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Polestar

This article is about the car manufacturer. For the celestial body, see Pole star. For other uses, see Polestar (disambiguation).

Polestar Automotive Holding UK PLC
Company typePublic
Nasdaq: PSNY
Founded2017 (2017)
Headquarters
Area served
Worldwide
Key people
ProductsElectric vehicle
RevenueIncrease US$2.46 billion (2022)
Decrease −US$1.3 billion (2022)
Increase −US$466 million (2022)
Total assetsIncrease US$3.94 billion (2022)
Total equityIncrease US$134 million (2022)
Owner
Number of employees
2,377 (December 2022)
Websitepolestar.com
Footnotes / references
[2][3][4]
Polestar
OwnerVolvo Cars
CountrySweden
Introduced2005 (2005)
Previous ownersPolestar Racing (2005–2015)

Polestar is a Swedish automotive manufacturer that produces electric cars. Owned by Volvo Cars, the company is headquartered in Torslanda outside Gothenburg, Sweden.[5] With an "asset-light" approach in development and manufacturing, Polestar does not have its own manufacturing facility.[6] It produces cars in facilities controlled by Volvo Cars or its parent company Geely Holding in several countries, including China, the US, and South Korea.[7][8]

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.[9][10] In July 2015, the Polestar brand was acquired by Volvo Cars, which repositioned the brand as an electric vehicle manufacturer since 2017.[11] The racing team was then rebranded to Cyan Racing, while still maintaining close ties to Volvo.[12]

The current United Kingdom-based holding company of Polestar, Polestar Automotive Holdings UK PLC was jointly formed in 2021 by Volvo Cars and Geely Holding Group.[13][14] Polestar shares began trading on the Nasdaq exchange under the symbol PSNY on 24 June 2022.[15][16] Due to its continuing loss,[17] Volvo Cars 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.[4]

  1. ^ "POLESTAR AUTOMOTIVE HOLDING UK PLC overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 17 June 2024.
  2. ^ "Polestar Automotive Holding UK PLC 2022 Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 14 April 2023. pp. 98, F-5, F-6. Archived from the original on 29 June 2023. Retrieved 28 June 2023.
  3. ^ "Volvo Cars increases shareholding in Polestar to 49.5 per cent" (Press release). Media.volvocars.com. Archived from the original on 19 December 2021. Retrieved 3 June 2022.
  4. ^ a b "Volvo to reduce its stake in Polestar from 48 to 18 per cent". electrive.com. Retrieved 20 May 2024.
  5. ^ "Polestar inaugurates new headquarters in Sweden" (Press release). Polestar. Retrieved 29 November 2019.[permanent dead link]
  6. ^ Holt, Nick (15 August 2024). "Polestar starts US production of the Polestar 3". Automotive Manufacturing Solutions. Retrieved 18 August 2024.
  7. ^ "Polestar Bets on US, Korea to Avoid 'Made in China' EV Tariffs". Bloomberg.com. 9 November 2023. Retrieved 4 January 2024.
  8. ^ Cole, Dani (17 November 2023). "Polestar 4 China production starts". Just Auto. Retrieved 4 January 2024.
  9. ^ "Volvo S60 Polestar Limited Edition". Polestar AB. 2013. Archived from the original on 27 August 2013. Retrieved 27 February 2019.
  10. ^ "Polestar Performance gives your Volvo more performance". Polestar AB. Archived from the original on 18 April 2013. Retrieved 23 January 2013.
  11. ^ "Polestar announces new management team" (Press release). Polestar. Retrieved 29 November 2019.[permanent dead link]
  12. ^ "History". Cyan Racing. Archived from the original on 8 December 2015. Retrieved 4 December 2015.
  13. ^ "Report of Foreign Private Issuer Pursuant to Rule 13a-16 Or 15d-16 Under the Securities Exchange Act of 1934 for the Month of July, 2022 - Commission File Number: 001-41431 - Polestar Automotive Holding UK PLC". Polestar. United States Securities and Exchange Commission. Retrieved 22 January 2024.
  14. ^ "Polestar Automotive Holding UK PLC". U.S. Securities and Exchange Commission. 23 June 2022. Retrieved 17 June 2024.
  15. ^ "Polestar lists successfully on Nasdaq" (Press release). investors.polestar.com. Archived from the original on 24 June 2022. Retrieved 24 June 2022.
  16. ^ Hawkins, Andrew J. (27 September 2021). "Electric car company Polestar is going public via SPAC". The Verge. Archived from the original on 27 September 2021. Retrieved 27 September 2021.
  17. ^ Lindeberg, Rafaela (23 February 2024). "Volvo is ditching most of its stake in struggling Tesla rival Polestar". Fortune. Retrieved 17 June 2024.
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