Polestar has announced plans to launch two new models within a year of each other. The Polestar 3, which will be the company’s second model, is set to launch in the fourth quarter of this year, while the Polestar 4 is due to arrive just nine months later.
Speaking to Auto News, Polestar CEO Thomas Ingenlath confirmed that the Polestar 3 will be the brand’s first model to be manufactured in the US, at Volvo’s factory in Charleston, South Carolina. He also explained that the Polestar 4 will be a slightly-lifted sedan similar to the Tesla Model Y.
Despite the short time frame between the two launches, Ingenlath is not concerned about sales cannibalization. The Polestar 3 is similar in size to the Porsche Cayenne and is more of a “true SUV,” while the Polestar 4 will be more of a “four-door GT but with a little bit elevated position.” The two models will also have different price points, with the Polestar 3 starting at $85,300 and the Polestar 4 costing around $60,000.
Polestar’s reliance on global partners for new models has been a key reason for the brand’s slow expansion. The development of Volvo’s new SPA2 vehicle platform has been delayed due to software-related issues, pushing back the release of the SPA2-based Polestar 3 by almost a year. However, Ingenlath believes that Polestar’s partnership with Geely allows the brand to focus on products and technologies while letting its parent company handle logistics and manufacturing.
While Ingenlath acknowledged that building vehicles from scratch would put Polestar in a “completely different situation,” he believes that achieving significant scale in the automotive industry “definitely takes a long, long time.” Tesla is currently the only automotive startup to have achieved this feat.
As well as being an important milestone for Polestar, the Polestar 3 will also be significant as the company’s first model to be manufactured in the US. However, it will not initially qualify for federal EV tax credits under the Inflation Reduction Act due to its sticker price. Polestar plans to release a single-motor version of the Polestar 3 in 2024 that will be eligible for the credits.
