⭐ The 2024 Polestar 2 is the latest EV from Volvo’s other luxury car brand

💵 Its price is expected to exceed the previous gen at around $55K

🛞 Drivers will have three trim options, starting with a RWD model

🚙 The hatchack-SUV mashup is priced to compete with the Tesla Model 3

🔌 Its specs are also comparable to that of the Volvo XC40 Recharge

As signified by the CES 2023 cars we saw from legacy automakers, Tesla’s EV market share is under threat. Even putting aside the stock price plummet following CEO Elon Musk’s Twitter acquisition, the reality is setting in that other companies can make electric cars – in some cases better. Since 2021, S&P Global reported Telsa’s market share has dropped from 77.8% in 2021 to 57% in November 2023.

Hey, notice, no banner ads. Please support us by singing up for our Substack – FREE or paid helps keep us doing 🙏

The 2024 Polestar 2 is poised to compete for a slice of that market share. Somewhere between a compact crossover SUV and a hatchback, the Polestar 2 is a popular alternative to Tesla’s Model 3. Since its introduction in 2020, more than 90,000 Polestar 2 vehicles have been sold, with the brand seeing rampant growth each year. 

With this year’s update, the Polestar 2 is getting a major design overhaul, bringing it closer in appearance to the upcoming Polestar 3 luxury SUV. It’s also making the shift to rear-wheel drive at the base level, leading many to believe the starting price will be higher. While front-wheel drive was once the drivetrain style of choice for those looking to save money on gas, “mid-battery” motors make fuel consumption a moot point.

Volvo has more than a 48% stake in Polestar, which it acquired from its partner company, Flash/Polestar Racing in 2015. Both Swedish car manufacturers are owned by the Zhejiang Geely Holding Group, which also owns Lotus, as well as Smart, the Mercedes-Benz-co-founded company known for its eponymous city microcar.

Many Polestar 2 2024 specs were confirmed in late January, mostly related to performance and design. The next-generation Polestar 2 price, however, remains elusive. Although you might expect the cost to align with that of its predecessor, the 2024 Polestar 2 is expected to get a $1,500 bump, with an anticipated starting price of around $55,000, according to Car and Driver.

Following in the Polestar 3’s lead, the 2024 Polestar 2 introduces SmartZone to the lineup, replacing a traditional grille design with an array of cameras and sensors. This helps support driver awareness functionality, such as post-impact braking and automatic lane changes to prevent oncoming collisions. 

The 2024 Polestar 2 is available to order now in Europe from Polestar’s website, with US reservations following soon. Early deliveries are set to arrive sometime in Q3 2023 (Jul-Sep). In the meantime, you can sell your car on Vroom with a free scheduled pickup.

Sell on Vroom

As opposed to the 2023 Polestar 2, the base model 2024 Polestar 2 moves the guts of the drivetrain to the rear. You’ll get 299 horsepower (HP), 361 lb-ft (pound-feet) of torque and 300 miles of range per charge. It’ll go from 0-60 mph in 5.9 seconds – 0.1 seconds less than the 2024 Alfa Romeo Tonale plug-in hybrid (PHEV). 

2024 Polestar 2 long-range single motor RWD specs

Price: TBA ($55,000 est.)

Drivetrain: single motor rear-wheel drive

Battery capacity: 82kWh

Max charging speed: 205kW

Est. range: up to 300 miles

Horsepower: 299 HP

Torque: 361 lb-ft 

0-60: 5.9 seconds

In addition to the rear-wheel drive (RWD) single motor trim, the 2024 Polestar 2 will be available in two dual motor all-wheel drive (AWD) variants, including one with Polestar’s Performance pack, which pushes 421 HP and 546 lb-ft of torque. The top-end model hits 60 in 4.1 seconds at full throttle – that’s 0.7 seconds faster than a Porsche Taycan 4 Cross Turismo. 

2024 Polestar 2 long-range dual motor AWD specs

Price: TBA ($58,000 est.)

Drivetrain: dual motor all-wheel drive

Battery capacity: 78kWh

Max charging speed: 155kW

Est. range: up to 270 miles

Horsepower: 421 HP

Torque: 546 lb-ft

0-60: 4.3 seconds

2024 Polestar 2 long-range dual motor with Performance Pack AWD specs

Price: TBA ($64,000 est.)

Drivetrain: dual motor all-wheel drive

Battery capacity: 78kWh

Max charging speed: 155kW

Est. range: up to 270 miles

Horsepower: 455 HP

Torque: 546 lb-ft

0-60: 4.1 seconds

As with the 2023 Polestar 2 before it, a good amount of range is sacrificed in dual motor configurations. With or without the Performance Pack, you’re looking at 270 miles, according to EPA standards – about 10% less than the RWD model.

Another point in the base trim’s favor is the addition of driver awareness features and a built-in wireless charger previously exclusive to premium trims. Likewise, the battery capacity is higher on the RWD model, as is the max charging speed. Polestar estimates both dual motor trims will take 33 minutes to charge from 10-80% at the full 155kW. 

Charging times for the 82 kWh battery have yet to be disclosed. “These things are not exactly linear, but of course, it will be [noticeably] quicker than the other battery,” a Polestar representative told me in an email.

The dual motor Polestar 2 now comes standard with the Pilot Pack, which includes a Blind Spot Information System (BLIS), Cross Traffic Alert (CTA) and other safety features intended to keep drivers out of harm’s way. The Performance Pack adds Brembo brakes, 20-inch forged wheels, Öhlins dual flow valve dampers, a software upgrade that adds extra horsepower and gold seatbelts, of course.

Volvo also has a more affordable all-electric SUV called the XC40 Recharge, though it’s increasingly hard to distinguish from the Polestar 2 as a competitive offering. The XC40, which comes standard with dual-motor AWD starts at $53,550 MSRP while the comparable 2023 dual-motor offering from Polestar costs slightly less for longer range, better performance and faster charging.

2023 Volvo XC40 Recharge specs

Price: starts at $53,550 MSRP

Drivetrain: dual motor all-wheel drive

Battery capacity: 75kWh

Max charging speed: 150kW

Est. range: 208 miles

Horsepower: 402 HP

Torque: 486 lb-ft

The Polestar 2 also has more premium options for its interior furnishings. Whereas Volvo went leather-free for all XC40 trims, last year’s Polestar 2 optioned trace leather seats for its $4,200 Plus pack add-on, giving drivers the option for real leather seats without compromising its commitment to the ethical sourcing of its materials. Considering the Polestar 3 keeps the leather upholstery, I suspect the same will be true of the 2024 Polestar 2.

Both the Polestar 2 and Volvo XC40 Recharge feature Android Automotive, which is different from Android Auto. While Android Auto works like a pre-installed app for your smartphone, albeit one with an additional layer of apps inside it, Android Automotive is more akin to the full Android experience you’ll find on the Samsung Galaxy 23 when it launches next week. 

As of the 2023 model, drivers operate Android Automotive on the Polestar 2’s 14.5-inch touchscreen center display. Google services like navigation and music streaming are included in the vehicle’s price for the first three years before a $200 subscription fee kicks in for the next 12 months. With the XC40 Recharge, on the other hand, you get four years of online services included but only a 9-inch center display.

The Tesla Model 3 hasn’t changed much since its introduction in 2017. In fact, its first major design upgrade ever – dubbed “Project Highland” – is expected to come out this year, with production starting in Q3, according to TopElectricSUV.com. Although the current Tesla Model 3 went on sale in 2019, its specs still hold up on paper. 

2023 Tesla Model 3 long-range single motor RWD specs

Price: $43,990

Drivetrain: single motor rear-wheel drive

Battery capacity: 60kWh

Max charging speed: 170kW

Est. range: up to 272 miles

Horsepower: 271 HP

Torque: 310 lb-ft 

0-60: 5.8 seconds

2023 Tesla Model 3 Performance 

Drivetrain: dual motor all-wheel drive

Battery capacity: 82kWh

Max charging speed: 250kW 

Est. range: up to 315 miles

Horsepower: 455 HP

Torque: 487 lb-ft

0-60: 3.1 seconds

Like the Polestar 2, the Tesla Model 3 is a five-seater, though it’s more of a classic sedan than a hatchback/SUV automotive cocktail. Yet, despite that, the Model 3 is still the larger of the two. Its starting price is also lower, but we don’t know whether that will still be the case when either the 2024 Polestar 2 or 2024 Tesla Model 3 launches later this year. Tesla may have the advantage when it comes to pricing, seeing as the company recently slashed its prices by as much as 20% across its entire lineup.

Range, however, is where Tesla falls short. In contrast to Polestar’s 300-mile claim for the baseline Polestar 2 configuration, the rear-drive Tesla Model 3 caps out at 272 miles. It does still have the upper hand in charging speed due to Tesla’s unmatched Supercharger network, but that may change as other companies like Mercedes-Benz invest in competing infrastructure without proprietary adapters. 

For now at least, Tesla is losing ground in the horserace for power as well. While the Model 3’s Performance trim still bests the Polestar 2’s 0-60 times across the board, its competitors are catching up and are, in some ways, already prevailing over the American EV brand, which has been synonymous with electric cars for over a decade.

Edmunds: free new and used car quotes