces new Polestar three electrical SUV in South Carolina
Polestar posted this teaser picture on June 16, 2021 of its upcoming Polestar 3 EV SUV, which is produced by Volvo at a South Carolina facility.
Swedish automaker Volvo plans to produce a new premium SUV for its Polestar electric brand at a plant in Charleston, South Carolina, the company announced on Wednesday.
It will be the first domestically produced vehicle for Polestar, founded in 2017 by Volvo Cars and its China-based parent company Geely Holding Group. It is also expected to be one of the first, if not the first, electric vehicles to be produced by Volvo in the US
Polestar CEO Thomas Ingenlath said the new Polestar 3 SUV will “absolutely” be the brand’s new flagship as it expands its offering and retail network in the US
“It will be a big milestone for our brand,” he told CNBC in an interview. “The expression of the car will be so much Polestar and show where our brand is going in the future.”
Workers assemble parts of a Volvo AB S60 sedan at the Volvo Cars USA plant in Ridgeville, South Carolina, USA, on Wednesday, June 20, 2018.
Logan Cyrus | Bloomberg | Getty Images
Volvo is investing US $ 118 million in the production of the Polestar 3 at the South Carolina plant. The vehicle is scheduled to go into series production in 2022. It will have the same platform as the next generation Volvo XC90, which is also produced at the plant.
Polestar is unique in that it is an electric vehicle brand from an established automaker, rather than a new EV start-up or a traditional automobile brand that is adding EVs to their offerings. Such a structure enables Polestar to move quickly while being able to draw on the resources of an established automaker, according to Ingenlath.
In April, Polestar announced that it had raised $ 550 million from a group of long-term outside investors and that further fundraising was possible.
Polestar currently operates in 13 countries and plans to sell tens of thousands of vehicles worldwide.