Polestar is enjoying a surge in the number of individuals leasing the all-electric 2 in the United States, thanks in part to the $7,500 federal EV tax credit.
The impressive EV, and Polestar’s only model, is available to lease from $469 a month over a 36-month lease, a healthy discount from the $529 in February. Polestar North America chief executive Gregor Hembrough notes that Polestar 2 lease volume increased 3 to 4% higher in March than in February, adding that leases now account for 60% of all 2s being delivered, a significant rise from the 40% a year ago.
A rise in the number of people leasing the Polestar 2 is important for the brand as its North American dealerships eagerly await the arrival of the Polestar 3 SUV.
Read: 2024 Polestar 2 Debuts With More Power And Up To 300 Miles Of EPA Range
Auto News notes that the Polestar 3 is almost a year behind schedule and will not land in the United States until late 2023. The company believes the U.S. will be the single largest market for the SUV and expects North America to account for roughly 25% of global sales.
When it does arrive, dealerships will have to wait a little while longer to receive ample supplies of the SUV as production won’t ramp up until the summer of 2024 at Volvo’s factory in Charleston, South Carolina.
Speaking with Auto News, a Polestar retailer expressed frustration at the long wait for the new model.
“Dealers are struggling to cover their expenses,” the retailer said. “If you’re looking at the cost of being in a shopping mall, it can be more expensive long-term than owning your building.”
Polestar is investing $20 million into a media campaign to raise awareness for the 3 and is confident it will help sales.
“We are far more tactical in our advertising about highlighting the $7,500 clean air rebate and a very competitive lease payment,” Hembrough said. “So a TV campaign to drive brand awareness. Drive consideration in a segment which is now moving to more lease orientation. And then, with a one-two punch on April 4, we start overlaying it with the incremental media creative for Polestar 3.”
