According to a report on Reuters, Polestar parent Zhejiang Geely Holding plans to build a new manufacturing facility in China, which could host the upcoming Polestar 3 electric SUV. The proposed facility will initially have a capacity of 30,000 units/annum and will be based on the western city of Chongqing.
As per another report filed by Reuters, Polestar is holding discussions to raise $800-900 million from investors at an advanced level. This would be its first external fundraising if it happens. One of the investors is Beijing E-Town International Investment & Development. An $800-900 million investment in Polestar would increase its valuation to over $5 billion.
Polestar would use the new funding to expand production and launch new models. It is safe to assume that the company would utilize the new capital to construct the Chongqing plant for manufacturing the Polestar 3 and developing the same model.
At present, Polestar makes its electric cars in two plants in China, for the local market as well as for exports to Europe and USA; the niche hybrid-electric Polestar 1 is made in Chengdu whereas the Polestar 2 electric crossover is made in Luqiao.
The Polestar electric SUV is expected in 2022, and as Volvo executives have commented before, it will not be a reskinned Volvo XC90. Polestar’s chief operating officer, Jonathan Goodman, told Carbuyer.co.uk that the Polestar 3 will be coupe-style SUV, and will be about drivability, design and “offering something different”.
However, the Polestar 3 will share its platform and battery with the next generation Volvo XC90 (and the Volvo XC100). These two vehicles will be the first to use the new SPA2 platform, which is reserved for larger models including the next iterations of the Volvo V60 and S90.
Another key differentiator of the new XC90 and Polestar sport utility vehicle will be the seating capacity: where the family friendly XC90 will continue to offer up to 7 seats, the Polestar 3 with its coupe inspired roof will be a strict five seater.
As for this coupe inspired styling, Max Missoni, design director for the brand, confirmed that the Polestar 3 will be heavily inspired by the Precept concept shown at the Beijing Auto Show last month. Missoni also commented that the Precept concept will be an indication of the brand’s future design direction.
Coming to the drivetrain of the Polestar SUV, we expect the Audi e-tron rival to feature a range in the ballpark of 310 miles. It will see an electric motor in each axle, and according to Missoni will have different driving characteristics compared to the XC90 (where the Polestar electric car will focus on sportier handling, the 2023 Volvo XC90 is likely to prioritize comfort).
The Polestar utility vehicle will be sold through the company’s small network of ‘Polestar Spaces’ rather than a showroom-in-showroom concept using Volvo dealers. This is aimed at offering buyers a more exclusive experience, the brand believes.
Polestar 3 FAQ
What is the Polestar 3 release date?
The Polestar electric SUV is expected in 2022.
Which SUVs would the Polestar 3 rival?
The Polestar 3 will rival the Jaguar I-Pace, Audi e-tron and Tesla Model X.
What will be the price of the Polestar 3?
The Polestar SUV is likely to cost between USD 75,000 to USD 90,000.