The statement was made by the president and chief executive of Volvo Cars, Håkan Samuelsson. To that end, he added, Polestar will have its very own management team with control over its own product strategy, research and development, as well as marketing and sales.
Polestar will also be continuing its involvement in motorsports with the 2016 Scandanavian Touring Car Championship alongside Cyan Racing, the new team set up by Christian Dahl.
“I am keen for Polestar to remain as entrepreneurial as possible,” said Mr Samuelsson. “We want Polestar to build on its racing heritage and strengthen its brand by pushing the limits in terms of engineering and technology. The best way to achieve this was for it to work as an independent unit.”
Polestar’s management, comprising of Björn Sällström as chief executive and Niels Möller as chief product officer, will report to a Board of Directors that comprise of Volvo’s executive managers.
In July 2015, Polestar was wholly acquired by Volvo Cars, leading to an expansion of the two main business areas of Polestar: cars and accessories. This will also be tied closely to technical developments gained from its motorsports programmes.
Global sales projections for Polestar versions of Volvo’s cars include 750 units of the 350hp V60 wagons and S60 sedans in 2015, a figure that the automaker forecasts to increase to between 1,000 to 1,500 cars a year in the medium term under Volvo ownership.