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Polestar (PSNY) is seeking to tackle not solely electrical car large Tesla (TSLA) within the all-electric SUV market, but additionally upstart EV maker Fisker (FSR) .
The issue, in response to some Tesla and Fisker aficionados, is that the Polestar 3 seems to be awfully acquainted.
Polestar on Wednesday unveiled a brand new electrical SUV that it’s hoping will lure U.S. shoppers who’ve a penchant for bigger, grocery-fetching vehicles with a number of space for storing however are more and more eager on autos that don’t run on gasoline and plug in.
The brand new mannequin, known as the Polestar 3, is a five-passenger EV that the corporate describes as a “efficiency SUV.” The primary iteration will include a 111 kilowatt-hour battery and a dual-motor configuration that Polestar says will ship as much as 517 horsepower and an estimated 300 miles of EPA-rated vary.
Supply: Fisker
Priced at about $84,000, the automotive comes loaded with know-how, together with an Nvidia (NVDA) pc working superior driver-assist software program developed by Polestar’s half proprietor, Volvo Vehicles.
It comes with a really, very acquainted look: Whereas auto critics are hailing the Polestar design group as incomes their hold, the Polestar 3 sports activities a not-so-subtle resemblance to Tesla’s widespread Mannequin Y crossover, and a fair nearer resemblance to Fisker’s new Ocean mannequin, which is ready to start mainstream manufacturing subsequent month.
There’s one other lookalike from Chinese language EV maker Xpeng (XPEV) as effectively, the G9 all-electric SUV, although that mannequin shouldn’t be accessible within the U.S.
An SUV That is Nonetheless Not ‘Low cost’
Just one model of the Polestar 3 shall be accessible at launch, although cheaper trims are anticipated to observe. An elective “Pilot Pack” will add a Luminar lidar unit and different sensors wanted for autonomous driving, which Polestar expects to make accessible in future through over-air updates.
It’s a step up in measurement, efficiency, know-how 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.
Supply: Polestar
Supply: Fisker
It’s additionally one thing of a step up in value from what’s going to possible be its primary competitor: Tesla’s Mannequin Y, which prices about $70,000 in comparable dual-motor trim. Fisker’s Ocean rings in at about $85,000 for the loaded ‘Ocean One,” whereas one other potential rival, BMW’s all-electric iX SUV, additionally begins at round $85,000.
Polestar expects to ship 50,000 autos to prospects world wide in 2022. By means of September, it had delivered about 30,400, the corporate stated.
Polestar ‘Could Wrestle to Stand Out’
Polestar is a three way partnership between Volvo Vehicles and Chinese language automaker Geely, which has owned Volvo Vehicles since 2010. The corporate went public on June 24 via a merger with a particular goal acquisition firm, or SPAC, Gores Guggheim (GGPI), that was backed by billionaire investor Alec Gores and funding financial institution Guggenheim Companions.
The corporate completed its first day of buying and selling at $13 share. Its shares have fallen about 58% since. The inventory ended the buying and selling day Wednesday at $5.13.
Supply: Polestar
Supply: Fisker
Wall Avenue analysts aren’t totally optimistic about Polestar’s monetary prospects. Redburn analyst Charles Coldicott in September initiated protection of Polestar with a promote ranking, noting Polestar could “wrestle to face out” as competitors will increase.
Deutsche Financial institution analyst Emmanuel Rosner is extra optimistic. Rosner in August initiated protection of Polestar with a maintain ranking and $10 value goal, noting that Polestar’s “intimate partnership” with Geely and Volvo permits it to create an asset-light enterprise mannequin, dashing time to market, lowering manufacturing and provide danger.
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