(CNN Business)Polestar, a plug-in performance car brand that was spun off from Volvo, revealed its first all-electric car Wednesday. The Polestar 2 will be a direct competitor to the Tesla Model 3.
The base price for the Polestar 2 will be around 40,000 euros, the equivalent of about $45,000. That’s roughly the starting price of a Tesla Model 3 today. Like Tesla, though, Polestar will produce more expensive versions of its car first. The Launch Edition of the Polestar 2, which will be made during the first 12 months of production, will cost about 60,000 euros, the equivalent of about $68,000.
Production will begin in early 2020 in China, home of Geely Holding Group, Volvo’s parent company and Polestar’s co-owner.