“New Volvo brand aims for Tesla”

Volvo is creating a new electric vehicle brand that aims to make a car that will to compete directly against the Tesla Model 3. The first car from the new brand, called Polestar, will be a limited-edition plug-in hybrid with an electric driving range of 93 miles. Only 500 of these cars, called the Polestar 1, will be built starting in mid-2019. Many of the car's body parts will be made from carbon fiber, a lightweight but expensive material. Polestar's second car, Polestar 2, will be a fully electric car designed to compete directly against the Tesla Model 3, Volvo said. Polestar 3 will be a fully electric SUV. The cars will be built in a factory in China. They'll share much of their engineering with Volvo, but will still be substantially different. The Polestar 1, for instance, will share about half its parts with Volvo cars. Polestar is a completely separate car brand offered in separate dealerships from Volvo cars, but these cars won't be for sale. Instead, they'll only be offered a lease-like subscription basis. Volvo has said that, beginning in 2019, all of its own new and redesigned models will be electric or hybrid.

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