Polestar is launching a new cheaper Polestar 3 soon: Here’s what we know so far

A more affordable Polestar electric SUV is set to launch by the end of the year. Polestar (PSNY) will unveil a cheaper, entry-level Polestar 3 model to compete with Tesla and Porsche. Here’s what we know so far.

Meet the Polestar’s new electric SUV

With the Polestar 3 expected to begin rolling out in the US in the coming months, the automaker is already planning to launch a cheaper option for buyers.

Polestar 3 production began in April in Chengdu, China, a few months ago, with additional production in South Carolina expected to start in mid-2024. Polestar has already successfully completed early production tests in the US.

The Polestar 3 will be the company’s first EV built on two continents as the brand looks to expand in major markets globally.

The entry-level Long Range Dual Motor was expected to start at $83,900 with up to 300 miles EPA range. However, in March, Polestar announced a new starting MSRP of $73,400 with Pilot Pack included as standard on all trims.

Polestar expects deliveries of the standard Long Range Dual Motor to begin in the second quarter of 2024.

The company also revealed that the Polestar 3 is eligible for its $7,500 Polestar Clean Vehicle Incentive on leases, potentially bringing prices as low as $65,900.

The Polestar 3 Long Range Dual Motor with standard Pilot Pack and optional Plus Pack starts at $78,900. Polestar’s Plus Pack includes a 1,610-watt Bowers and Wilkins sound system, 21″ wheels, bio-attributed MicroTech, and heated rear seats.

Polestar’s Long Rang Dual Motor model boasts up to 489 hp and 620 lb-ft of torque with 315 EPA estimated miles range.

For added performance, the Polestar 3 with Performance Pack is available for $79,400. This boosts output to 517 hp and 671 lb-ft of torque for a 0 to 60 mpg sprint in 4.6 seconds. It also includes “Swedish Gold” accents, 22″ performance wheels, and Polestar-engineered chassis tuning.

Polestar to launch cheaper Polestar 3 variant

Polestar confirmed a cheaper Polestar 3 will join the lineup by the end of the year as the new base model.

Speaking with the media, Polestar’s global head of communications, Brent Ellis, said, “Later this year, the single-motor version of the Polestar 3 will be available.”

Ellis added, “It will be rear-wheel drive, and we will have more details a few months from now when the time comes to launch.”

Although details and pricing are yet to be revealed, Polestar’s product manager told Drive the RWD model will use the same rear electric motor as the AWD Long Range Dual Motor model with 180 kW (241 hp).

Like the other trims, the RWD model will feature a 111 kWh battery pack, which should see increased range.

Polestar 3 deliveries are expected to kick off in Australia in June 2024. However, it will be a true electric five-seater. Ellis confirmed, “There’s not going to be a seven-seater at any point.”

The cheaper model will likely launch in the US and other global markets. More details are expected closer to its official debut. Check back for more info soon.

Electrek’s Take

Although Polestar claims Tesla is not the competition (more like Porsche’s new Macan EV), a cheaper electric SUV could help it keep pace with Tesla’s best-selling Model Y.

Tesla’s RWD Model Y starts at $44,990 with up to 320 miles range. The Long Range AWD model costs $47,990 with up to 310 miles range. Meanwhile, the Performance variant starts at $51,490 with a 0 to 60 mph sprint in 3.5 seconds. With the $7,500 EV tax credit, Tesla Model Y prices start at as low as $37,490.

Which one would you buy? The Tesla Model Y or the Polestar 3 (or Porsche Macan EV)? Drop us a comment below.