Another Big Automaker Takes Aim at Tesla's Model 3

Swedish automaker Volvo Cars officially launched its new high-performance Polestar brand on Tuesday -- and its announcement made clear that the new brand is aimed directly at Tesla (NASDAQ: TSLA).

Yes, the first Polestar product will require gasoline (it's a high-performance luxury hybrid). But all future Polestars will be pure battery-electric vehicles, and the brand's product plan promises serious competition for the Silicon Valley automaker -- soon. 

The first product from Volvo Cars' new performance brand is the Polestar 1, a 600-horsepower hybrid coupe. Image source: Volvo Cars.

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Source: Fool.com