The Polestar 1 will be available for pre-order on Mar 13. 2018, starting in six markets – China, U.S., Sweden, Germany, Norway, and the Netherlands. 12 additional markets will open on Mar. 23, including but not limited to Switzerland, the UK, France, Spain, Italy, Denmark, Portugal and Canada.

All buyers will be required to place a refundable deposit of $3,099 (€2,500)

“We will open pre-ordering of the Polestar 1 to eighteen markets which covers around 95 percent of the geographical interest from potential Polestar 1 customers,” said Thomas Ingenlath, Polestar CEO, in a statement. “The deposit acts as a placeholder in the Polestar 1 queue, and we are excited to see how the initial response translates into pre-orders.”

To date, Volvo has claimed interest from more than 5000 customers with a planned 500 vehicles to go into production a year, starting in mid-2019 at a Chinese facility.

Its business model differs from traditional leases, in a subscription format where a monthly fee covers pickup, delivery, maintenance, and insurance. Customers will be able to purchase vehicles online and access the car using a “phone-as-a-key” app allowing entry even when its owner is not in the immediate area.

Modeled in part by the Volvo S90 sedan, the Polestar 1 is the inaugural vehicle in Volvo’s electric vehicles brand, Polestar, claiming 93 miles 150 km) of all-electric driving range on 600 horsepower and 738 pound-feet of torque. Other specifications include a hybrid engine comprising of an internal combustion engine powering its front wheels and a 34 kWh double-electric rear axle drive, each motor delivering 109 horsepower.