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Polestar Responds to Sluggish EV Demand by Cutting Starting Prices for New Model

Polestar Responds to Sluggish EV Demand by Cutting
A view shows a Polestar 3 electric SUV in a showroom in central Oslo, Norway November 18, 2022. REUT... A view shows a Polestar 3 electric SUV in a showroom in central Oslo, Norway November 18, 2022. REUTERS/Victoria Klesty/File Photo
Polestar Responds to Sluggish EV Demand by Cutting
A view shows a Polestar 3 electric SUV in a showroom in central Oslo, Norway November 18, 2022. REUT... A view shows a Polestar 3 electric SUV in a showroom in central Oslo, Norway November 18, 2022. REUTERS/Victoria Klesty/File Photo

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Polestar Responds to Sluggish EV Demand by Cutting Starting Prices for New Model

On March 13th, Swedish electric vehicle manufacturer Polestar Automotive Holding announced a significant reduction in the base price of its Polestar 3 model by more than 12%. This move comes alongside the launch of new variants, as the company aims to address sluggish demand in the market. The global electric vehicle (EV) sector has witnessed faltering demand, leading to various measures such as job cuts and missed production targets, prompting EV manufacturers to slash prices in an effort to stimulate demand.

Polestar has revised the starting price for the Polestar 3 range to $73,400, down from the original $83,900. Additionally, two new variants have been introduced, expanding the range to four options. Notably, all Polestar 3 variants will now include the company’s “Pilot Pack,” featuring a driver assistance system, as a standard feature in the U.S.

The commencement of deliveries for the Polestar 3 is scheduled for the second quarter of 2024. Initially launched in October 2022, the company had aimed to begin deliveries by the fourth quarter of 2023. However, Polestar has encountered challenges with weak demand, with its 2023 deliveries falling short of the target set in January. The company has particularly struggled to generate demand for its higher-priced models.

In related news, Wells Fargo has downgraded its rating on Tesla’s stock due to concerns regarding the diminishing impact of price cuts by the automaker on demand for its EVs. This highlights the broader challenges faced by EV manufacturers in navigating market dynamics and sustaining demand in an increasingly competitive landscape.


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