Swedish EV producer Polestar on Wednesday uncovered a new electric SUV that it's relying on to extend its sales and presence in the US.
The new model, called the Polestar 3, is a five-traveler EV that the organization depicts as a "performance SUV." It'll launch with a 111 kilowatt-hour battery and a dual-motor configuration that delivers up to 517 horsepower with an expected 300 miles of EPA-rated range.
Estimated at about $84,000, the vehicle comes loaded with technology, including an Nvidia computer running advanced driver-assist software developed by Polestar's part owner, Volvo Cars.
Just a single version of the Polestar 3 will be accessible at launch, however more affordable trims are expected to follow. An optional "Pilot Pack" will add a Luminar lidar unit and different sensors required for autonomous driving, which Polestar hopes to make accessible in the future through an over-the-air update.
It's a move forward in size, performance, technology and cost from the organization's current model, the Polestar 2 crossover, what begins at around $48,000. The Polestar 1 was a limited-production hybrid coupe, now discontinued.
It's likewise something of a move forward in cost from what will probably be its main competitor: Tesla's Model Y, which costs about $70,000 in comparable dual-motor trim. Another possible adversary, BMW's all-electric iX SUV, begins at about $85,000.
The Polestar 3 will be built in China, beginning one year from now, and in the U.S. — at a Volvo Cars factory in South Carolina — beginning in mid-2024. Deliveries are expected to start in the final quarter of 2023.
Polestar hopes to deliver 50,000 vehicles to clients around the world in 2022. Through September, it had delivered around 30,400, it said the week before.
Polestar is a joint venture between Volvo Cars and Chinese automaker Geely, which has owned Volvo Cars beginning around 2010. Polestar went public by means of a merger with a special purpose acquisition organization in June. Its shares have fallen around 58% since.