Volvo Cars says it will spin off its Polestar brand of performance cars into a separately branded electric car company.
The move is seen as another step toward Volvo’s goal of transforming its fleet to more electrified vehicles. Heading up the new brand will be Thomas Ingenlath, senior VP of design at Volvo, who will assume the position of CEO at Polestar. Jonathan Goodman, current senior VP of corporate communications, will join Polestar as COO.
Volvo aims for Polestar to be a competitor in the emerging global market for high performance electrified cars, currently dominated by Tesla Motors.
Future cars from Polestar will carry the Polestar brand and will no longer carry the Volvo logo. In addition, optimization packages for Volvo’s cars will appear under the Polestar engineered brand.
Polestar says it will make further announcements about its upcoming products and commercial plans in the fall of this year.