Polestar 3 SUV Premiere Coming This Year: What Investors Should Know

An electric vehicle company premiered its first ever SUV on Tuesday morning. Here are the details.

What Happened: Swedish electric vehicle company Polestar announced that the premiere of the Polestar 3 SUV will happen in October 2022. The Polestar 3 is the company’s first SUV and comes as the EV maker is merging with Gores Guggenheim Inc GGPI.

“Polestar 3 is the SUV for the electric age. Our design identity evolves with this high-end large luxury EV, with a strong, individual brand character,” Polestar CEO Thomas Ingenlath said. “With this car, we bring the ‘sport’ back to the SUV, staying true to our performance roots.”

The Polestar 3 features autonomous highway piloting powered by LiDAR sensors from Luminar Technologies LAZR. The Polestar 3 also features NVIDIA Corp NVDA computing power.

The Polestar 3 has a battery that provides an estimated range of 372 miles.

The new vehicle will be manufactured in the United States and China and available to pre-order in October 2022. Production is expected to begin in early 2023 for the Polestar 3.

The Polestar 1 entered production in 2021. A follow-up Polestar 2 sports car was released in March 2022.

Related Link: The Polestar SPAC Merger Could Put The EV Maker In The Lead 

What’s Next: Polestar plans to launch a new car every year for the next three years. The Polestar 3 could help the company meet that goal and grow its presence to 30 markets by the end of 2023.

“This is a major milestone for our company, one that boosts our growth trajectory and takes us into our next phase,” Ingenlath said.

Going forward, the Polestar 4 is expected to be a smaller electric SUV, the company said.

Polestar had sales of around 29,000 units in 2021 and aims to hit annual sales of 290,000 by the end of 2025.

A merger vote date of June 22 is set for Gores Guggenheim and Polestar.

Price Action: Gores Guggenheim Inc shares trade at $10.03 on Tuesday versus a 52-week range of $9.70 to $16.41.

Photo: Courtesy of polestar.com