We just received some more news on the S60 Polestar, a high-performance version of Volvo’s compact executive saloon that was teased through a hazy image earlier today.

As it turns out, the Volvo S60 Polestar is a street-legal, performance concept inspired by the racing model that competes in the 2012 season of the new Swedish racing series TTA – Racing Elite League.

“The performance concept road-car is a spinoff of our work evaluating and developing the S60 for racing,” says Polestar Marketing Director Hans Bååth.

Polestar, which is Volvo’s tuning and racing partner since 1996, said the first S60 Polestar is built for one of the “most eager bidders” for the C30 Polestar, a 450hp sports concept presented in 2010 that was never designed for production, but which gathered a lot of attention from buyers.

Even though it’s a one-off for now, Polestar says that the performance S60 sedan could enter series production.

“Whether there will be more cars built is an open question,” noted Bååth. “First of all we want to get feedback on this first prototype.”

Polestar is keeping the mechanical hardware of the S60 performance model a secret until it reveals the car on June 16 during the Gothenburg City Race.

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