Posts tagged with "polestar 2"

Polestar 2 illustration by Heather Skovlund for 360 Magazine

Polestar × Circulor

Polestar Announces Partnership with Circulor as an Important Step in Transparency Journey

  • Polestar enters strategic partnership with blockchain provider Circulor
  • Collaboration targets blockchain traceability and CO2e tracking
  • Progressive in scope and ambition, partnership enables unprecedented supply chain transparency

Polestar, the electric performance car brand, is spearheading a movement for transparency throughout the automotive industry to accelerate the shift to a climate-neutral future. In April 2021, the company announced plans for a climate neutral car by 2030—Polestar now communicates an important step on its transparency journey, announcing a new partnership with blockchain provider Circulor.

Polestar already works with Circulor on the traceability of cobalt in the batteries for the Polestar 2 electric performance fastback. With this new partnership, Polestar and Circulor have set a progressive scope and ambition that aims to entail a range of raw materials, focusing on those with identified risks in either environmental and/or human rights, such as nickel, mica, manganese, graphite and lithium, amongst others.

True climate action needs transparency, and the aim with CO2e tracking is to finally see the embedded emissions that have been created as part of the production process, per facility as well as those inherited from suppliers through the supply chain. The greenhouse gas tracking solution offered by Circulor enables a more accurate CO2e footprint than using generic emissions data from databases.

“Caring about ethics and the environment is key to Polestar. This unprecedented level of traceability means that Polestar can promote sustainable and ethical practices in its supply chain, and provide better transparency for consumers,” says Polestar CEO Thomas Ingenlath.

“We are delighted to be a strategic partner of Polestar and play a key role in enabling supply chain transparency for Polestar, its suppliers and its customers. Our platform’s ability to dynamically track and attribute CO2e across the supply chain will help enable Polestar’s moonshot goal to create a climate-neutral car by 2030,” says Douglas Johnson-Poensgen, Circulor CEO.

Circulor supports businesses in achieving more sustainable supply chains and works with blockchain technology to trace materials. A blockchain is a digital ledger containing a list of records linked to each other via cryptography. A ‘digital twin’ for the raw material being traced is created and the material is then tracked through the supply chain, creating a digital thread that follows and records the various industrial processes and transformations it undergoes.

This means that the source and the methods by which the raw materials are extracted, processed and transported, can be better regulated, helping to ensure that the materials used in battery production come from the expected mines or recycling facilities. Blockchain technology is already applied to Polestar 2, to support the traceability of cobalt in its batteries.

Polestar is on a mission to drive the shift to sustainable mobility. Supply chain transparency is one big step on the journey. Consumers will be able to follow the journey thanks to Polestar’s Product Sustainability Declaration, which discloses carbon footprint and traced risk materials through labeling on the company website and in Polestar Spaces, setting a unique transparency precedent for the industry.

About Polestar

Polestar is the independent Swedish premium electric performance car brand founded by Volvo Cars and Geely Holding. Established in 2017, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result. The company is headquartered in Gothenburg, Sweden, and its vehicles are available and on the road in ten global markets across Europe, North America, and China. In 2021, Polestar is expanding into eight new markets across Europe and Asia Pacific.

Polestar produces two electric performance cars. Polestar 1 is a low-volume electric performance hybrid GT with a carbon fiber body, 619 hp, 738 lb-ft of torque, and an electric only range of 60 miles – the longest of any hybrid car in the world. The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. The Polestar 2 model range includes three variants with a combination of long- and standard range batteries as large as 78 kWh, and dual- and single motor powertrains with as much as 408 hp and 487 lb-ft of torque.

In the future, the Polestar 3 electric performance SUV will join the portfolio, as well as the Precept – a design study vehicle released in 2020 that is slated for future production. Precept showcases the brand’s future vision in terms of sustainability, digital technology and design.

Images provided by: Taylor Vande Beek (Extension PR)

Polestar 2 illustration by Heather Skovlund (original photo credit: Polestar Press) for 360 Magazine

Polestar Raises $550 Million

Polestar Raises $550 Million from New Investors; Further Fundraising Considered

Polestar, the Swedish electric performance car company, has raised $550 million (USD) from a group of long-term financial investors.

The private placement of newly issued shares marks the first-time external investors have backed Polestar’s products, brand, industrial capability, financial ambitions and high growth potential.

The new investments come as the global market for electric cars is growing strongly, with consumers increasingly prepared to combine e-mobility with their environmental aspirations. Simultaneously, the technology behind electric cars is advancing and becoming more economical, making mass consumer adoption of electric vehicles an imminent reality.

These factors led to Polestar attracting considerable interest from a range of external investors as part of its fundraising activities. Polestar also confirms it is in ongoing discussions with global investors about possible additional fundraising. Full financial details of the transaction are not being disclosed at this stage.

The group of investors is led by Chongqing Chengxing Equity Investment Fund Partnership, Zibo Financial Holding and Zibo Hightech Industrial Investment. They have been joined by I Cube Capital, an arm of SK Inc., the South Korean global conglomerate, and a range of other investors.

The new investment sets the stage for future growth by diversifying Polestar’s funding structure. It deepens the pool of resources available to accelerate product development and technological capabilities ahead of launching several ground-breaking cars in the coming years.

Since the brand’s launch in October 2017, Polestar has developed its own high-quality manufacturing facility in China, built a global sales and distribution operation, and successfully launched two vehicles – Polestar 1 and Polestar 2 to extremely positive customer feedback and media reviews.

“Our new investors have recognized that Polestar offers an alluring combination of established industrial and technological capability alongside superlative growth potential as the global auto industry goes electric,” said Thomas Ingenlath, CEO of Polestar.

Polestar 2
Photo Credit: Polestar Media Newsroom
Polestar 2
Photo Credit: Polestar Media Newsroom
Polestar 2
Photo Credit: Polestar Media Newsroom
Polestar 2
Photo Credit: Polestar Media Newsroom
Polestar 2 illustration by Kaelen Felix for 360 MAGAZINE

2021 Polestar 2

Polestar Cars has just announced the formal pricing of the Swedish brand’s first pure electric car, the 2021 Polestar 2. The electric performance fastback has an MSRP of $59,900 in the United States.

The MSRP of the Polestar 2 is below state incentive thresholds in critical markets such as California and New York. Additionally, this price enables state rebates of approximately $2,000 in certain states*, for total tax incentives of up to $9,500 when combined with the federal electric vehicle tax credit.**

“We are quite enthusiastic to announce the U.S. pricing for the Polestar 2,” said Gregor Hembrough, Head of Polestar USA. “The MSRP is lower than we originally targeted, and will be extended to all of our current reservation holders.”

“With an online purchase option, lower pricing, considerable tax incentives, and production already underway, the Polestar 2 is well-positioned for a successful entry into the U.S. market,” continued Hembrough. 

Polestar also announced option pricing for the Polestar 2 depending on which add ons someone hopes to add to the car. The performance pack comes in at $5,000 and the Nappa Leather Interior is priced at $4,000. The stunning 20-inch Alloy Wheels and the Metallic Paint Colors both come in at $1,200.

This vehicle is priced in the same range as the 2021 Tesla models that have been released. The 2021 Tesla Model Y is starting at $49,990 and the 2021 Tesla Model S is priced beginning at $69,420. The current average price for an electric car is around $55,600, so the Polestar 2 falls right on par with this average. 

The Polestar 2 arrives with 408 hp and 487 lb.-ft. of torque, very powerful for an electric car. The vehicle also features all-wheel drive and a 78 kWh battery pack, which enables considerable EV range. The car has an MPGe of 96 in the city and 88 on the highway.

The Polestar 2 is also the first car in the world to feature a built-in infotainment system powered by Android, featuring voice command via the Google Assistant, Google Maps with EV charging support and app downloads via the Google Play Store. The car features innovative technology throughout. The interior of the hatchback is modern yet minimal creating an opulent feel for passengers.  

The Polestar 2, which began production in late March, has already begun delivery to U.S. reservation holders in summer 2020. With a digital retail model, the Polestar 2 is available to purchase on Polestar.com.

In order to replace car dealerships, the brand will soon open physical retail showrooms—Polestar Spaces—where non-commissioned Polestar Specialists will be able to assist customers with product information and test drives. Polestar Spaces are designed specifically to allow people to explore the cars without the pressure of committing to a purchase. The first of these locations have opened in California and New York as of late summer 2020, and the next additional locations are currently set to open in Denver and Austin. 

The Polestar 2 is available for sale in all 50 states and Polestar will announce lease and retail finance options for the vehicle in the near future.

In the pursuit of accelerating sustainable mobility, Polestar, the electric performance car brand, today released a multi-episode video series featuring Golden Globe winner Oscar Isaac. A champion for climate justice, Isaac delves deeper into Polestar innovations which aim to improve today’s society, and that of the future.

In partnership with The Wall Street Journal, “Making aNew” is a five-part mini docuseries which seeks the truths behind Polestar’s ethos and advancements in sustainability, electrification and performance. The video series is available to view today at www.polestar.com/us/making-anew.

“As the automotive world moves to electrification, important terms such as sustainability and clean energy are becoming generic slogans with diminished meaning,” said Oscar Isaac. “After learning about the company, I feel better about driving a Polestar because the brand is transparent about how its cars are produced, accountable for its impact on the planet and taking action to truly offset the footprint of its vehicles.”

Since the launch of the brand in 2017, Polestar has become synonymous with the development of new technologies, harnessing refined performance and incorporating unconventional materials in the development of its vehicles.

More recently, the brand began publishing detailed climate impact reports of its electric vehicles as they leave the production line, aiming to be the most transparent company in the automotive industry. As a proof point of this pledge, Polestar has published a full lifecycle analysis of the Polestar 2 Electric Fastback, and will release its first annual sustainability report in March of this year.

“We are determined to be the guiding star for our industry, accelerating the shift to more sustainable mobility. Innovation, clean energy, circular materials and transparency are areas of particular focus. A great example of this is the use of blockchain to improve the accountability of our cobalt supply chain,” said Fredrika Klarén, Head of Sustainability at Polestar. “Collaborating with visible activists like Oscar, who are as passionate about carbon-neutrality as we are, will help raise awareness and understanding, paving the path for a more sustainable future.”

About Polestar

 

Polestar is the independent Swedish premium electric performance car brand founded by Volvo Cars and Geely Holding. Established in 2017, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result. The company is headquartered in Gothenburg, Sweden, and retails its vehicles in ten global markets across Europe and North America, and in China.

Polestar produces two electric performance cars. Polestar 1 is a low-volume electric performance hybrid GT with a carbon fiber body, 609 hp, 738 ft.-lb. and an electric-only range of 60 miles – the longest of any hybrid car in the world. The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. Polestar 2 launched in 2020 with an all-wheel-drive electric powertrain that produces 408 hp and 487 ft.-lb., with a maximum range of 233 miles EPA (292 miles WLTP).

In the future, the Polestar 3 electric performance SUV will join the portfolio, as well as the Precept – a design study vehicle released in 2020 that is slated for future production. Precept showcases the brand’s future vision in terms of sustainability, digital technology and design.

2021 Polestar 2 Image 3
2021 Polestar 2 Image 2
2021 Polestar 2 Image 1

*All tax information is current as of April 15, 2020. Government incentives are for informational purposes only and subject to change without notice, nor are within Polestar’s control. Incentive programs are offered and administered by government agencies. Eligibility and availability vary. Visit your state program’s website for the most up-to-date information on availability and redemption requirements. Your eligibility for income tax credits depends on your personal tax situation. Polestar encourages consulting with your tax advisor for details.

 

**The IRS offers a Qualified Plug-In Electric Drive Motor Vehicle Tax Credit of up to $7,500 on the purchase of qualifying vehicles. This is not tax advice. Consult your own tax advisor for details.