Polestar is fully committed to its debut electric crossover SUV, the Polestar 3, and aims to challenge the established US luxury market. The Polestar 3 is slated for release later this year, and the company is optimistic that it will meet its launch objectives, which will be accompanied by an extensive new marketing campaign.
The EV manufacturer, established by Volvo and Geely, experienced an 84% surge in revenue to $2.5 billion in 2022 by surpassing its target and delivering 51,491 vehicles. With the release of its initial fully electric vehicle, the Polestar 2, in 2019 as a high-performance premium fastback intended to compete with the Tesla Model 3, the brand has grown into a legitimate competitor in the rapidly expanding EV era. Since its launch in mid-2020, the Polestar 2 has become one of the top ten best-selling electric vehicles in several significant markets, including the UK, Canada, South Korea, Sweden, Norway, and others.
Polestar CEO, Thomas Ingenlath, anticipates that the momentum will build in 2023, with an “exciting year” ahead. Polestar’s target is to deliver 80,000 vehicles this year, a growth of approximately 60% from 2022. One significant factor contributing to the excitement is the debut of the firm’s first luxury electric crossover, which Polestar has named the “SUV for the electric age.” The Polestar 3 boasts the brand’s characteristic minimalist Scandinavian design, enhanced aerodynamics for optimal efficiency, and a commanding and broad SUV-like profile.
Global launch
In October, the EV manufacturer revealed the Polestar 3 as part of its next generation of electric vehicles, expanding on the success of the Polestar 2. While the Polestar 3 was recently introduced in China, the Head of Polestar USA, Greg Hembrough, reports that the company plans a more assertive release in the US and Canada. Hembrough tells Automotive News that Polestar intends to debut its electric SUV with a new $20 million marketing campaign in Q2.
The expense is more than what Polestar has spent in the prior nine months combined, surpassing its expenditure on last year’s Super Bowl. According to Hembrough, North America, including the US and Canada, will be the largest market for the Polestar 3, accounting for approximately a quarter of global sales. Despite Polestar’s success with its electric sedan, the Polestar 3 will target a more extensive audience. Hembrough predicts that premium midsize crossover sales will reach 625,000 this year, compared to 379,000 in the US luxury sedan market. To ensure that Polestar reaches a broad audience, the company’s new marketing campaign will encompass digital, television, and outdoor advertising, commencing on April 4. The Polestar 3 will ride on the same platform as Volvo’s EX90 SUV, offering up to 300 miles of range and 30-minute fast-charging capabilities, with a starting price of roughly $85,000.