Friday, June 9, 2023

Budget for Polestar 3 marketing: $20 million

Polestar describes its new 3 model as an “electric performance SUV,” but most will know it as a crossover, and a first from the brand in this very popular segment. The Polestar 3 will debut in the US market in the fourth quarter of 2023, and will be built first in Chengdu, China, and then (a year later) at the Volvo plant in Ridgeville, South Carolina. “We will build in America for Americans,” said Thomas Ingenlath, CEO of Polestar.

To stand out in a crowded field, Automotive News reports, Polestar plans to spend $20 million on an extensive marketing campaign in the second quarter. The campaign will begin on April 4 with the New York International Auto Show, where it makes its North American debut. The marketing budget is more than the money spent in the first quarter of last year, when the plan included Super Bowl advertising. Pollstar’s plans for 3 include TV, online and so-called out-of-home advertising (hoardings).

Pollstar US head Gregor Hembrough told US News, “With a strong out-of-home campaign in key markets with network and cable television and a solid social media awareness base, we are confident that Pollstar 3 will resonate with US consumers . The creative campaign showcases the unique design features and sleek aerodynamic form of the SUV for the electric age.

Michael Austin, a senior research analyst for e-mobility at Guidehouse Insights, told US News that the $20 million spend “is probably an overall move to increase brand awareness, especially considering the mass media advertising approach. A billboard or TV The ad helps reach people you might not get with targeted online ads, which is important for an unfamiliar startup like Pollstar.”

The mid-size premium crossover segment is about twice as large as the luxury sedan, Hembrough said. And North America is Polestar’s largest market. 3 will be a somewhat more expensive crossover, starting at $85,300. It is likely to be sold loaded with some options. There will also be lease options. Part of the marketing plan for Polestar 3 is the opening of new “destination” stores in suburban locations, possibly including service departments. The stores will keep a tight inventory of only about a dozen vehicles on site.

The twin-motor Polestar 3 with 517 horsepower and 671 pound-feet of torque will power the performance. Long range with the Performance pack, the zero to 60 dash will take just 4.6 seconds in the dual-motor version. Range will be up to 300 miles (in the non-power pack iteration) via a large 111-kWh battery pack. Designer Maximilian Missoni told US News, the Polestar 3 “oozes both performance and SUV character.”

Consumers can choose animal welfare-friendly Nappa leather on their 3.pole Star

There will be four interior themes, including one with “Animal Welfare-Treasured Nappa Leather” sourced from cows that are not raised in total confinement. The car’s interior will be built in part from composites made from European-origin flax which reduces weight by up to 40% compared to conventional alternatives and uses half as much virgin plastic.

Polestar, in collaboration with Volvo and Chinese automaker Geely, introduced the Model 2 in 2019, and had a good year in 2022, with an 84% revenue gain to $2.5 billion. The company delivered 51,500 vehicles last year.

Times of National
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