Polestar betting two new SUVs will help it take on even its gas-powered rivals

Polestar betting two new SUVs will help it take on even its gas-powered rivals

Swedish EV brand Polestar (PSNY), with a revamped ownership structure and new funding in place, is hoping two new SUVs can get the automaker back on track.

Though Polestar delivered approximately 54,600 vehicles last year, one of the highest delivery figures coming from a pure-play EV maker, Polestar missed its own delivery guidance of 60,000, which itself was lowered from the 60,000-70,000 delivery target it had in May (also lowered from the 80,000 target it gave last March).

It's got some tough competition in the crossover EV SUV segment, where Polestar’s current offering, the Polestar 2, plays alongside the Tesla Model Y and Ford Mustang Mach-E. But two new offerings could help change that.

Yahoo Finance caught up with Polestar CEO Thomas Ingenlath at the New York International Auto Show, where the automaker had the Polestar 3 full-size EV SUV and upcoming Polestar 4 coupe SUV on display.


“Polestar 3 is so important because it's an SUV. We were, of course, waiting for an SUV, a true SUV in our portfolio,” Ingenlath said, adding that Polestar 3 was “the heart of the company, [with] the premium performance.”

The Polestar 3, which will be delivered to customers this summer, also had a big price cut — from the original starting price of $83,900 to $73,400 — making it eligible for the federal EV tax credit of $7,500 once production begins in South Carolina later this year. A special Launch Edition will come with two options packages and have an MSRP of $78,900.

While these prices aren’t exactly cheap, sometimes it pays to play in the upper ends of the luxury spectrum where buyers aren’t so price-sensitive and margins can be thicker.

“That's exactly where we are aiming with these cars,” Ingenlath said when asked about reaching luxury buyers. “What's crucial is what type of desirability brings a car to the table, how technology-wise advanced [is it]. That's what our customers are searching for.”

The Polestar 4 is the 3’s more athletic and attractive little brother, if you will — sleeker and more angular. It's so angular in fact that it doesn’t have a rear windshield; there’s a camera for looking back. Inside, the Polestar 4's sporty theme continues with race car-like sport seats, a flat-bottom steering wheel, and dual landscape-oriented touchscreens. Ingenlath, a former auto designer at Volvo, believes a “cool Scandinavian look” is also a core part of the company.