Polestar, the electric vehicle (EV) brand jointly owned by Volvo Cars and China’s Geely Automobile Holdings (OTC: GELYF), has unveiled its latest model: the Polestar 4, a sleek SUV coupe that aims to compete with Tesla’s (NASDAQ: TSLA) Model Y.
The Polestar 4 is the fourth model from the brand, following the Polestar 1 plug-in hybrid coupe, the Polestar 2 compact sedan, and the upcoming Polestar 3 midsize SUV. The new vehicle is based on Volvo’s Compact Modular Architecture (CMA), which also underpins the Volvo C40 Recharge and the Polestar 2.
The Polestar 4 features a distinctive design that combines a low roofline, a sloping rear window, and a large hatchback. The vehicle has a spacious interior with four individual seats, a panoramic glass roof, and a minimalist dashboard with a large touchscreen. The vehicle also boasts advanced technology, such as a head-up display, wireless charging, and an infotainment system powered by Google’s (NASDAQ: GOOG) (NASDAQ: GOOGL) Android Automotive OS.
The Polestar 4 will be available in two versions: a standard model with a single electric motor and a rear-wheel drive system and a performance model with two electric motors and an all-wheel drive system. The standard model will have a range of about 310 miles (500 kilometers) on the European WLTP cycle, while the performance model will have a range of about 280 miles (450 kilometers). The performance model will also have a higher top speed of 155 mph (250 km/h) compared to 130 mph (210 km/h) for the standard model.
The Polestar 4 is expected to go into production in late 2023 at Polestar’s plant in Chengdu, China. The vehicle will be sold in Europe, China, and North America, with prices starting from around $50,000. The vehicle will also be offered through Polestar’s subscription service, which allows customers to pay a monthly fee that covers insurance, maintenance, and other services.
The Polestar 4 is an ambitious attempt by Polestar to challenge Tesla in the fast-growing segment of premium EVs. The vehicle offers a unique combination of style, performance, and technology that could appeal to customers who are looking for something different from the mainstream options. The vehicle also benefits from Polestar’s strong brand identity, which is focused on sustainability, innovation, and design.
Polestar is not the only EV maker that is targeting Tesla’s dominance. Other rivals include Lucid Motors (NASDAQ: LCID), which recently launched its luxury sedan Lucid Air; Rivian Automotive, which is preparing to deliver its electric pickup truck R1T and SUV R1S; and Nio (NYSE: NIO), which is expanding its lineup of premium SUVs in China. However, Polestar has an advantage over these newcomers: it can leverage Volvo’s expertise in safety, quality, and customer service, as well as Geely’s scale and resources.
Polestar is aiming to sell more than 100,000 vehicles per year by 2025Polestar 3, up from about 10,000 in 2020. The Polestar 4 could be a key driver of that growth, as it offers a compelling alternative to Tesla’s Model Y and other competitors. Investors who are interested in the EV space should keep an eye on Polestar’s progress and performance in the coming years.