Polestar’s Porsche Cayenne rival will start at 75,000 euros

PRAGUE — Polestar will price its upcoming South Carolina-built Polestar 3 between roughly $75,000 and $110,000, CEO Thomas Ingenlath last week told attendees of the Automotive News Europe Congress here.

The Volvo Cars electric vehicle subsidiary has pitched the Polestar 3 as an all-electric rival to the Porsche Cayenne and will unveil the model in October, when orders will open. The automaker has not announced delivery dates.

The Polestar 3 will hit the sweet spot in terms of consumer needs, Ingenlath said.

“It’s an SUV, which everyone loves, but it’s also very aerodynamic and very engaging to drive,” he said. “It’s not a car to drive to the kindergarten.”

It will be produced alongside Volvo’s new flagship crossover at the Swedish automaker’s new U.S. factory near Charleston, S.C.

The Polestar 3 is a key element of Polestar’s 2023 goal to sell 124,000 cars globally. The brand more than doubled sales of the Polestar 2 sedan to 21,200 during the first half of this year, nearly matching its full-year volume from last year.

Polestar has said it expects to sell 24,000 Polestar 3s worldwide next year, increasing to 67,000 in 2024 and 77,000 in 2025.

Ingenlath said the company will need to raise more money to get to 2025 despite its listing on Nasdaq at the end of June. The company has cash reserves to develop its new models.

Besides the Polestar 3, the new models are the Polestar 4, which will be a rival to the Porsche Macan and is due in 2023, and the Polestar 5 sedan, which is scheduled to launch in 2024.

“That’s all set, but new dreams come,” Ingenlath said. “We would love to find a way to add a roadster to our business plan.”


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