Volvo Cars and its owner, China-based Geely Holding, will jointly invest RMB 5 billion ($756 million) to support the initial phase of Volvo subsidiary Polestar’s development. Among other things, the funds will be used to establish a Polestar manufacturing facility in Chengdu, China.

Polestar has revealed its first production model. The Polestar 1 is a two-door, four-seat plug-in hybrid coupé that is to go into production in Chengdu in mid-2019. It will have 600 hp, 1000 N·m of torque, and a 93-mile electric range.

The electrified performance car features a carbon fiber body and a double electric rear axle that enables torque vectoring.

Around half of the Polestar 1’s technology is based on Volvo’s SPA modular vehicle architecture, while the remaining half is entirely new, created by Polestar engineers working within Volvo’s R&D department.

Later in 2019, the brand will launch the Polestar 2, a mid-size pure EV. The next arrival, the Polestar 3, will be a larger SUV-style pure EV. A total of 5 fully electric Polestar- or Volvo-branded vehicles will be launched in China between 2019 and 2021.

Source: Volvo Cars