Polestar Attempts To Woo Disgruntled Tesla Owners With Offers: '2025 To Be Strongest Year In Polestar's History'

Swedish EV maker Polestar Automotive PSNY is offering up to $20,000 to Tesla Inc. TSLA vehicle owners who choose to make a switch and lease a Polestar 3.

What Happened: “Make the switch to Polestar. Save up to $20,000 on a Polestar 3 lease as a Tesla owner,” the company says on its U.S. website.

The offer, which began on Feb. 21, expires on Feb 28. It is only available on the lease of a new model year 2025 Polestar 3 vehicle.

Polestar 3 is an SUV that starts at $67,500, cheaper than a Tesla Model X but pricier than the top variant of its Model Y. The long-range all-wheel drive variant of Tesla’s refreshed Model Y starts at $59,990.

Why It Matters: Polestar targeting Tesla owners is not unexpected. Polestar CEO Michael Lohscheller said in an interview last month that Tesla CEO Elon Musk‘s involvement in global politics is pushing away customers.

Lohscheller said that a lot of people have "very, very negative sentiment" about Musk's involvement in politics. The Polestar CEO also said that he has told the company's salespersons to target disappointed Tesla owners for potential business.

Lohscheller became CEO of Polestar in October. “Both in terms of volumes and financials, we expect 2025 to be the strongest year in Polestar’s history," the CEO said in January.

The company reported a 15% drop in sales to 44,851 cars for the full year 2024.

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