Polestar partners with suppliers to develop climate-neutral car

LG

23/02/2022 07:00

By Nick Carey
    LONDON, Feb 23 (Reuters) - Swedish electric carmaker
Polestar said on Wednesday it has partnered with suppliers
including Germany's ZF Friedrichshafen  ZFF.UL  and Swedish
steelmaker SSAB  SSABa.ST  to speed up the development of a car
entirely free of carbon emissions.
    The carmaker said it has signed letters of intent to work
with Norwegian aluminium maker Norsk Hydro  NHY.OL , Swedish
airbag and seatbelt maker Autoliv  ALV.N , LG Corp  003550.KS 
lighting and electronics unit ZKW Group, ZF and SSAB to
eliminate carbon emissions in different areas of its electric
vehicles (EVs).
    The auto industry is under pressure to go electric in Europe
and China, while wrestling with the problem that it takes more
carbon emissions to produce an EV than a fossil-fuel car,
notably because of the large batteries.
    Unlike most carmakers, Polestar has published assessments of
the carbon footprints of its EVs over their entire lifecycle.
    "It was clear from the start that this is not a solo-mission
and we are very excited to present such a strong line-up of
interested partners," Polestar CEO Thomas Ingenlath said in a
statement.
    Polestar is due to go public by merging with a U.S.-listed
blank-check firm Gores Guggenheim  GGPI.O , which is backed by
billionaire Alec Gores and investment bank Guggenheim Partners,
in a deal that will value it at $20 billion.  urn:newsml:reuters.com:*:nL1N2QT0MK 
    The electric carmaker was founded in 2017 by Volvo Car Group
 VOLCARb.ST  and China's Zhejiang Geely Holding  GEELY.UL .
    SSAB will work with Polestar on a fossil-free steel, and
Hydro will work on zero-carbon aluminium, while the others will
focus on reducing emissions in the production of parts and
components.

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EV maker Polestar strikes $20-bln deal with Gores Guggenheim
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 (Reporting by Nick Carey; Editing by Will Dunham)
 ((nick.carey@thomsonreuters.com; +44 7385 414 954;))