October 17, 2017 / 11:18 AM / a month ago

BRIEF-Volvo Cars and Geely Holdings invest 5 bln RMB to develop Polestar

Oct 17 (Reuters) - Zhejiang Geely Holding Group Co Ltd

* Volvo Cars and Geely Holdings invest 5 billion RMB to develop Polestar

* Volvo Cars says investment to support the initial phase of Polestar’s product, brand and industrial development

* Volvo Cars says investment will be used, among other things, to establish a state-of-the-art Polestar manufacturing facility in Chengdu, China

* Says set-up will radically shorten the time Polestar needs to commercially launch its cars, giving it a strategic advantage compared to competitors

* Says Volvo Cars and Polestar will also benefit from synergies in the development of next generation technologies such as shared procurement costs, joint development and economies of scale

* Polestar is Volvo's performance road car brand. It will become a new separately-branded electric high-performance car company Source text: [bit.ly/2zuTs3e] Further company coverage: (Stockholm Newsroom)

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