Polestar 3 launches in China at reduced prices
In China, Polestar has launched its first electric SUV, the Polestar 3, at significantly lower prices than initially announced. The Polestar 3 will start in China from 698,000 yuan (about $101,159). That is 182,000 yuan ($26,380) less than what was announced at the world premiere.
The long-range dual-motor variant is available from 798,000 yuan. That is even a 232,000 yuan ($33,638) price cut compared to what was announced last year. The standard trim of the dial-motor version has an output of 360 kW with a max torque of 840 Nm. The battery’s nominal capacity is 111 kWh, and the EV’s range is around 610 kilometres, according to WLTP.
The Polestar is the manufacturer’s first all-electric SUV, unveiled in October 2022. The model will initially be manufactured at Volvo’s plant in Chengdu, China, starting in the middle of this year. Deliveries in China are scheduled to begin in the fourth quarter of 2023.
The EV will also be built at Polestar’s plant in Ridgeville, South Carolina. Production there should kick off by mid-2024, with deliveries to follow almost immediately. It will supply Polestar 3 vehicles to North America and “other markets.”
The carmaker posted its financial figures for 2022 a few weeks ago. Sales and deliveries are up 84 and 80 per cent, respectively, giving Polestar a good base for the launch of its newest model. Polestar hopes to sell about 80,000 cars this year – roughly 60 per cent more than in 2022. According to Polestar, sales will be driven by the Polestar 2. But the electric SUV should also make up a fair share of vehicles delivered.
There is no official reason from the company for the new prices. However, it is likely that they were spurred by price reductions at other EV manufacturers. Tesla was the initiator of the latest wave of price cuts for electric cars at the beginning of this year. Xpeng, a purely Chinese manufacturer followed suit. Since then, numerous foreign carmakers have lowered their EV prices in China, including Toyota for the bZ4X, Nissan for the Ariya and Ford for the Mustang Mach-E. Most recently, BMW and VW also joined the price war.