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Polestar 3 electric SUV to be produced in U.S. in 2024, EV maker Lucid set to meet targets

Yahoo Finance reporter Pras Subramanian details the latest news about Polestar's electric SUV and EV maker Lucid stating it will meet its 2022 production targets.

Video Transcript

[AUDIO LOGO]

DAVE BRIGGS: All right let's talk some EVs now. EV-maker Polestar debuting its new electric SUV today. Produced on two continents, features centralized computing with NVIDIA DRIVE. Yeah! Senior Autos Reporter Pras Subramanian here with that story. This is the only EV I've driven. It was a lovely experience. What's this new SUV all about?

PRAS SUBRAMANIAN: So they teased this a few months ago their first SUV, really Polestar 3. We're hearing now dual motor setup, a 517 horsepower, a lot of torque on hand, a lot of autonomous driving features, the Google Android auto kind of integration system. But the interesting part can be made, like I said, in two years, starting in China in 2023, you're going to build it in that Polestar plant there in Chengdu.

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But then also at Volvo's plant in South Carolina they're going to build that Polestar 3 for North America and other global markets. So in 2024, we'll see that car here in the States. Pretty impressive looking Polestar here. It's an SUV, so I think it's going to be a very popular sort of footprint for the car. But it's also going to cost around $80,000. So not--

DAVE BRIGGS: Starting, right?

PRAS SUBRAMANIAN: Starting.

DAVE BRIGGS: Starting in the mid $80,000s, so yeah. And probably going well north of $100,000 once you add on all the gadgets.

PRAS SUBRAMANIAN: Yeah.

DAVE BRIGGS: All right, elsewhere in the EV space, Lucid says it's on track to meet its production goals for 2022. What do we know?

PRAS SUBRAMANIAN: So they had cut their production forecasts twice this year from around 20,000 to 12,000, 14,000, to now to 6,000 to 7,000 a year. They're reaffirming that 6,000, 7,000 target. They actually made around 2,300 cars last quarter, which is triple the amount they made in Q2. But that's not that much.

So a lot of heads are rolling actually in management there. The CEO Peter Rawlinson went to the factory, was there every day to sort like kind of iron out those issues. So it seems like they're finally past that with the production kind of bottlenecks. But still a long way to go. We're talking about a car that costs around $150,000.

So volume is low to begin with. But they have said they want to make an $80,000 base level Lucid Air. So maybe that comes soon. Also, the Gravity SUV's also on the horizon, so that's another probably a big deal for them. Hopefully next year we'll see that.

DAVE BRIGGS: Nice, very affordable, $80,000 version.

PRAS SUBRAMANIAN: You know, cars are expensive.

DAVE BRIGGS: I know, I know, they are really expensive. The Wagoneer is $100,000 car.

PRAS SUBRAMANIAN: Yeah.

DAVE BRIGGS: And that's not an EV. Pras, good stuff. Thank you.