Polestar unveils $84,000 electrical SUV, Polestar 3, to cement U.S. foothold

Swedish EV maker Polestar on Wednesday unveiled a brand new electrical SUV that it is relying on to increase its gross sales and presence in the US.

The brand new mannequin, referred to as the Polestar 3, is a five-passenger EV that the corporate describes as a “efficiency SUV.” It will launch with a 111 kilowatt-hour battery and a dual-motor configuration that delivers as much as 517 horsepower with an estimated 300 miles of EPA-rated vary.

Priced at about $84,000, the automobile comes loaded with expertise, together with an Nvidia pc operating superior driver-assist software program developed by Polestar’s half proprietor, Volvo Vehicles.

Just one model of the Polestar 3 will likely be obtainable at launch, although inexpensive trims are anticipated to comply with. An non-obligatory “Pilot Pack” will add a Luminar lidar unit and different sensors wanted for autonomous driving, which Polestar expects to make obtainable sooner or later by way of an over-the-air replace.  

It is a step up in measurement, efficiency, expertise and value from the corporate’s present mannequin, the Polestar 2 crossover, which begins at round $48,000. The Polestar 1 was a limited-production hybrid coupe, now discontinued.

It is also one thing of a step up in value from what’s going to possible be its foremost competitor: Tesla’s Mannequin Y, which prices about $70,000 in comparable dual-motor trim. One other potential rival, BMW’s all-electric iX SUV, begins at about $85,000.

The Polestar 3 will likely be in-built China, beginning subsequent 12 months, and within the U.S. — at a Volvo Vehicles manufacturing facility in South Carolina — beginning in mid-2024. Deliveries are anticipated to start within the fourth quarter of 2023.

Polestar expects to ship 50,000 autos to prospects around the globe in 2022. By means of September, it had delivered about 30,400, it mentioned final week.

Polestar is a three way partnership between Volvo Vehicles and Chinese language automaker Geely, which has owned Volvo Vehicles since 2010. Polestar went public by way of a merger with a particular function acquisition firm in June. Its shares have fallen about 58% since.