In a strategic move to bolster its presence in the competitive electric vehicle (EV) market, Polestar, the premium EV manufacturer under the ownership of Geely and Volvo Cars, has announced a significant price reduction for its Polestar 4 SUV in China. The decision comes as anticipation builds for the commencement of deliveries for the eagerly awaited model.
Price Adjustment: Benefit Package Stripped Out
At a recent event, Polestar China CEO Shen Ziyu revealed that the original benefit package included in the pricing structure of the Polestar 4 will be removed. This move effectively lowers the starting price of the Polestar 4 to just under 300,000 yuan ($41,390). The price adjustment reflects Polestar’s commitment to offering an attractive and competitive option in the burgeoning Chinese electric vehicle market.
Polestar 4’s Official Launch and Model Range
Polestar officially launched the Polestar 4 in China on April 18, coinciding with the opening day of the Shanghai auto show. The model lineup initially featured six versions, comprising three single-motor options and three dual-motor variants. These were priced at RMB 349,800, RMB 387,800, RMB 417,800, RMB 453,800, RMB 483,800, and RMB 533,800.
Price Comparison with Competitors
Before the recent price adjustment, the Polestar 4 faced stiff competition in terms of pricing from Tesla’s Model Y, a popular SUV in the Chinese EV market. The original Polestar 4 versions were notably higher in price, with the starting point at RMB 349,800, compared to the Model Y’s range starting at RMB 266,400.
Streamlined Options: Focus on Single-Motor and Dual-Motor Variants
In response to market dynamics, Polestar made a strategic decision to streamline its Polestar 4 offerings. The company eliminated half of the available versions, retaining only two single-motor options and a dual-motor variant. These remaining configurations are priced at RMB 349,800, RMB 417,800, and RMB 453,800, respectively, according to the information available on Polestar’s official website.
As Polestar gears up for the deliveries of the Polestar 4, the revised pricing strategy aims to enhance the model’s competitiveness and appeal in the rapidly evolving landscape of the Chinese electric vehicle market. The move reflects Polestar’s adaptability and commitment to providing consumers with a compelling and accessible premium electric vehicle option. Read Similar Story