Polestar
Swedish electric car brand / From Wikipedia, the free encyclopedia
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Polestar is a Swedish automotive manufacturer that produces electric vehicles. Owned by Volvo Cars, the company is headquartered in Torslanda outside Gothenburg, Sweden.[4] Polestar produces cars in several countries including China, the US, and South Korea, in facilities owned by Volvo Cars and its parent company Geely Holding.[5][6]
Company type | Public limited company |
---|---|
Nasdaq: PSNY | |
Founded | 2017; 7 years ago (2017) |
Headquarters | Gothenburg, Sweden |
Area served | Worldwide |
Key people | |
Products | Electric vehicle |
Revenue | US$2.46 billion (2022) |
−US$1.3 billion (2022) | |
−US$466 million (2022) | |
Total assets | US$3.94 billion (2022) |
Total equity | US$134 million (2022) |
Owner |
|
Number of employees | 2,377 (December 2022) |
Website | polestar |
Footnotes / references [1][2][3] |
Owner | Volvo Cars |
---|---|
Country | Sweden |
Introduced | 2005; 19 years ago (2005) |
Previous owners | Polestar Racing (2005–2015) |
The brand originated from Flash Engineering, a Swedish motorsport team established in 1996 that competed in the Scandinavian Touring Car Championship. In 2005, the team was sold then rebranded to Polestar Racing, which later operated a production car tuning division called Polestar Performance AB.[7][8] In July 2015, the Polestar brand was acquired by Volvo Cars.[9] The racing team was then rebranded to Cyan Racing, while still maintaining close ties to Volvo.[10]
The current holding company of Polestar was jointly formed in 2017 by Volvo Cars and Zhejiang Geely Holding Group.[11] Polestar shares began trading on the Nasdaq exchange under the symbol PSNY on 24 June 2022 through a business combination agreement.[12][13] Volvo plans to reduce its stake in Polestar by the third quarter of 2024 from currently 48.3% to around 18% by ceding it to Geely Holding.[3]