COPENHAGEN, Denmark — The first crossover from Swedish electric vehicle startup Polestar is a coming of age for the Volvo affiliate.
Whereas the brand’s first mainstream model — the Polestar 2 sedan — represents Volvo DNA, the Polestar 3 is a clean sheet for the automaker.
The midsize Polestar 3, revealed at an event here, is built on a new all-electric platform, sports dual motors and has an estimated EPA range of up to 300 miles. It will arrive at U.S. stores late next year and start at $85,300, including shipping.
Polestar’s U.S. CEO, Gregor Hembrough, told Automotive News the U.S. will be the largest single market for the Polestar 3, with North America accounting for about 30 percent of global sales.
“We now enter into the largest segment in North America, with the newest offer on the market,” Hembrough said on the sidelines of the launch event. “The luxury SUV segment arguably is one of the most revered, most sought after, and we’re really the competition place.”
The Polestar 3 will be an accelerant for the brand’s market share.
“This is our most critical product launch yet,” Hembrough told Automotive News. The Polestar 3 will “significantly boost throughput for our retailers.”
According to a previous Polestar investor presentation, the automaker expects to sell 24,000 of the midsize crossovers globally next year, increasing to 67,000 in 2024 and 77,000 in 2025.
New Jersey dealer Matthew Haiken described the new product as the brand’s “bread and butter” model.
“The United States is an SUV market,” said Haiken, CEO of Polestar Short Hills. “People love the Polestar 2, but many prefer more room.”
Even though the Polestar 3 won’t arrive in the U.S. for more than a year, Haiken already has nearly 100 hand-raisers for it.
“Once the car’s revealed, we’ll convert them from hand-raisers to deposit holders and hopefully build up a great order bank,” he said.
The crossover will also be Polestar’s first U.S.-made model. Polestar 3 production will begin at Volvo Cars’ Chengdu, China, factory, but U.S. production is scheduled to start at Volvo’s Ridgeville, S.C., plant in the first quarter of 2024.
Domestic production will shorten delivery times in what is expected to be the Polestar 3’s largest market, and it will position future Polestar models to qualify for a federal $7,500 EV tax credit.
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