Polestar has announced that China’s CATL and South Korean’s LG Chem have signed a multi-billion dollar agreement with parent company Volvo for supplying the performance brand’s battery packs.
The two battery makers will provide Polestar with lithium ion modules over the coming decade, starting with the Polestar 2, which will hit the market from early 2020. The same suppliers will provide Volvo with batteries for its own future EVs.
“With these suppliers in place we have the secure knowledge that our electric performance cars will be powered by high-quality batteries that our customers can rely on,” said Thomas Ingenlath, Chief Executive Officer of Polestar.
CATL and LG Chem are two of the world’s biggest manufacturers, with both having a successful track record in supplying the automotive industry with lithium ion batteries.
The new Polestar 2 will be the company’s answer to the Tesla Model 3 once it reaches markets outside China. It features two electric motors with a combined output of 402hp (300kW) and 487lb-ft (660Nm) of torque, a 78kWh battery pack and an average driving range of 275 miles (EPA), or 500km (WLTP).
Polestar’s first full-electric is based on Volvo’s CMA platform, which is also used on models like the XC40. The company has a rather aggressive strategy in mind, targeting a starting price tag of 39,900 euros ($44,700 in current exchange rates) in Germany.
However, the first batch of ‘Launch’ edition models to come out of the factory in China will cost 59,900 euros in Germany and $63,000 in the USA, excluding any federal incentives .