Polestar is looking to lure Tesla owners with a new trade-in promotion that offers up to $20,000 in incentives for leasing its Polestar 3 SUV, the automaker announced on its website last week.
The deal includes a $5,000 Polestar Conquest Bonus for customers who currently own or lease a Tesla vehicle, along with a $15,000 Polestar Clean Vehicle Incentive. The promotion is set to expire on Feb. 28, and interested buyers are encouraged to contact local retailers for details.
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The Polestar 3 features an estimated range of 350 miles, a 517-horsepower powertrain, and a 0-60 mph acceleration time of 4.5 seconds. The vehicle, which entered production in China last year, will also be built at a factory in South Carolina, allowing Polestar to avoid recently imposed U.S. import tariffs.
Tesla granted Polestar vehicles access to its Supercharger network in October, significantly expanding charging options for Polestar owners.
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Polestar has faced financial and operational challenges in recent months. Parent company Volvo completed the sale of its remaining shares in Polestar to Chinese automaker Geely earlier this year, triggering executive changes and restructuring efforts. Despite these hurdles, the EV maker aims to expand into seven new markets by 2025.