(Credit: Emily Forlini)
Polestar is offering an extra $5,000 discount for Tesla drivers who want to trade in their vehicle to lease a Polestar 3.
This "Tesla Conquest Offer" runs until March 31. When combined with another $15,000 in savings and incentives for lessees, Tesla owners can get up to $20,000 to switch to a Polestar 3.
"The numbers speak for themselves," says Polestar Head of Sales Jordan Hofmann on LinkedIn. "This week saw some of the highest order days for Polestar 3...The excitement is real, the momentum is growing, and as I always say - we’re just getting started!"
"Ordered mine, so excited to make the switch," says one commenter. "You hooked me! Picking up my [Polestar 3] on Monday!" adds another.
We reached out to Polestar for specific sales numbers and will update this story if we hear back.
(Credit: Polestar)The Polestar 3 is a high-end, tech-heavy EV that began customer deliveries in mid-2024. The company brands it as "the SUV that drives like a sports car," with up to 350 miles of range and acceleration from 0-60mph in 4.5 seconds. It starts at $67,500 or $599/month for a lease, However, it looks like it's mostly pricier trims that are available for the $20,000 discount, with an average monthly lease price of around $800.
A $20,000 discount would lower the monthly payment substantially. However, it's worth noting Polestar's shaky financials. The company secured a $450 million loan last week amid falling demand and disappointing earnings, Reuters reports. Its former CEO, Thomas Ingenlath, stepped down in the fall, and was replaced by Michael Lohscheller.
Lohscheller previously led Vietnamese EV maker Vinfast and Nikola, an EV and hydrogen truck maker, which filed for bankruptcy in February. We'll see if he can turn around Polestar by capitalizing on growing discontent with Tesla.
Tesla CEO Elon Musk's polarizing political moves as head of the Department of Government Efficiency (DOGE) have sparked protests at Tesla dealers, the AP reports. We'll find out in April, when Tesla reports its Q1 sales, if its business has suffered from its CEO's persona and/or aging lineup. Tesla sales were down in 2024 for the first time since 2012, but its stock is still surging.
"Elon's DOGE is really hitting some people in a way they are now willing to abandon their Teslas and will be looking into other options," one LinkedIn user commented on Hofmann's post. "Based on what's available to a substantial number that demographic, the [Polestar 3] places itself into a good position."
Polestar will debut its next vehicle for the US market, the Polestar 4 ($54,900, 300-mile range), later this year. Deliveries have already begun in Europe.