Polestar plans to significantly expand its EV portfolio in the coming years, with the Polestar 3 being the first new car to hit the market. The 3 is the brand’s first full-size SUV offering, and it will compete in the market of large electric SUVs with the Tesla Model X and the Rivian R1S. Polestar has granted one of the most dramatic price cuts in the Chinese market this year, likely to boost its competitiveness.
The Polestar 3 now starts at 698,000 yuan ($101,333), while the performance model starts at 789,000 yuan ($114,544), representing price cuts of 182,000 yuan ($26,422) and 232,000 yuan ($33,681), respectively.
The automaker’s decision to decrease pricing was most likely inspired by the extraordinary amount of competition that has grown in the Chinese market. After Tesla’s price reduction in the nation at the end of last year, many companies have followed suit as Tesla has garnered a massive wave of buyers. BMW and VW have joined Ford, Nissan, Toyota, and BYD in introducing significant price reductions nationwide, notably for their electric vehicles.
The Polestar 3 looks to be another demonstration of the company’s performance capabilities. It will have a dual-motor powertrain in the back with electronic torque vectoring using a dual-clutch system for the rear motor. The Polestar 3 will come equipped with adaptive dual-chamber air suspension and active dampers, which will let it transition between comfortable and firm suspension dynamics while reacting to road conditions every two milliseconds.
Polestar will offer an optional Performance Package, which will provide the Polestar 3 510 horsepower and 671 pound-feet of torque, as well as Polestar Designed chassis tuning for the active dampers and air suspension. Polestar’s characteristic Swedish gold features, such as valve covers, seat belts, and a laser-etched inside light strip, are also featured.
The company anticipates that manufacturing will begin in the middle of this year at its Chinese plant, with deliveries starting at the end of the year. The Polestar 3 will also be manufactured at a combined manufacturing plant with Volvo in South Carolina beginning in mid-2024, with deliveries following shortly after.