Polestar’s first SUV, the Polestar 3 EV, arrives in Q3 2022
Polestar released teaser images Tuesday for its first battery-electric SUV, the Polestar 3, which will make its global debut in October.
The teaser shows a sleek, four-passenger SUV with a panoramic sunroof that stretches from windshield to rear spoiler and a bold taillight design.
The Polestar 3, which will be built at the Volvo plant in Charleston, South Carolina, later this year, is the third model from the high-performance EV maker, following the discontinued, 600-horsepower Polestar 1 plug-in hybrid and the Polestar 2 all-electric sports sedan.
Polestar’s latest model allows the automaker to enter one of the industry’s highest-margin, fastest-growing segments in the U.S.: larger, luxury EVs. Several automakers have begun tapping into this twin demand for both luxury SUVs and electric vehicles. New entrants including the Maserati Grecale, Lexus RZ and Cadillac Lyriq are expected to become top sellers for their brands.
The automaker said its SUV will travel an estimated 372 miles on a fully charged battery and feature a dual-motor drivetrain. Production in the U.S. and China will begin in early 2023. Eventually, the SUV will be able to provide autonomous highway piloting, powered by lidar sensors from Luminar and centralized computing by NVIDIA.
Polestar intends for the SUV to showcase the brand’s capability and performance. "With this car, we bring the ‘sport’ back to the SUV, staying true to our performance roots,” CEO Thomas Ingenlath said in a statement.
Polestar, which formed in 2017 as a standalone brand under the aegis of Sweden’s Volvo Cars, has aggressive plans for the future. Starting with the Polestar 3’s public premiere this fall, the brand plans to launch one new model annually over the next three years.
The goal is to increase its presence to at least 30 global markets by the end of 2023, while growing its global sales tenfold to 290,000 units through 2025, compared with the 29,000 units it sold in 2021.
To fund its lofty targets, Polestar plans to go public this summer through a merger with Gores Guggenheim. The SPAC deal values the company at $20 billion. Most of the EV makers to go public through a so-called reverse merger instead of an IPO have stumbled, ultimately leading to investigations by the U.S. Securities and Exchange Commission, the removal of top executives and tumbling valuations.
Polestar announced last week that it will build 270 units of a high-performance edition of its Polestar 2 electric compact sedan. The 2023 Polestar 2 BST Edition is a four-door fastback with 476 horsepower — 68 more than the regular Polestar 2 — and a starting price of $75,500. Customers will begin receiving their orders later this year.