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

Polestar 3

Courtesy of Polestar

Swedish electric vehicle manufacturer The North Star unveiled a new electric SUV on Wednesday that it is counting on to expand its sales and presence in the United States.

The new model, called Polestar 3, is a five-seat electric vehicle that the company describes as a “performance SUV”. It will launch with a 111 kilowatt-hour battery and a dual-motor configuration that delivers up to 517 horsepower with an estimated range of 300 miles according to the EPA.

Priced at around $84,000, the car is packed with technology, including a Nvidia computer running advanced driver assistance software developed by Polestar’s co-owner, Volvo cars.

Only one version of the Polestar 3 will be available at launch, although cheaper versions are expected to follow. An optional “Pilot Pack” will add a Lamp the lidar unit and other sensors needed for autonomous driving, which Polestar plans to make available in the future via an over-the-air update.

It’s a step up in size, performance, technology and price from the company’s current model, the Crossover Polestar 2, which starts at around $48,000. The Polestar 1 was a limited production hybrid coupenow abandoned.

It’s also kind of a price increase over what will likely be its main competitor: from Tesla Model Y, which costs around $70,000 in a similar two-motor version. Another potential rival, BMW All-electric iX SUVs, starting around $85,000.

The Polestar 3 will be built in China from next year and in the United States – at a Volvo Cars plant in South Carolina – from mid-2024. Deliveries are expected to begin in the fourth quarter of 2023.

Polestar plans to deliver 50,000 vehicles to customers around the world in 2022. Until September, it had delivered around 30,400, it said last week.

Polestar is a joint venture between Volvo Cars and the Chinese automaker Geelyowner of Volvo Cars since 2010. Polestar went public through a merger with an ad hoc acquisition company in June. Its shares have since fallen about 58%.

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