Swedish electric car maker Polestar has announced it is working on a new car, called the 7, and that it will be produced in Europe.

Polestar (Nasdaq: PSNY) today presents an updated strategy, as the Company starts its next chapter, with significant changes being made to improve operational, commercial and financial performance.

It'll be the brand’s first vehicle built on the Old Continent, as governments put pressure on Chinese auto production.

With the coupe-like Polestar 4 already in production, the manufacturer will likely take a different approach with the Polestar 7.

Polestar CEO Michael Lohscheller has announced that his brand will be taking on the world’s best-selling car, the Tesla Model Y, with a new model that’s expected to go on sale by the end of the decade. To compete head-on with the Model Y, the Polestar 7 would have to come with a starting price at today’s prices in the mid £40,000s.

Polestar may be facing a possible ban in the US, but the Sweden-by-way-of-China manufacturer isn’t going to let that stop it from releasing new products. The company provided a business update on Thursday,

Scandi EV brand Polestar has confirmed it will be launching a premium compact SUV EV, joining the fastest growing and most profitable market segment.

The most exciting news to come out of all this is the official announcement of the Polestar 7. This will be a compact, all-electric SUV with predictably upscale trimmings and feat