(Yicai Global) Oct. 18 -- Volvo Cars showed off its first high-performance electric vehicle in Shanghai yesterday as the automaker moves to honor its commitment to produce only electric and hybrid vehicles from 2019.
Polestar, Volvo's new independent brand, will introduce its first two models, which will go toe-to-toe with Tesla Inc. [NASDAQ:TSLA] cars, that year. Volvo and its Chinese parent Zhejiang Geely Holding Group Co. are committed to investing USD 755 million in Polestar.
Polestar will manufacture cars in a new plant in Chengdu in western China, where a Volvo factory is based. The company hopes to take the lead in automotive electrification, Volvo Chief Executive Hakan Samuelsson said at a press conference.