Swedish electric vehicle (EV) company Polestar — founded by Volvo and Zhejiang Geely Holding — has announced the launch of its new Polestar 3 electric performance SUV, which will debut in October 2022. Polestar 3 is the company’s first SUV, the company said in a press release.
Polestar said that the launch of the car marks its entrance into one of the highest margin and growth segments in the automotive industry, particularly in the United States.
The company added that over time, the vehicle will offer autonomous highway piloting powered by LiDAR sensor from Luminar and centralized NVIDIA computing power. In addition, Polestar 3 will feature a dual-motor drivetrain and a large battery, with a range target of 372 miles, according to the release.
According to Barron’s, the vehicle will likely be comparable in price and trim to a Tesla Model Y.
“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,” Thomas Ingenlath, Polestar CEO, was quoted as saying in the release. “With this car, we bring the ‘sport’ back to the SUV, staying true to our performance roots.”
He added that “this is a major milestone for our company, one that boosts our growth trajectory and takes us into our next phase.”
The company also revealed that it plans to launch a new car every year for the next three years, 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,” according to the release.
In April, Polestar announced Hertz would buy 65,000 of its electric vehicles over five years. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia, the company said in a press release at the time.
Polestar announced in January that it delivered on its global sales target of 29,000 vehicles in 2021, representing year-on-year growth exceeding 185%.
Polestar also intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, which is expected to close in the first half of 2022 and values the company at $20 billion, according to an investor relations announcement on its website. Existing Polestar investors include Volvo Car Group, affiliates of Geely Chairman Eric Li and actor Leonardo DiCaprio, amongst others.
The transaction will raise $1 billion for Polestar and the merger vote is scheduled for June 22, according to Barron’s.
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