Volvo and Geely reveal new Polestar electric car brand as they target future of motoring 

Volvo and its Chinese owner Geely have launched a new brand of cars that aim to tap into the burgeoning field of electric vehicles.
Polestar - a joint venture between the two - has unveiled its first car in Shanghai, a high-performance coupe powered by a hybrid petrol-electric drivetrain.
Volvo and Geely reveal new Polestar electric car brand as they target future of motoring 

Just 500 Polestar 1 cars will be built a year
Named Polestar 1, the car will be able to travel 93 miles on electric power alone, giving it what is claimed to be the longest range of any battery-powered car.
When the engine is combined with the electric power system, the car will be able to produce 600hp, taking it into the realm of high-performance vehicles.
Volvo and Geely are investing 5bn renminbi (?570m) into the project, with two future cars planned over the next four years, one a small hatchback aimed at competing with Tesla’s Model 3, and an SUV.
Thomas Ingenlath, chief executive of Polestar, said: “Polestar 1 is the first car to carry the Polestar on the bonnet. All future cars from Polestar will feature a fully electric drivetrain, delivering on our brand vision of being a new standalone electric performance brand.”
Volvo and Geely reveal new Polestar electric car brand as they target future of motoring 

The interior of the new Polestar 1
Just 500 examples of the Polestar 1 will be built a year when production begins in mid-2019 at a new factory in Chengdu in southern China, which is the world’s largest market for electric vehicles. Demand is expected to be split equally between China, the US and Europe.
Production volumes of later models are forecast to be “in the five-digit range” , according to Jonathan Goodman, chief operating officer of Polestar.
“Although these will be global cars, it makes sense to build where you sell so having the factory in China is a logical choice,” he added.
Although the Polestar 1 will have a selling price of between ?130,000 and ?150,000, the company expects to break away from current ownership models, instead using a two- or three-year subscription system that includes servicing, and which is marketed and sold almost entirely online.
Earlier this year Volvo set down a marker by saying that from 2019 all its new models would be available with electric drivetrain options, making it the first major manufacturer to do so.
Volvo and Geely reveal new Polestar electric car brand as they target future of motoring 

Volvo becomes the first major car manufacturer to go all electric
Polestar currently builds high performance versions of Volvo’s S60 and V60 cars but the launch of the new brand is seen as taking the marque in a new direction.
“The Polestar 1 is very much a ‘halo’ car’,” said Mr Goodman. “It will establish us as a performance electric manufacturer whose future is completely electric.”
He said that while the new cars - which are engineered by Volvo - will use the Swedish-based company’s Scalable Platform Architecture, half of the Polestar 1 uses new and bespoke products such as lightweight carbon fibre to enhance performance.
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Electric cars are set to dominate the future of motoring and UBS recently forecast that the “total cost of consumer ownership can reach parity with combustion engines from 2018”, with this likely to happen in Europe first.
Electric cars tend to be more expensive to buy than conventional cars but much cheaper to run, as charging them costs less than buying petrol and they require less servicing.
Analysts at UBS said that as the cost of the technology for electric cars falls, “this will create an inflexion point for demand… We raise our 2025 forecast for EV sales by ~50pc to 14.2m - 14pc of global car sales.”
A Bank of America Merrill Lynch study last week predicted that the percentage of vehicles worldwide that have a combustion engine will fall from 99pc now to less than 10pc by 2050.
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