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

Zinger Key Points
  • The Polestar 3 has a battery that provides an estimated range of 372 miles.
  • Polestar had sales of 29,000 units in 2021 and targets annual sales of 290,000 by the end of 2025.

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

Posted In: M&ANewsSmall CapIPOsTrading Ideaselectric SUVelectric vehiclesPolestarPolestar 1Polestar 2Polestar 3SPACSPACsSUV