Swedish EV maker Polestar on Wednesday unveiled a brand new electrical SUV that it is relying on to broaden its gross sales and presence in america.

The brand new mannequin, known as the Polestar 3, is a five-passenger EV that the corporate describes as a “efficiency SUV.” It’s going to launch with a 111 kilowatt-hour battery and a dual-motor configuration that delivers as much as 517 horsepower with an estimated 300 miles of EPA-rated vary.

Priced at about $84,000, the automobile comes loaded with know-how, together with an Nvidia pc operating superior driver-assist software program developed by Polestar’s half proprietor, Volvo Vehicles.

Just one model of the Polestar 3 will probably be out there at launch, although cheaper trims are anticipated to comply with. An optionally available “Pilot Pack” will add a Luminar lidar unit and different sensors wanted for autonomous driving, which Polestar expects to make out there sooner or later through an over-the-air replace.  

It is a step up in dimension, efficiency, know-how and worth from the corporate’s present mannequin, the Polestar 2 crossover, which begins at round $48,000. The Polestar 1 was a limited-production hybrid coupe, now discontinued.

It is also one thing of a step up in worth from what is going to seemingly be its principal competitor: Tesla’s Mannequin Y, which prices about $70,000 in comparable dual-motor trim. One other potential rival, BMW’s all-electric iX SUV, begins at about $85,000.

The Polestar 3 will probably be in-built China, beginning subsequent yr, and within the U.S. — at a Volvo Vehicles manufacturing facility in South Carolina — beginning in mid-2024. Deliveries are anticipated to start within the fourth quarter of 2023.

Polestar expects to ship 50,000 automobiles to clients all over the world in 2022. By way of September, it had delivered about 30,400, it stated final week.

Polestar is a three way partnership between Volvo Vehicles and Chinese language automaker Geely, which has owned Volvo Vehicles since 2010. Polestar went public through a merger with a particular objective acquisition firm in June. Its shares have fallen about 58% since.