Polestar wants to poach some of Tesla’s customers with a new trade-in promotion for leases on its latest electric vehicle (EV) and first SUV.
On its website last week, the automaker said buyers can save up to $20,000 when trading in a Tesla vehicle and leasing a Polestar 3 SUV.
The promotion combines the $5,000 Polestar Conquest Bonus, which is available for eligible customers who currently own or lease a Tesla vehicle, and the $15,000 Polestar Clean Vehicle Incentive, as detailed by the company. Polestar also says that the bonus expires on February 28, and interested parties should contact their local retailer for more details.
🚨 Polestar comes for Tesla owners specifically with new incentive:
“Calling all Tesla owners. Enjoy up to $20,000 towards the lease of a new Polestar 3 when you combine the $5,000 Polestar Conquest Bonus and the $15,000 Polestar Clean Vehicle Incentive.” pic.twitter.com/MnGIcWfakO
— TESLARATI (@Teslarati) February 24, 2025
READ MORE ON POLESTAR: Polestar tries to poach Tesla buyers after Musk’s ‘unacceptable’ and ‘arrogant’ behavior
The Polestar 3 is rated for 350 miles of range, 517hp, and a 4.5-second 0 to 60 mph acceleration. The company began producing the vehicle in China last year, and it’s building the Polestar 3 at a factory in South Carolina that will help the automaker dodge recently enacted import tariffs.
Tesla also granted Supercharger access to Polestar’s vehicles in October, significantly expanding the number of available charging stalls for owners of the company’s vehicles.
Last month, Polestar CEO Michael Lohscheller spoke out against Elon Musk’s recent involvement in politics in an interview with Bloomberg, saying that the Tesla CEO’s actions were “pure arrogance” and “totally unacceptable.”
Throughout the first part of 2024, Polestar parent company Volvo proceeded to sell its remaining shares of the EV company to its own parent company, Chinese automaker Geely. As a result, the EV maker faced significant executive shake-ups and restructuring, amidst difficulty in getting its vehicles delivered and generating positive cash flow.
Still, the automaker has lofty plans for the coming months, last year saying that it would aim to launch EVs in seven new markets in 2025.
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