Polestar unveils $84,000 electric SUV, the Polestar 3, to establish its foothold in the US

Swedish EV Maker Pole Star On Wednesday, it unveiled a new electric SUV that it is counting on to expand its sales and presence in the United States.

The new model, called the Polestar 3, is a five-passenger electric vehicle that the company describes as a “high-performance SUV.” It will be launched with a 111 kWh battery and a twin-motor configuration that delivers up to 517 horsepower with an estimated 300 miles of EPA-rated range.

Priced around $84,000, the car comes loaded with technology, including nvidia Computer running advanced driver assistance software developed by Polestar part owner, Volvo cars.

Only one copy of the Polestar 3 will be available at launch, although less expensive edges are expected to follow. The optional Trial Package will add a file Luminar The lidar module and other sensors needed for autonomous driving, which Polestar expects to be made available in the future via a remote update.

It’s a step up in size, performance, technology and price from the company’s current model, Polestar 2 crossover, which starts around $48,000. Polestar 1 was a model Limited Hybrid Coupestop now.

It’s also kind of up in price compared to what is likely to be its main competitor: Tesla The Model Y, which costs about $70,000 in the same twin engine. Another possible competitor BMW All-electric iX SUV, starting at about $85,000.

Polestar 3 will be built in China, starting next year, and in the US – at Volvo Cars’ South Carolina plant – starting in mid-2024. Deliveries are expected to begin in the last quarter of 2023.

Polestar expects to deliver 50,000 vehicles to customers around the world in 2022. During the month of September, it delivered around 30,400 vehicles, He said last week.

Polestar is a joint venture between Volvo Cars and the Chinese automaker jellywhich has owned Volvo Cars since 2010. Polestar was launched to the public via a Merger with a Special Purpose Acquisition Company in June. Its shares have fallen about 58 percent since then.