Polestar has begun production of the Polestar 3 at its plant in Ridgeville, South Carolina, marking the first time the EV maker has produced on American soil.
Polestar (NASDAQ: PSNY), the premium electric vehicle (EV) maker owned by Geely and Volvo Cars, has begun US production of the Polestar 3, after the production of the electric SUV (sport utility vehicle) in China started earlier this year.
Polestar began production of the Polestar 3 at its plant in Ridgeville, South Carolina, marking the first time the EV maker has produced on American soil, according to an overnight statement.
“Manufacturing Polestar 3 in the USA is a crucial step for us. Now we offer customers in America an electric SUV that is built in America,” Polestar CEO Thomas Ingenlath said.
Founded in 2017 by Volvo and Geely, Polestar's first product, the Polestar 1, was only available in limited quantities and has been discontinued.
The Polestar 2, which began deliveries in mid-2020, is considered the brand's first truely mass-produced model on sale, and is only built at a plant in Taizhou, Zhejiang province, in eastern China.
On October 12, 2022, the Polestar 3 made its global debut. On February 27 of this year, Polestar said that production of the Polestar 3 had begun in Chengdu, Sichuan, in southwest China.
The Polestar 3 is the first Polestar model to be produced on two continents, supporting the company's growth ambitions in North America, Europe and Asia.
By producing vehicles in the US and China, Polestar is able to serve North America, Europe and Asia more efficiently, reducing lead times and costs, according to its overnight statement.
Polestar vehicles produced at the Ridgeville plant will not only be supplied to the US market, but will also be shipped to Europe, according to the statement.
Polestar also plans to begin production of the Polestar 4 in South Korea by 2025, the statement said.
Separately, according to a Reuters report overnight, Ingenlath said the US plant is expected to reach full capacity in two months and will begin supplying US customers next month, followed by deliveries to Europe.
Polestar sold 3,555 Polestar 2 sedans in the US in the first half of the year, Reuters said, citing Kelley Blue Book estimates.
Polestar's US production comes at a time when Europe and the US have imposed tariffs on EVs from China.
In a May 14 statement, the US Trade Representative's office (USTR) announced that in 2024 the tax on Chinese EVs would rise from 25 percent to 100 percent.
The European Commission announced on July 4 the results of its preliminary ruling in its countervailing investigation against Chinese carmakers, with different carmakers facing different rates.
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