Polestar cuts starting prices for its upcoming model as EV demand falters
13/03/2024 15:11
March 13 (Reuters) - Swedish electric-vehicle maker
Polestar Automotive Holding A4N1y.F PSNY.O on Wednesday cut
the base price of its Polestar 3 model by more than 12% and
launched new variants, as it prepares to counter lackluster
demand.
Faltering demand in the global EV market has led to a spate
of job cuts and missed production targets, forcing EV-makers to
cut prices in a bid to revive demand.
Polestar reduced the starting price for the Polestar 3
range of vehicles to $73,400, from the original starting price
of $83,900. The company added two new variants, expanding the
range to four variants.
All Polestar 3 variants will include the company's "Pilot
Pack", which has the driver assistance system, as standard in
the U.S, the company said.
Deliveries are set to begin in the second quarter of 2024.
At the time of the launch of the Polestar 3 model in October
2022, the company had aimed to begin deliveries in the fourth
quarter of 2023.
The company has been grappling with weak demand for its
vehicles as its 2023 deliveries fell short of its target in
January, as its higher-priced models struggled to generate
demand.
Separately, Wells Fargo downgraded the rating on Tesla's
stock TSLA.O on concerns over the waning impact of price cuts
by the automaker on demand for its EVs.
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shailesh
Kuber)
((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800;))