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Polestar Only found itself a huge potential EV partner

EV-maker Polestar has inked an agreement with South Korea tech firm SK Inc, with the two companies exploring co-development of performance electric vehicles and new battery systems. Polestar, a collaboration between Volvo and Geely, currently has one all-electric model on sale, though the Polestar 2 will be followed by an electric crossover, the Polestar 3.…

EV-maker Polestar has inked a deal with South Korea tech company SK Inc, together with the two companies researching co-development of performance electrical vehicles and new battery systems. Polestar, a collaboration between Volvo and Geely, now has one all-electric version on sale, though the Polestar 2 will probably be followed by an electric crossover, the Polestar 3.

Though the association between Volvo and Polestar — and their various EV line-ups — was a little confusing initially, Polestar’s remit has focused on performance electrical where Volvo counts electric drive as among several choices in its portfolio. Still, there are clear overlaps between the two automakers, as the Geely-owned manufacturers tap the economies of scale involved.

This new Memorandum of Understanding (MoU) between Polestar and SK Inc, though, may add a little extra space. The arrangement remains in the early phases, however, the two companies state they’ll”evaluate possible collaboration” across everything from EV battery technology, battery-related systems, and semiconductors. “The scope will also include potential commercial opportunities such as battery supply for upcoming vehicles,” Polestar says.

As always with these MoUs, there are not any guarantees that any last deal will work out. “Both companies will now conduct technical, sustainability and cost feasibility studies for each area to evaluate partnership potential,” Polestar explains, stating that adding that it”expects to provide further details of the outcome of these talks in the future.”

Still, there’s a reasonable amount of potential if the details could be brought in line. SK Group is the third-largest conglomerate in South Korea, made up of over 120 subsidiaries which includes SK Hynix, the huge memory semiconductor producer. Other divisions focus on telecoms, batterylife, and energy tech, together with specialist solar parts and much more.

“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,” Thomas Ingenlath, Polestar CEO, said of this agreement.

Earlier this season, SK IE Technology — that makes li-ion battery substances — increased $2 billion in an IPO. It was phased from SK Innovation, which still owns around 61-percentage of the business, in 2019, also counts battery-makers such as Panasonic and Samsung SDI one of its clients. Recent EVs such as the Hyundai IONIQ 5 and Kia EV6 both utilize SK Innovation batteries, as will Ford’s F-150 Lightning electric pickup.

Down the line, the South Korean firm is looking to solid state batteries as another generation of their p

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