Ingenlath’s approach is pragmatic.
Polestar has neither the brand awareness nor the profit margin to launch into a market share war with segment heavyweights Tesla and Ford. The Volvo affiliate began delivering its first and only mass-market EV, the Polestar 2 fastback, in 2020.
But a trio of more powerful, higher-priced models aimed at the U.S. market will arrive over the next three years and should bolster Polestar’s foothold in the luxury EV space.
The Polestar 3 midsize crossover lands in U.S. stores in Q4 and will start at $85,300, including shipping. The Porsche Cayenne-size utility model is built on a new Volvo-developed electric platform and sports a Polestar-inspired design.
Next year, the automaker will debut a second crossover — the sporty Polestar 4. The Polestar 5 large sedan follows in 2025, and the Polestar 6 roadster a year later.
Polestar’s product portfolio aspires competitively to rival Porsche, not Tesla, Ingenlath said.
“We will move our product portfolio upmarket and explore that end,” he said. “We are keen on developing desirable cars that offer great tech and design, and they have their price.”
Ingenlath pointed to the 2024 Polestar 2, which arrives in the third quarter and delivers more power and range, a new drive configuration and revised front fascia.
Polestar’s chief has another reason to avoid a price war — protecting residual values and avoiding ticking off existing customers.
Tesla’s decision to slash prices by as much as 20 percent drew protests from some customers who saw the resale value of their cars dinged.
Ensuring customers have a “stable, reliable value with this car, that is [the] premium strategy that we are determined to follow,” Ingenlath said.