Swedish electric car brand Polestar Automotive Holding UK PLC (NASDAQ:PSNY) CEO Thomas Ingenlath addressed the competition of its newly launched battery-electric coupe SUV in its first-quarter earnings call on Thursday.
What Happened: Polestar 4 does not directly compete with Tesla Inc‘s (NASDAQ:TSLA) Model Y, said Ingenlath. Instead, it is much closer in its price range to Porsche AG‘s (OTCPK: DRPRF) Macan, the CEO added.
The Polestar 4 was launched in China in April and production is expected to start deliveries in the fourth quarter. The price of the vehicle is expected to be between $60,000-$80,000.
While Tesla’s Model Y starts at $47,490, base 2023 Macan starts at $57,500.
Why It Matters: Polestar shares closed down 12.47% at $3.475 on Thursday following a cut in guidance. The company now sees a production volume of 60,000-70,000 in 2023, down from the previous guidance of 80,000 vehicles.
The company further announced a delay in commencing production of Polestar 3. Previously expected to start mid-2023, the start of production is now slated for early 2024 citing a delay in software development.
However, in the first quarter, Polestar reported a 26% year-over-year jump in deliveries to 12,076 cars.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More: Tesla Continues Rollercoaster Pricing With 2nd Straight Weekly Hike In US
