Company type | Public |
---|---|
Nasdaq: PSNY | |
Founded | 2017 |
Headquarters | |
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 [2][3][4] |
Owner | Volvo Cars |
---|---|
Country | Sweden |
Introduced | 2005 |
Previous owners | Polestar 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]