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Volvo Cars relaunches Polestar as standalone electric car brand

Published 06/21/2017, 02:36 AM
Updated 06/21/2017, 02:40 AM
© Reuters. A Volvo logo is seen at a car dealership in Vienna
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STOCKHOLM (Reuters) - Geely-owned automaker Volvo Cars will make its Polestar Performance business a standalone brand within the group, focusing on electric cars, the company said on Wednesday.

Polestar, bought by Volvo in 2015, will produce own-brand vehicles while continuing to deliver high-performance upgrades to the Volvo range.

The new offering will be mainly electric vehicles, aimed at competing with Tesla (NASDAQ:TSLA) and the Mercedes AMG division on battery supercars, Volvo said.

"Polestar will be a credible competitor in the emerging global market for high-performance electrified cars," it said.

Major markets are likely to include China and the United States.

© Reuters. A Volvo logo is seen at a car dealership in Vienna

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