Polestar, the Swedish-based, Chinese-backed automaker, has no intention of engaging in price wars with Tesla, according to CEO Thomas Ingenlath. Speaking with Reuters, Ingenlath stated that the brand has a “completely different aim” to Tesla and wishes to establish itself as a premium sportscar company. This is evidenced by Polestar’s production target of 80,000 units for this year, compared to Tesla’s goal of 1.8 million vehicles.
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.
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. 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.
Polestar is determined to remain a premium brand and not engage in price wars with Tesla. CEO Thomas Ingenlath has stated that the company has a “completely different aim” than Tesla and is aiming to produce 80,000 vehicles this year, compared to Tesla’s goal of 1.8 million vehicles. Despite posting an operating loss of $204.7 million last quarter, Polestar expects its 2023 gross profit to be roughly in line with the $119.4 million it made in 2022.
The automaker currently only sells one vehicle, the 2 fastback, which starts at $48,400 and has a range of up to 270 miles (EPA). Later this year, Polestar will launch the 3 SUV which will start at $85,300 and produce up to 517 hp with over 300 miles of real-world range. After the 3, Polestar will launch the 4 sporty SUV coupe with a starting price in the region of $50-60k and a sedan based on the Precept Concept which will likely go into production as the Polestar 5 and be a Porsche Taycan and Tesla Model S rival.
FAQ
Q1: Are electric car batteries recyclable?
A1: Yes, electric car batteries are recyclable.
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A2: It depends on the charger and the location. Some electric car chargers are free, while others may require a fee.
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A3: Yes, electric car batteries can be rebuilt with the right tools and knowledge.
