Polestar Undercuts Tesla's Model X, Rivian's R1S With Lower Starting Price For Latest SUV: Here's How Much It Costs
Portfolio Pulse from Anan Ashraf
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) reduced the starting price of its Polestar 3 SUV in the U.S. by about 13% to $73,400, aiming to boost demand and compete with Tesla's Model X and Rivian's R1S. Deliveries are expected to start in Q2 this year, following production commencement in Chengdu, China. Despite a 41% revenue increase, Polestar reported a Q3 operating loss of $261.2 million and fell short of its 60,000 delivery target last year.
March 14, 2024 | 6:43 am
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Polestar lowered the starting price of its Polestar 3 SUV to $73,400, aiming to increase demand against competitors like Tesla and Rivian. The company reported a Q3 operating loss but saw a 41% increase in revenue.
The price reduction of the Polestar 3 SUV is a strategic move to increase competitiveness and demand in the premium SUV market, potentially leading to higher sales volumes. Despite the reported operating loss, the significant revenue growth indicates strong market interest and operational scaling, which could positively impact PSNY's stock in the short term.
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