Tesla Model 3 Finds Competition in Polestar 2 and 3
Tesla has been the leading name in electric cars, but it is about to be challenged by Polestar. The company is already creating the Polestar 2, a direct competitor to the Tesla Model 3, which will be priced at around €40,000 (almost $50,000) once it is made available in 2020. Polestar 3, a low and aerodynamic SUV, will follow shortly in 2022.
Both the Polestar 2 and 3 are all-electric cars, while the Polestar 1 coupe takes inspiration from Volvo’s plug-in hybrid technology.
Polestar CEO Thomas Ingenlath said, “Polestar 2 will join the competition with Tesla Model 3, so people should have an understanding of the size and the price tag as well.”
“We are not saying it’s a Tesla killer, we are here to vividly compete with them in the market. We will launch Polestar 2 in the second half of 2019 and production will begin around the start of 2020,” Ingenlath adds.
Two years after, the Polestar 3 will be released, which Ingenlath described as “an SUV with a low, aerodynamic silhouette.”
Polestar 1 and 3 are being manufactured in a facility located at Chengdu, China. The company is still deciding on where to produce the Polestar 2, which will be the volume model. That being said, they need a facility that can create over 50,000 units on a yearly basis.
After the three announced plans, Polestar is still thinking of what to come next. “With the range of 1, 2 and 3 you get an idea of the kind of car we are after and that can be applied to various categories,” Ingenlath explains.
The Swedish company will sell its products via subscription service aside from its 80 planned stores and online outlets. Those who wish to purchase will be paying a flat monthly fee, which will be used for the cost, servicing, and insurance within two or three years. After that, the car is sent to Polestar.
Ingenlath mentioned, “In generations to come I can see they will not be happy to pay €60,000 on an object they have to sell again. The modern way is not to do that - there are better ways.”
“The way you own a Polestar, we believe is a appealing to people, as you have a much more precise idea of what it actually costs to own. It is a very clear and committed price per month and is hassle free,” Ingenlath adds.
After the car is sent to Polestar, it is then sent out for a second subscription service which will most likely be on a discounted rate. “What happens after a second subscription is an open question. But even then they are not at their end, they still have a value; the cars are very easy to monitor where they are in their lifetime,” Ingenlath said.