STOCKHOLM: Volvo Cars' luxury performance brand Polestar unveiled online its first fully electric sedan on Wednesday, with a price and driving range to rival Tesla's mass market Model 3.
Polestar's launch comes as Tesla is trying to ramp up Model 3 sales in Europe and China, where recent government subsidies and programs are boosting the take up of electric vehicles. A cut in subsidies in the United States, in contrast, in dampening demand in the Californian start-up's home market. Polestar CEO Thomas Ingenlath told Reuters he hoped to sell"north of" 50,000 Polestar 2s in the 2-3 years after deliveries start from the first half of 2020, but said how much production capacity the company sets up would depend on market conditions."If the market develops fine, I don't think the production volume will be the limitation. It depends much more on how the car resonates with the market, how the market develops and how the tariffs develops," he said.
Securing the electric market has become increasingly important as demand for traditional combustion engine vehicles slows in China and Europe, partly due to tariffs stemming from Washington's trade war with Beijing.
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