October 14, 2022: -Swedish EV maker Polestar unveiled a new electric SUV that it’s counting on to boost its sales and presence in the U.S. on Wednesday.

The new model, the Polestar 3, is a five-passenger EV that the company describes as a “performance SUV.” It’ll launch with a 111-kilowatt-hour battery and a dual-motor configuration that delivers up to 517 horsepower with an estimated 300 miles of EPA-rated range.

Priced at nearly $84,000, the car comes loaded with technology, which includes an Nvidia computer operating advanced driver-assist software developed by Polestar’s part owner, Volvo Cars.

Only a single version of the Polestar 3 will be present at the launch, though less expensive trims are anticipated to follow. An optional “Pilot Pack” will add a Luminar lidar unit and different sensors needed for autonomous driving, which Polestar anticipates making available in the future via an over-the-air update. 

It’s a step up in size, performance, technology, and price from the company’s model, the Polestar 2 crossover, beginning at around $48,000. The Polestar 1 was a limited-production hybrid coupe, discontinued at present.

It’s a step up in price from what will likely be its main competitor, Tesla’s Model Y, costing approximately $70,000 in similar dual-motor trim. Another possible rival, BMW’s all-electric iX SUV, starts at about $85,000.

The Polestar 3 will be built in China starting next year and in the U.S. at a Volvo Cars factory in South Carolina starting mid-2024. Deliveries are expected to begin in the fourth quarter of 2023.

It anticipates to deliver 50,000 vehicles to customers worldwide in 2022. It had paid about 30,400, and it said last week.

Polestar is a joint venture amid Volvo Cars and Chinese automaker Geely, owning Volvo Cars since 2010. Polestar went public through a merger with a particular purpose acquisition company in June. Its shares have fallen about 58% since.