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Geely's new EV plant in China will build premium Polestar cars

BEIJING/SHANGHAI — An electric vehicle factory planned by China's Geely will produce cars under the premium Polestar marque, two people with direct knowledge of the matter told Reuters on Monday. Zhejiang Geely Holding Group plans to build a plant with annual manufacturing capacity of 30,000 premium EVs in the western city of Chongqing, run by a wholly owned, newly registered company, according to documents on its website. Geely and Polestar declined to comment. The plan comes as foreign automakers including BMW AG and Tesla expand EV production in the worldÂ’s biggest market, sourcing major EV components such as batteries locally and often even exporting a portion of the vehicles it builds. Hangzhou-based Geely is ChinaÂ’s most internationally known automaker. It owns Volvo Cars and Lotus, almost half of Proton and 9.7% of Daimler AG. Through wholly owned company Polestar, it builds low-volume Polestar 1 hybrid performance cars in the western city of Chengdu and Polestar 2 volume sedans in Taizhou in the east. It also plans to begin production of the Precept sedan, displayed at this yearÂ’s China auto show. Polestar aims to eventually offer bigger, more sporty vehicles at its showrooms, which currently span nine countries and whose number it plans to raise to 45 from 23 by year-end. Polestar Chief Executive Thomas Ingenlath told Reuters the firm is scouting markets in Asia-Pacific and the Middle East. Geely is also building a factory in China to make sport-utility vehicles under the Lotus marque, Reuters reported.  

Geely and Renault joint venture will develop internal combustion and hybrid tech

China's Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. "We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman. The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said. At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business. The joint venture is expected to be launched in the second half of 2023. Earnings/Financials Green Mitsubishi Nissan Volvo Renault

2021 Volvo XC90 Recharge Road Test Review | I could've had a T8!

Second thoughts … sometimes even buyerÂ’s remorse. Nagging doubts can follow life's big decisions — and buying a car is a biggie. Was it the right choice? Or as the poet said: "You may find yourself behind the wheel of a large automobile / And you may ask yourself, 'Well, how did I get here?'" Two years ago, I bought a 2017 Volvo XC90 lease return with 11,000 miles on it. I hadnÂ’t expected to find an XC90 within my budget, but this one was attractively priced because it, A) was a T5, meaning turbo-only; B) had the base Momentum interior; and C) was a third-row delete, which was a turnoff to other car shoppers. Otherwise, it was heavily optioned and seemed like it would serve my family well and keep them safe. And it has. It has lots of room. It drives as well as any medium-large SUV can. The tough leatherette endures the abuse of dogs and kids and the dirt of outdoor activities. The legendary Volvo seats have comforted and supported us, even on a 750-mile day from California to Washington. We've routinely seen highway mileage go past 30 mpg. And the off-road mode was surefooted during last month's nationwide snowfall. The carÂ’s great. And yet, while at the Volvo dealership for complimentary service, sipping the waiting-room coffee and wandering the showroom, you see the cars you could have bought, had you spent more money — a turbo-and-supercharged T6, or the twin-charged-plus-plug-in-hybrid Recharge (previously known by the powertrain's name of T8). And with Volvo's elegant Inscription interiors. Would they have provided a better ownership experience than our secondhand lower-rung model? One doesnÂ’t often get a do-over to answer such questions. But a recent week in a 2021 Volvo XC90 Recharge provided a drive down the nicer road not taken. The differences between a 2017 T5 Momentum and the 2021 Recharge Inscription are many, and also few. They're basically the same car, same dimensions inside and out, same overall feel. Panoramic sunroof, same. Massive cargo hold, same — though because ours lacks the third row, it gains a large secret underfloor storage compartment. Both XC90s have roof rails, but the rails on the new car are flush-mounted versus the '17's raised rails (youÂ’d need different crossbar towers for each).