Polestar 3 gets big price drop in China

Polestar has officially unveiled the Polestar 3 in China. However, the electric SUV has undergone a price cut of roughly ¥‎200,000 ($39,700 CAD) from its global debut last year.

The Swedish automaker first unveiled the Polestar in October last year, stating at the time it would start at ¥‎880,000 ($175,000 CAD) and ¥‎1,030,000 ($204,000 CAD) for the dual motor long range and dual motor performance pack respectively.

Now just a few months later has announced a new pricing system for China. The Polestar 3 will start at ¥‎698,000 ($138,800 CAD) and ¥‎798,000 ($158,968 CAD). (via CnEVPost)

Polestar did not provide a reason for the price drops in its announcement, but it is likely to remain competitive in the Chinese EV market. The price drop is contrary to what CEO Thomas Ingenlath said just earlier this month.

According to Ingenlath Polestar is focused on creating its niche in the high-end segment of the EV mark and has no ambitions to produce 20 million cars per year like Tesla. As such his company would not be engaging in price wars that have taken place as of late.

The Polestar 3 features a 111 kWh (107kWh usable) prismatic battery from CATL that should provide the long range variant with up to 482km (300 miles) of range once it is certified by the EPA.

The electric SUV will enter production at the company’s plant in Chengdu, China in the middle of this year, with deliveries expected to begin there in the final quarter.

Polestar 3 deliveries in North America are expected to start later this year. It will start at $97,400 CAD or $85,300 USD

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