Published on June 8th, 2022 | by Subhash Nair0
Polestar 3 Teased As Cayenne-Sized Electric SUV
The Polestar 3 will be large performance SUV running an all-electric powertrain.
Another premium electric SUV will debut by the end of this year and it’s the Polestar 3. This will be the company’s first SUV and it is sized to take on the Porsche Cayenne. It will debut in October of this year.
“Polestar 3 is the SUV for the electric age. Our design identity evolves with this high-end large luxury EV, with a strong, individual brand character,” says Thomas Ingenlath, Polestar CEO. “With this car, we bring the ‘sport’ back to the SUV, staying true to our performance roots. This is a major milestone for our company, one that boosts our growth trajectory and takes us into our next phase.”
Here’s the press release with more.
Polestar, the Swedish electric performance car company, has announced that the world premiere of its next car, the Polestar 3 electric performance SUV, will be in October 2022. Polestar 3 is the company’s first SUV.
The launch of the car marks Polestar’s entrance into one of the highest margin and growth segments in the automotive industry, particularly in the United States.
Polestar 3 will, over time, offer autonomous highway piloting powered by the best-in-class LiDAR sensor from Luminar and centralized NVIDIA computing power. At launch, Polestar 3 will feature a dual-motor drivetrain and a large battery, with a range target of over 600 km (WLTP).
The confirmation of the world premiere comes with a new film and a first undisguised image of the car. Customers can expect to order Polestar 3 in initial launch markets from the day of the premiere. Production is expected to begin in early 2023, and Polestar 3 will be manufactured in the United States and China.
Polestar plans to launch a new car every year for the next three years, starting with Polestar 3, and aims to increase its presence to at least 30 global markets by the end of 2023. This supports Polestar’s plans to grow ten-fold from global sales of approximately 29,000 in 2021 to approximately 290,000 by the end of 2025.
Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022.
Here are some key messages/milestones upcoming for Polestar for your reference:
Polestar 3 performance SUV
– All-New Polestar 3 electric performance SUV (note: Porsche Cayenne size) orders opening in initial launch markets in October 2022, in line with Polestar’s target of selling 290,000 cars a year by the end of 2025
– Polestar 3 will be manufactured in US and China – offering direct access to the fastest growing and most lucrative segment in the auto industry
– Singapore launching the Polestar 3 in H2 2023
Polestar NASDAQ listing & the future of Polestar
– Polestar plans to list on NASDAQ in the first half of 2022 – valuing Polestar at USD20bn (more information to be shared in the near future)
– Polestar is a credible investment, as one of only 2 global pure play EV makers already in mass production
– Positioned to successfully delivering on sales targets: Met 29,000 car target in 2021. 50,000 cars on the road globally. Confident on achieving 290,000 cars in 2025
– Strong future growth: Currently in 23 Markets (Europe, North America, Asia & Middle East), will continue to grow to 30 markets and more than 150 locations by end 2023
– A diversified premium product portfolio with one new model to be launched every year from 2022 to 2024:
– Polestar 3 luxury SUV (2022)
– Polestar 4 premium sport SUV (2023)
– Polestar 5 luxury sport 4-door GT (2024)