Polestar to launch its new electric SUV on Hyundai and Kia’s home turf this summer

Polestar’s new electric SUV, the Polestar 4, is set to hit the Korean market in June, Hyundai and Kia’s home turf.

The new fully electric “SUV Coupe” is making its debut in key global markets. Polestar 4 production began in mid-November in China.

By the end of 2023, Polestar said it delivered its first 880 models to customers. Earlier this year, Polestar introduced its new electric SUV in Europe and Australia. In Europe, the Polestar 4 starts at EUR 63,200 ($68,500), and in Australia, it will cost you AUD 81,500 ($53,700).

Polestar’s new electric SUV made its North American debut at the NY Auto Show last month. The automaker announced Polestar 4 prices will start at $56,300 in the US with up to 300 miles range.

That’s less than the expected $60,000 price target. The base, Long Range Single Motor variant features 272 hp and 253 lb-ft of torque for a 0 to 60 mph time in 7.4 seconds.

The more powerful Long Range Dual Motor variant starts at $64,300 with up to 270 miles range. It packs 544 hp and 506 lb-ft of torque for a 0 to 60 mph sprint in 3.7 seconds.

With the added Plus and Performance packages, Polestar 4 prices can run upwards of $74,300. Other optional packages include Pilot (+$1,500) and Pro (+$2,000).

The Polestar 4 is expected to compete with Tesla’s best-selling Model Y (although Polestar does not see Tesla as its competition) and the new Porsche Macan. Now, Polestar’s new electric SUV is about to hit Hyundai and Kia’s home market.

Polestar’s new electric SUV to take on Hyundai and Kia

Polestar already announced it would contract manufacture the 4 in a Busan, South Korea factory last year.

Renault Korea Motors owns the plant, which is its largest plant in Asia. Polestar’s 4 will be the first EV built at the facility and will be produced for the Korean and North American markets.

Polestar announced on Friday that it will launch its new electric SUV in Korea in June. Deliveries are expected to kick off in October.

“We are working on various preparatory measures such as certification, and we will do our best to launch (the vehicle) in June and deliver it to (customers) in October.”

The Polestar 4 will be the second electric SUV to hit the Korean market, following the Polestar 3. One of the most unique features is the Polestar 4’s lack of a rear window.

Polestar says this helps maximize interior space while providing a sleek silhouette. The vehicle’s camera system gives a clear view of its surroundings, including the rear.

With a 100 kWh battery, Polestar aims for the electric SUV to offer up to 379 miles (610 km) WLTP driving range.

Prices have yet to be revealed, but Polestar’s new electric SUV is expected to easily top Hyundai and Kia electric models at over $55,000.

Electrek’s Take

In 2023, Hyundai and Kia accounted for over 90% of domestic car production in Korea. Hyundai had 52% of the share, while Kia had 39%. Both automakers’ sales increased, with Hyundai’s up 10.6% and Kia’s advancing 4.6% year over year.

Meanwhile, Polestar is a premium EV maker with a niche market. Polestar is not expected to sell millions of vehicles, but it could rival top models like the Kia EV9 or the upcoming Hyundai IONIQ 9.

Korea is a key market for luxury automakers like Porsche, Mercedes-Benz, and BMW. It is among the top three Asia markets for global luxury brands. For example, around 34,000 vehicles priced over $108,000 (150 million Won) were sold last year, according to KAIDA and industry figures.

However, a new government rule requiring company cars worth over $58,000 to wear a bright neon green license plate is turning away buyers.

Luxury car sales have fallen by 27% since the new law was introduced in January. Can Polestar make its presence known in the region? Let us know what you think in the comments below.

Source: TheKoreaHerald