Maybe Volvo hasn't communicated it so well, but this is how it works:
Polestar is no longer a performance line, like AMG etc..., Instead it is going to be it's own brand under volvo. (and volvo is under geely). The tuning company known as polestar has nothing to do with the new Polestar, volvo basically took the name to start its own brand. Don't expect to see polestar branded volvo cars. https://www.polestar.com/
What we knew as polestar, the racing division, is called cyan racing, or sometimes called "cyan polestar racing". http://www.cyanracing.com/
One more brand under the Geely umbrella...
I don't quite get the new brand thing though. OK if it was totally new to represent electric and target Tesla. Except it's not - Polestar has been Volvo's equivalent for AMG or M-series for years now. Why place a whole new body type under a new brand, that still looks like very much like a Volvo?
I agree. The only reason I can think of is that maybe Polestar is still an independent company and they struck a deal with Volvo to build this car which is clearly a production version of the coupe concept Volvo did last year. It still seems odd that the Volvo brand would not have been part of that.