SHANGHAI, Oct 18 — When the world's biggest car market says it's getting greener, the auto industry — unsurprisingly — goes in the same direction.
The Polestar 1 is a prime example. The first in a series of premium hybrids by Volvo and its Chinese owner to be in production by 2019.
Polestar CEO Thomas Ingenlath says: “We will establish Polstar as an individual brand. We will use technology that is available within our family, but it will be developed in its own direction.”
The four-seater vehicle aims to rival other green industry players, like Tesla and Mercedes.
It's 600 horsepower output can propel the car from nought to 100 km per hour in under four seconds.
It's also available to be bought for one-to-three year subscriptions.
A sign the industry is getting up to speed with changing car ownership habits.
But perhaps not with stagnating incomes.
Ingenlath says: “This car is in the range between 130 and 150,000 euros, which when you look at it is actually a very, very attractive price.”
Volvo is one of many automakers pushing for joint ventures with Chinese firms.
Since Beijing announced by 2025, electric and hybrids must make up at least a fifth of auto sales.
And there's no sign that is slowing down either.
Vehicle sales across China rose in September for a fourth straight month. — Reuters