In an exciting development from Polestar, Volvo's performance arm, the arrival of a Tesla Model 3 rival in 2020 is going to put the competition for electric vehicles in, er, high gear.
Polestar, which has revealed itself as a stand-alone electric performance brand by introducing the Polestar 1 in late 2017, has revealed their Polestar 2, which Thomas Ingenlath, chief executive officer at Polestar, told Auto Express: “Polestar 2 will join the competition with Tesla Model 3, so people should have an understanding of the size and the price tag as well. It will start around €40,000 (£35,000).
“We are not saying it’s a Tesla killer, we are here to vividly compete with them in the market. We will launch Polestar 2 in the second half of 2019 and production will begin around the start of 2020”.
In 2022, the Polestar 3, which Ingenlath describes as a ‘low and aerodynamic’ SUV will be launched, and both will be available in right-hand drive.
They're not stopping there though as Polestar are still finalising other models for their product portfolio. “With the range of 1, 2 and 3 you get an idea of the kind of car we are after and that can be applied to various categories,” Ingenlath added.
In terms of ownership, they're offering various avenues to get behind the wheel. Basically, you can purchase the vehicles outright either via their website or through one of 80 walk-in stores that Polestar is planning, or, the Swedes are offering its models through a subscription service. It's simple, buyers pay a flat monthly fee that covers the cost of the car, servicing and insurance over a two- or three-year period. Once the contract is up the car is simply handed back to Polestar.
Ingenlath said: “In generations to come I can see they will not be happy to pay €60,000 on an object they have to sell again. The modern way is not to do that – there are better ways.
“The way you own a Polestar, we believe is appealing to people, as you have a much more precise idea of what it actually costs to own. It is a very clear and committed price per month and is hassle-free.”
At the end of the subscription, the car will be given a once-over and sent out on a second subscription service at a discounted price. “What happens after a second subscription is an open question. But even then they are not at their end, they still have a value; the cars are very easy to monitor where they are in their lifetime”, Ingenlath explained.
Since the introduction of the Polestar 1, over 5,000 potential customers have expressed an interest in the model, but because production is limited to just 500 cars per year, Polestar will begin taking a €2,500 ‘application fee’ for interested Polestar 1 customers.
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