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Bloomberg
Volvo Cars’ performance electric-vehicle brand sees China as its greatest opportunity even as it’s set to face stiff competition from Tesla Inc.
The unit, Polestar Performance AB, expects to get as much as half of its sales from the country after it rolls out three models by 2021,
said Thomas Ingenlath, the brand’s global chief, at the Guangzhou auto show.
The company will face off with Tesla in the world’s largest car market for a foothold in the fast-growing electric-vehicle segment, while major global brands such as BMW and Audi are also joining the fray.
Undeterred by Tesla’s head start — the US rival has been selling autos for years — Polestar sees buyers of premium electric cars still lacking enough options.
For an edge over rivals, Polestar is betting on the production and service networks of Volvo Cars and its parent, Chinese automaker Zhejiang Geely Holding Group Co. Those relationships will help Polestar move more quickly and become profitable faster than other electric-vehicle startups, Ingenlath said.