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On August 15, a reporter from China Business News learned from Polestar that the Polestar 3, a model of Polestar, officially started production in South Carolina, the U.S. The Polestar factory in South Carolina specializes in producing cars for the U.S. and European markets, and will complement the production capacity of the Chengdu factory in China.

In addition, Polestar's global production capacity layout will be further enhanced, and its Polestar 4 model is expected to start production in South Korea in mid-2025. It is reported that Polestar will use the Renault South Korea factory in which Geely Holding Group has a stake to produce cars in the South Korean market and sell them to Europe and the United States.

Polestar is a global high-performance electric car brand jointly created by Volvo and Geely in 2017. Although Polestar is headquartered in Gothenburg, Sweden, its production base is located in Chengdu. In terms of equity structure, in February this year, Volvo's shareholding in Polestar was reduced to 18%, and Geely Sweden Holdings became a major shareholder of Polestar.

This also caused Polestar to be affected by the "tariff stick" wielded by Europe and the United States against China's new energy vehicles.

On May 14th, US time, the White House official website released information stating that in 2024, the tariff on Chinese electric vehicles exported to the United States will increase from 25% to 100%.

On June 12, the European Commission issued a statement saying that it plans to impose temporary anti-subsidy duties on electric vehicles imported from China from July 4. The EU will impose temporary anti-subsidy duties ranging from 17.4% to 38.1% on imported electric vehicles from China on the basis of the current 10% tariff. According to the new policy, several major Chinese automakers will increase additional tariffs, including 20% ​​for Geely.

Moreover, Polestar's sales structure is mainly based on overseas markets, especially the European market. Public data shows that Polestar's global sales in 2021 will be 29,000 vehicles, 51,500 vehicles in 2022, and 54,626 vehicles in 2023, with more than half of the sales coming from the European market.

In addition, Polestar is one of the few car brands produced in China and sold in the U.S. According to relevant reports, Polestar sold 3,555 pure electric sedans, Polestar 2, in the U.S. in the first half of this year.

With these factors working together, Polestar has an urgent need to expand its overseas production capacity. In addition to Polestar, many domestic brands have also accelerated the pace of building factories overseas under tariff barriers.

In response to investors' questions on August 14, SAIC Group stated that the company is accelerating the optimization of its production and sales layout and striving to maintain its sales share in the European market. At the same time, the company will also increase its development in Australia, New Zealand, the Middle East, South America, ASEAN and new markets, and actively respond to the adverse impact of the EU's anti-subsidy tariffs on the company's sales.

In December last year, BYD announced that it would build a new energy vehicle production base in Szeged, Hungary, which is expected to be completed and put into production in 2025. This is also BYD's first passenger vehicle factory in Europe. In July this year, BYD invested another US$1 billion to build a new electric vehicle factory in Turkey, which is expected to start production at the end of 2026.