Volvo — now a Chinese company — takes on Tesla – China’s latest business and technology news

Business & Technology

A summary of the top news in Chinese business and technology for October 17, 2017. Part of the daily SupChina newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.

FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo

The Wall Street Journal reports (paywall) that Volvo, the Swedish car company owned by China’s Zhejiang Geely Holding Group, “unveiled its first high-performance electric-car model in Shanghai” on October 17.

  • The car will come to market in 2019, under the stand-alone marque Polestar, which intends to compete head-on with Tesla.
  • Polestars will be manufactured in Chengdu in southwestern Sichuan Province, where Volvo already has a plant.
  • China is firmly on track to become the world’s electric vehicle (EV) powerhouse, with hundreds of startups launching new cars and technologies, and the government subsidizing and regulating the industry into a boom.
  • As Caixin notes (paywall) in a report on the Polestar launch, the government has demanded that EVs comprise 12 percent of all carmakers’ total output in 2019. Volvo itself pledged in June this year to produce only electric or hybrid vehicles by 2019.

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