China’s Geely to construct new EV plant to bring out premium Polestar cars
BEIJING/SHANGHAI (CHINA) – Chinese automaker Geely is planning to set up a factory that will bring out electric cars under the premium Polestar marque.
Zhejiang Geely Holding Group Co Ltd is mulling to construct a plant which will have a manufacturing capacity of 30,000 premium EVs in Chongqing. It will be operated by a newly registered firm.
This move comes in the wake of foreign car manufacturers such as BMW and Tesla Inc expanding their EV production in China.
Based in Hangzhou, Geely is known globally and it owns Volvo Cars and Lotus, almost half of Proton and has a 9.7% stake in Daimler AG. Its Geely Automobile Holdings listed in Hong Kong is planning a Shanghai float.
Through the firm Polestar, Geely manufactures low-volume Polestar 1 hybrid performance cars in Chengdu and Polestar 2 volume sedans in Taizhou.
It will also begin manufacturing Precept sedan, which was displayed at this year’s China auto show.
Polestar is looking at offering bigger and more sporty vehicles at its showrooms spanning nine countries. It plans to increase the number of outlets from 23 to 45 by the year-end.
According to Polestar Chief Executive Thomas Ingenlath, the firm is looking at markets in the Asia-Pacific and the Middle East.