Polestar explores collaboration with South Korean innovator

Polestar explores collaboration with South Korean innovator

Swedish automotive brand Polestar is looking into an alliance with the South Korean conglomerate SK. The aim of the collaboration would be to advance the development of electric cars and might include a potential supply of SK batteries for upcoming Polestar vehicles.

The two companies have, according to Polestar, agreed to evaluate a potential partnership in areas such as the technology of electric vehicle batteries and semiconductors. Both parties have signed a memorandum of understanding.

“The two words that unify Polestar and SK are ‘performance’ and ‘sustainability. With this MoU, we can evaluate the opportunity to jointly develop battery technology for high performing cars and other commercial offerings, with a focus to support our significant global growth plans,” said Polestar CEO Thomas Ingenlath, whose company recently announced its goal to create the first fully climate neutral car by 2030.

Since its inception three and a half years ago, Polestar has developed its own manufacturing facility in China, established global distribution and launched two vehicles, Polestar 1 and Polestar 2.

Polestar sources its batteries from CATL and LG. With a deal confirmed in 2019, Volvo Car Group will cover its needs for battery modules for all models on the SPA2 vehicle architecture and the CMA modular platform. The Polestar 2, among others, is based on the latter. But the Polestar-SK partnership review could affect the supplier status-quo. Polestar plans to “launch several breakthrough vehicles in the coming years”. The company let this be known only recently, in the context of a capital increase.

SK Group is considered South Korea’s third-largest industrial holding company. It operates more than 120 companies in the fields of semiconductors, electric vehicle batteries, energy and telecommunications and, according to its own figures, employs more than 100,000 people worldwide. Its battery division SK Innovation has more recently come to the fore in connection with e-mobility.

“We see the growth potential of Polestar and are looking forward to evaluating possible collaborations in what will be an exciting journey,” said Dong Hyun Jang, CEO of SK Group, on signing of the memorandum of understanding.

Olly Goodall

Author:Olly Goodall
Date Updated:15th Jun 2021

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