Volvo to get racy with Polestar takeover
Volvo Car Group bought Swedish racecar maker Polestar and will use the name for an expanded high- performance line to challenge the likes of Mercedes-AMG and BMW's M models.
Polestar sales are set to as much as double to 1,500 cars in the medium term from 750 targeted for this year, Volvo said.
The company already sells tuned versions of Volvo's V60 hatchback and S60 saloon models under a co-operation deal signed in 2013.
"We have decided to bring this experience to more Volvo drivers, placing the full resources of Volvo behind the development of Polestar," chief executive officer Hakan Samuelsson said in a statement.
Chinese-owned Volvo is following Jaguar Land Rover as well as German rivals BMW and Mercedes-Benz in offering sportier versions of its regular models.
Five years after being bought by billionaire Li Shufu's Zhejiang Geely Holding, the Swedish carmaker is overhauling its product lineup.
And Volvo is aiming to boost annual sales from a target of 500,000 cars this year to 800,000 by the end of 2020.