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Polestar will further expand its electric vehicle lineup with the launch of its third model and its first SUV. The Polestar 3 will share bits with the upcoming third-generation Volvo XC90 but will be powered by a unique powertrain. The Swedish automaker has now announced the official debut of the zero-emissions crossover slated for October this year and customers will be able to order it on the day of its global premiere.
The official announcement is hidden in a press release that summarizes Polestar’s sales and financial results for the first four months of the year. The company believes it has the potential to grow significantly with the launch of Polestar 3 because the SUV market is one of the highest growth and margin segments in the automotive industry today.
“We believe our future growth will be further accelerated with our entry into the lucrative SUV market later this year with the world premiere in October of the long-awaited Polestar 3 electric performance SUV. The Polestar 3, which will be produced in the US and China, will stand out among other SUV offerings and drive our strong growth trajectory to take us to the next phase,” said Thomas Ingenlath, CEO of Polestar.
We don’t know many details about the Polestar 3, but we do know it will be available with an electric motor or two. It will be sold only in a two-row configuration and will be positioned as a more expensive, more luxurious and sportier product than the Volvo XC90. As noted above, the two SUVs from Sweden will be based on the same platform, but the Polestar 3 will be equipped with an exclusive pure electric powertrain. The model will be built in the United States.
As for Polestar’s sales proceeds, the company is proud to say it shipped a record number of new vehicles during the first four months of the year. Around 13,600 vehicles have been delivered worldwide, more than double the same period last year. Polestar is now present in 23 markets with a target of reaching 30 markets by the end of next year.
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