Polestar 3 is Here with a Cheaper U.S. Built Model!

Polestar, a Swedish electric vehicle manufacturer, is getting closer to the launch of its highly anticipated Polestar 3 SUV. The company recently introduced the electric SUV during a roadshow in New York City, marking its North American debut. With the support of Volvo and China's Geely, the 2023 Polestar 3 is expected to be the biggest product launch in the company's history as it enters the competitive market of electric SUVs. Production of the SUV will begin globally in mid-2023 at a Volvo plant in Chengdu, China, before shifting to Volvo's South Carolina plant in mid-2024 for North America and other markets.

The commencement of the Polestar 3's roadshow achieves multiple objectives, including showcasing the brand's latest development and transforming the vehicle from an image to a tangible product for new markets. Polestar's CEO, Thomas Ingenlath, emphasized the importance of customers and investors being informed about the upcoming events in the coming months, stating that social media alone cannot convey the message. He highlighted the significance of experiencing the product in person to truly appreciate it.

Polestar is planning to spend $20 million on roadshows and traditional media to promote their car by showcasing it to people in person. They hope this will be a unique and effective approach.

Customers in the US may be eligible for IRA tax credits starting next year, but currently, the Polestar models priced above $80,000 are not eligible. However, this will change with the production of a cheaper "rear-wheel drive" version of the Polestar 3 in South Carolina, which will qualify for the tax credits.

Irrespective of its cost and where it was manufactured, the 2023 Polestar 3 has the ability to benefit from the tax credit through a commercial lease exemption in the IRA. This means that any electric vehicle can receive the full tax credit if it is leased through the automaker or a bank.