Tesla Inc (NASDAQ:TSLA) rival Polestar has unveiled a new electric SUV to expand its sales and presence in the US, CNBC has reported.
The new model, called the Polestar 3, is a five-passenger EV 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 300 miles of EPA-rated range, the news report said.
Priced at about $84,000, the car comes loaded with technology, including an Nvidia computer running advanced driver-assist software developed by Polestar’s part owner, Sweden's Volvo Cars.
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Only one version of the Polestar 3 will be available at launch, CNBC said, though less expensive trims are expected to follow.
The new model is a step up in size, performance, technology and price from the company’s current model, the Polestar 2 crossover, which starts at around $48,000. The Polestar 1 was a limited-production hybrid coupe, now discontinued.
It is also a step up in price from its main competitor Tesla’s Model Y, which costs about $70,000 in similar dual-motor trim, CNBC noted, with another potential rival, BMW’s all-electric iX SUV, starting at about $85,000.
The Polestar 3 will be built in China, starting next year, and in the US - at a Volvo Cars factory in South Carolina - starting in mid-2024. Deliveries are expected to begin in the fourth quarter of 2023, CNBC reported.
Polestar expects to deliver 50,000 vehicles to customers around the world in 2022. Through September, it had delivered about 30,400, it said last week.
Polestar is a joint venture between Volvo Cars and Chinese automaker Geely, which has owned Volvo Cars since 2010. Polestar went public via a merger with a special purpose acquisition company (SPAC) in June this year.
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