Polestar unveils $84,000 electric SUV, Polestar 3, to gain a foothold in the US

pole star 3

Thanks to: Polestar

Swedish EV maker Polestar on Wednesday unveiled a new electric SUV that it is counting on to expand its sales and presence in the United States.

The new model, called the Polestar 3, is a five-passenger EV that the company describes as a “performance SUV.” It will be launched with a 111 kilowatt hour battery and a twin motor configuration that delivers up to 517 horsepower with an estimated 300 mile EPA rated range.

The car costs about $84,000 and is packed with technology, including an Nvidia computer with advanced driver assistance software developed by Polestar co-owner Volvo Cars.

Only one version of the Polestar 3 will be available at launch, although less expensive versions are expected to follow. An optional “Pilot Pack” adds a Luminar lidar unit and other sensors needed for autonomous driving, which Polestar is expected to make available in the future via a wireless update.

It’s a step up in size, performance, technology and price over the company’s current model, the Polestar 2 crossover, which starts at about $48,000. The Polestar 1 was a limited production hybrid coupe, which is now no longer available.

It’s also a bit of a price hike from what will likely be its main competitor: Tesla’s Model Y, which costs about $70,000 in comparable twin-engine gear. Another potential rival, BMW’s all-electric iX SUV, starts at around $85,000.

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

Polestar expects to deliver 50,000 vehicles to customers around the world by 2022. About 30,400 had been delivered as of September, it said last week.

Polestar is a joint venture between Volvo Cars and Chinese carmaker Geely, which has owned Volvo Cars since 2010. Polestar went public in June through a merger with a special purpose acquisition company. Shares have since fallen about 58%.

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