Polestar 3 And 4: Swedish EV Maker Teases Details, New Production Site Plans

Swedish electric car brand Polestar Automotive Holding UK PLC PSNY provided insights into its upcoming vehicles during the company’s third-quarter earnings call on Wednesday.

Polestar 3: The Polestar 3 SUV has completed hot weather testing in UAE and its last phase of testing will be completed by year-end. Though delayed for a while owing to delay in software development, production will now start in China in early 2024 and then later in the summer in the U.S.

The first deliveries of the vehicle, launched in 2022, are expected to start in the second quarter of 2024 with an estimated average selling price between $75,000-$115,000.

Polestar 4: The Polestar 4 SUV coupe, meanwhile, will start production in Hangzhou Bay in November. The first deliveries will commence before the end of the year in China and in the rest of the world by mid-2024.

The company will soon announce another production site outside of China for the production of Polestar 4 starting mid-2025, company CFO Johan L Malmqvist said while adding that he sees the vehicle becoming more of a ‘golden product’ for the company. It will have an average selling price of $60,000-$90,000, lower than the Polestar 3 but higher than the Polestar 2.

Talking about the unnamed new production site, the CFO added, “This location also enjoys more favorable trade agreement terms with the U.S.”

Why It Matters: For the third quarter, Polestar reported an operating loss of $261.2 million as compared to a loss of $196.4 million in the corresponding quarter of 2022. Revenue, however, rose 41% to $613.2 million.

For the whole year, the company trimmed delivery guidance to 60,000 vehicles from its previous estimate of 60,000-70,000 vehicles. However, by 2025, Polestar sees the Polestar 2, 3, 4, and 5 models in production and touching total annual deliveries of around 155,000 to 165,000.

The company added that it now sees achieving a gross margin of 2% for 2023, down from its previous 4% forecast.

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