Volvo's new S60 and V60 Polestar models debut at the 2014 Chicago Auto Show.

Following in the footsteps of luxury rivals such as Mercedes-Benz with its AMG line and BMW with its M-Series, Volvo is rolling out the quickest factory Volvos ever. But the Swedish says it is taking a different approach with the V60 and S60 Polestar models, describing them as “all weather, all seasons” performance cars.

Production of the unique Polestar cars will be limited. Only 120 of the V60 sportswagon and S60 sedan will be available in the U.S., according to representatives from Volvo and Polestar.

While Polestar has been transforming Volvo products into track models since 1996 and producing performance parts for various models over the years, this will be the first time specific models will carry the Polestar designation, Tony Nicolosi, Volvo USA chief executive officer, said after the Volvo press conference at the Chicago Auto Show.

Polestar has been turning out track-ready Volvos since 1996. This V60 is its first street model.

Offering performance versions has become a requirement for luxury brands.  BMW and Mercedes offer M and AMG versions of virtually all their models now.  Cadillac is expanding its V-Series.  Lexus rolled out the new RC-F performance coupe at the Detroit Auto Show last month, the same event that saw Infiniti reveal its Q50 Eau Rouge, a prototype for a performance brand it also is developing.

(For more on the Infiniti Eau Rouge Concept, Click Here.)

But Volvo’s challenge is to find a way to deliver performance while maintaining its traditional image of industry-leading safety.

“Both (new models) have been developed for those who share our passion at Polestar that driving really matters and that a true driver’s car should enable you to enjoy driving all year, on all roads and in all weather conditions,” Christian Dahl, Polestar chief executive officer, said. These are driver’s cars for real life.”

(Volvo launches radical new Drive-E powertrain line. Click Here to find out more.)

Built around the newly updated V60 and S60 models, the Polestar editions combine the safety and comfort features customers expect from Volvo with some significant performance tweaks.

The Polestar S60 goes beyond Volvo's older R-Design performance models.

The changes include a more rigid structure overall, with new springs that are 80 percent stiffer than those available on the S60 R-Design, the closest Volvo previously had come to offering a performance brand-within-a-brand. High-performance Öhlins shock absorbers and 20-inch Polestar-exclusive wheels round out the customized handling package.

For greater stopping power, Polestar has included 14.6-inch ventilated front discs matched with six-piston Brembo calipers, and 11.8 inch ventilated discs at the rear.

The exterior of the V60 and S60 Polestar – available in Black Sapphire or Rebel Blue – carry a number of aerodynamic elements borne directly out of Volvo’s and Polestar’s wind tunnel testing. New front and rear splitters increase overall down force and allow for more streamlined airflow, as do the new rear spoiler and diffuser.

(Click Here to check out Volvo’s award-winning new XC Coupe Concept.)

Under the hood, the V60 and S60 Polestar models feature Volvo’s turbocharged T6 six cylinder engine, complete with an all-new, twin-scroll turbo as well as a new intercooler. Tweaks to the engine management software have also been made, and a 2.5-inch stainless steel exhaust with 3.5-inch tips, finishes out the package. In the Polestar package, the T6 produces 345 horsepower and 369 lbs.-feet of torque.

A six-speed automatic gearbox with a new paddle shift system and Polestar-developed, Haldex four-wheel drive system put the power to the road to carry the V60 and S60 Polestar to 60 mph from a standstill in just 4.7 seconds.

Inside, upgraded seats, steering wheel, and other items throughout the cabin have been treated with new materials and Polestar-specific colors for an even more engaging feel for the driver and passengers.

Pricing will be announced closer to the roll out his summer, Volvo USA CEO Nicolosi said

(Paul A. Eisenstein contributed to this report.)