The company was spun out of Volvo in 2016 as its performance sub-brand but has since recast itself as an EV-only marque. Polestar is jointly owned by Volvo and the automaker's Chinese parent company, Geely. It's truly an automaker with dual citizenship, with a headquarters based in Gothenburg and an assembly line in Chengdu. Polestar has only released two vehicles so far: the $155,000 hybrid coupe Polestar 1 and the all-electric fastback sedan Polestar 2. The Polestar 3, an electric crossover SUV, is expected to be revealed in late 2021.