The Polestar 3 has a sloping silhouette that is distinct from other Polestar models.
PRAGUE -- Polestar will price its upcoming Polestar 3 full-electric SUV between 75,000 euros and 110,000 euros, CEO Thomas Ingenlath told the Automotive News Europe Congress.
The prices will be similar in the U.S. because of the exchange rate parity between the dollar and euro.
The Volvo Cars EV subsidiary has pitched the SUV as an electric rival to the Porsche Cayenne and will unveil the model in October, when orders will also open. The automaker has not announced delivery dates.
Read the news from the 2022 Automotive News Europe Congress in Prague. Click here to hear from top industry executives and experts.
The Polestar 3 will hit the sweet spot in terms of consumer needs, Ingenlath said on Thursday at the event held in Prague.
"It's an SUV, which everyone loves, but it's also very aerodynamic and very engaging to drive," he said. "It's not a car to drive to the kindergarten."
The Polestar 3 will be produced alongside Volvo's new flagship SUV at the Swedish automaker's new U.S. factory near Charleston, South Carolina.
Both will be built on the same electric-only SPA2 (Scalable Product Architecture) platform, which is also new.
The Polestar 3 is a key element of Polestar's 2023 goal to sell 124,000 cars globally. Polestar increased sales of its the Polestar 2 sedan by 125 percent to 21,200 during the first half, nearly matching its full-year volume from last year.
Polestar has said it expects to sell 24,000 units of the Polestar 3 worldwide next year, increasing to 67,000 in 2024 and 77,000 in 2025.
The brand has released photographs of the Polestar 3, showing design features such as a sloping silhouette and headlights and rear light styling features that are distinct from other Polestar models.
The new electric only SPA2 platform allows for dual motors and a battery size to give an expected range of 600 km (372 miles), based on WLTP test standards.
The platform will also offer eyes-off, hands-off autonomous-driving capability when regulations allow these features to be switched on.
Ingenlath: "We would love to find a way to add a roadster to our business plan."
Ingenlath said the company is focusing on increasing the recycled materials for the Polestar 3.
Polestar asked the supplier of the SUV's 'smart zone' that bundles front facing sensors in one panel to increase the recycled content. "The supplier was surprised. Normally OEMs don't ask," Ingenlath said.
Ingenlath said the company will need to raise more money to get to 2025 despite its listing on NASDAQ at the end of June. The company has cash reserves to develop its new models, Ingenlath said.
Besides the Polestar 3, the new models are the Polestar 4, which will be a rival to the Porsche Macan and is due in 2023, and the Polestar 5 sedan, which is sceduled to launch in 2024.
"That's all set, but new dreams come," Ingenlath said. "We would love to find a way to add a roadster to our business plan."
