Polestar released teaser images on Tuesday for its first battery-electric SUV, the Polestar 3, which will make its global debut in October.
The teaser shows a sleek four-passenger SUV with a panoramic sunroof that extends from the windshield to the rear spoiler and a bold taillight design.
The Polestar 3, to be built later this year at Volvo’s Charleston, South Carolina plant, is the powerful EV maker’s third model, following the discontinued 600-horsepower Polestar 1 plug-in hybrid and the Polestar 2 fully electric sports sedan.
Polestar’s latest model will allow the automaker to enter one of the industry’s fastest-growing segments in the US: larger, luxury EVs. Several automakers have begun to capitalize on this dual demand for both luxury SUVs and electric vehicles. Newcomers, including the Maserati Grecale, Lexus RZ and Cadillac Lyriq, are expected to become top sellers for their brands.
The automaker said its SUV will travel an estimated 372 miles on a fully charged battery and will be equipped with a dual-motor powertrain. Production in the US and China will begin in early 2023. Ultimately, the SUV will be able to offer highway autonomous driving, powered by LiDAR sensors from Luminar and centralized computing by NVIDIA.
Polestar wants the SUV to showcase the brand’s capabilities and performance. With this car, we are bringing ‘sport’ back to the SUV, staying true to our performance roots,” CEO Thomas Ingenlath said in a statement.
Polestar, which was founded in 2017 as a standalone brand under the auspices of Swedish Volvo Cars, has aggressive plans for the future. Starting with the public premiere of the Polestar 3 this fall, Polestar plans to launch one new model annually for the next three years.
The goal is to expand its presence to at least 30 global markets by the end of 2023, and increase global sales tenfold to 290,000 units by 2025, compared to 29,000 units sold in 2021.
To fund its lofty goals, Polestar plans to go public this summer through a merger with Gores Guggenheim. The SPAC deal values the company at $20 billion. Most EV makers that went public through a so-called reverse merger rather than an IPO have stumbled, ultimately leading to investigations by the US Securities and Exchange Commission, the removal of top executives and tumbling valuations.
Polestar announced last week that it will build 270 units of a high-performance edition of its Polestar 2 electric compact sedan. The 2023 Polestar 2 BST Edition is a four-door fastback with 476 horsepower – 68 more than the regular Polestar 2 – and a starting price of $75,500. Customers will receive their orders by the end of this year.