Polestar to make new SUV in Europe from 2028
Polestar said the two Swedish companies, controlled by China's Geely and its owner Li Shufu, signed a memorandum of understanding and the new model would launch in 2028.
'Polestar is taking the next step in diversifying its contract manufacturing footprint by expanding it to Europe,' the company said.
Volvo's Kosice factory in Slovakia is scheduled to start production in 2026, with an expected annual capacity of 250,000 cars.
Polestar, which is yet to make a profit, faces tariffs of 28.8% for the cars it brings into Europe and more than 100% for any it imports into the US.
The EU imposed tariffs on Chinese-made EVs last year because of what it describes as unfair subsidies from the Chinese government. Beijing rejects this criticism.
Tariffs have affected Polestar more than most European carmakers because most of its cars are produced in China, by Volvo Cars or Geely.
The carmaker now produces some Polestar 3 SUVs in the US at a Volvo Cars plant in South Carolina.
Earlier this year, the company stopped taking new orders from US customers for the Polestar 2, which is still made in China.
The carmaker will also export the Polestar 4 to the US from a South Korean plant, where production is set to begin in the second half of the year.
Earlier this year, Polestar said it would take longer to become profitable and delayed its expansion of sales to additional countries.
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