Polestar is launching a new cheaper Polestar 3 soon Here’s what we know so far

Polestar is set to launch a more affordable Polestar 3 electric SUV by the end of the year.

The new entry-level model aims to compete with Tesla and Porsche, offering a cheaper option for buyers.

The Polestar 3 will come with various trim options, including the Long Range Dual Motor with Pilot Pack and Plus Pack, starting at $78,900.

The company also revealed that the Polestar 3 is eligible for a $7,500 Polestar Clean Vehicle Incentive on leases, potentially bringing prices as low as $65,900.

The Polestar 3 boasts up to 517 hp and 671 lb-ft of torque for added performance, with a 0 to 60 mph sprint in 4.6 seconds.

The company also confirmed that a cheaper Polestar 3 variant will join the lineup by the end of the year as the new base model.

The launch of a cheaper electric SUV could help Polestar keep pace with Tesla's best-selling Model Y, which starts at $44,990 with up to 320 miles range.

Which one would you buy? The Tesla Model Y or the Polestar 3 (or Porsche Macan EV)? Let us know in the comments below.