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Polestar Has "Different Aim To Tesla" And Won't Engage In Price Wars

Volvo's subsidiary has maintained its 2023 production target of 80,000 units.

Polestar 3 With Lidar Made By Luminar

Ben O'Hare Ben O'Hare

By: Ben O'Hare

Mar 5, 2023 at 8:38pm ET

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Polestar will not engage in price wars, per CEO Thomas Ingenlath. Speaking with Reuters, Ingenlath stated that the Swedish-based, Chinese-backed brand has a "completely different aim" to Tesla and wishes to establish itself as a premium sportscar company.  

While Tesla hopes to make 1.8 million vehicles this year, Polestar has maintained its production target of 80,000 units. And as previously mentioned, Polestar will not engage in price wars as it views itself as a premium brand - not a mainstream one.

Polestar posted an operating loss of $204.7 million last quarter, however that's a significant improvement on the $337.3 lost in the same period in 2021. The automaker expects its 2023 gross profit to be roughly in line with the $119.4 million it made in 2022.

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Polestar currently only sells one vehicle, the 2 fastback. Facelifted for 2023, the 2 currently starts at $48,400 and has a range of up to 270 miles (EPA). Polestar's next vehicle, the 3 SUV, will go on sale later this year. The 3 will start at $85,300 and produce up to 517 hp. Polestar also promises the 3 will have over 300 miles of real-world range.

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After the 3, Polestar will launch a sporty SUV coupe called (you guessed it) the 4. Although information remains limited for now, we know that it be a mid-sized SUV with a starting price in the region of $50-60k. Slated to arrive in 2024, it will sit below the full-sized 3.

A sedan based on the Precept Concept is also in development. It will likely go into production as the Polestar 5 and will be a Porsche Taycan and Tesla Model S rival.

 

Source: Reuters

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