Hyperdrive
Polestar Bets on US, Korea to Avoid Made-in-China EV Tariffs
- SUV production on track to start next summer in South Carolina
- Startup seeks additional $1.3 billion in cash, debt financing
This article is for subscribers only.
Polestar Automotive Holding’s new business plan banks on higher margins and lower costs from two new electric vehicles that won’t face punitive US import fees — unlike the Chinese EVs it currently sells.
The EV startup backed by China’s Zhejiang Geely Holding Group Co. and Volvo Car plans to debut a US-manufactured Polestar 3 and a South Korea-built Polestar 4 over the next two years, both of which will avoid a 27.5% US tariff imposed on its China-made Polestar 2.