Polestar has unveiled its first volume model, as well as the Volvo Group's first modern electric model: the Polestar 2. Polestar is specifically calling out the Tesla Model 3 and it will seek to compete with it on power, range, and price.

Borrowing its overall looks from the Polestar 1, the 2 follows in the same spirit of performance. Unlike the 1, though, it's entirely electric with a 500 km (275 mile EPA) range. It churns out 408 hp and 487 lb-ft of torque.

That's good enough for an impressive 0-62 mph time of 5 seconds flat. If you opt for the performance pack, you get big Brembo brakes, golden Ohlins dampers, and a gold seatbelt, to boot.

"Polestar 2 is our first fully electric car and first volume model. Everything about it has been designed and engineered with passion and dedication," says Thomas Ingenlath, Polestar CEO. "As an electric performance brand, and through the forthcoming launch of a portfolio of fully electric cars, Polestar is determined to address the world's air quality challenges. Polestar delivers electric performance cars that are great to own and drive."

Although prices for the launch edition of the Polestar 2 will start at 59,900 Euros ($63,000 US, or $55,500 if you apply the tax rebate), the brand is again cribbing from Tesla and says that a later edition will be available at 39,900 Euros. The Polestar 2 will be offered via subscription, but prices for that have not been revealed yet.

The car isn't just about performance, though. Polestar, like Volvo, has embedded Android into its infotainment system and will allow owners to use their phone as a key.

That, says Polestar, will allow car sharing, and should also allow for a few neat features. As you approach the car, for instance, the infotainment screen can tick on to show you how charged it is before you even get in. And it's not just the technology that's state of the art.

"We decided to bring something different to the segment. Our avant-garde design has evolved from Polestar 1 into an edgier, bolder statement," says Maximilian Missoni, head of design. "We have also designed a standard vegan interior with progressive textiles that will appeal to the forward-thinking audience who will subscribe to Polestar 2."

Although you will be able to find the Polestar 2 at Polestar Spaces--when they show up--the car itself will only be for sale online. In fact, you can already pre-order the car at Polestar's website.

Production is set to begin in early 2020 in China. It will be available in both left- and right-hand drive, but the initial launch markets are China, US, Canada, Belgium, Germany, the Netherlands, Norway, Sweden, and the UK and other markets are under consideration.