The upcoming Polestar 3 midsize electric SUV that will launch this fall will be priced between €75,000 and €110,000, CEO Thomas Ingenlath announced.
Speaking at the Automotive News Europe Congress, the executive said the prices will be similar in the United States because of the exchange rate parity between the dollar and euro.
Sharing the new electric-only SPA2 (Scalable Product Architecture) platform and the assembly line at Volvo's new plant in Charleston, South Carolina with the upcoming XC90 successor, the Polestar 3 has been pitched by the electric performance car manufacturer has pitched the SUV as an electric rival to the Porsche Cayenne.
The pricing suggests the Polestar 3 will compete with entry-level and mid-range Cayenne and Cayenne Coupe models, as the Turbo models top $135,000 and the Turbo S E-Hybrid variants exceed $170,000. Thomas Ingenlath said the Polestar 3 will hit the sweet spot in terms of consumer needs, combining practicality with dynamic driving qualities.
"It's an SUV, which everyone loves, but it's also very aerodynamic and very engaging to drive. It's not a car to drive to the kindergarten."
Polestar has already teased the design of its first-ever SUV but will fully unveil it in October, when it will also start taking orders from customers. Delivery dates haven't been announced yet.
The SPA2 platform allows for dual motors and a big enough battery to offer an expected range of 372 miles (600 kilometers) on the WLTP combined test cycle. The EV-only platform will also offer eyes-off, hands-off self-driving capability when regulations allow these features to be activated.
The Polestar 3 is essential to the company's 2023 goal to sell 124,000 vehicles worldwide. The brand increased sales of the Polestar 2 sedan by 125% to 21,200 during the first half of this year, nearly matching the volume of the entire 2021 calendar year.
For 2023, Polestar expects to sell 24,000 units of its first SUV globally, followed by 67,000 in 2024 and 77,000 in 2025. Besides the Polestar 3, the EV maker backed by Volvo Cars and Geely plans to launch another SUV in 2023, the Porsche Macan-sized Polestar 4, followed by the Polestar 5 flagship sedan in 2024.
The Polestar 3 and 4 are expected to make up the bulk of the brand's global sales, with the company forecasting combined sales of 160,000 units for the two SUVs by 2025.