, the first product from Volvo's new electric luxury division, finally has a price: $155,000. That six-figure MSRP was announced at today's Auto China expo (a.k.a. ).

The high-performance plug-in hybrid grand tourer was never going to be cheap, but it appears to have the hardware to match its ambitious price point. The rakish coupe features 600 horsepower and 738 pound-feet of torque from its gas-electric powertrain, but its most impressive number is its 150-km range estimate for all-electric running. That figure, which admittedly wasn't calculated on the US' more stringent mileage test cycle, works out to 93 miles. That's a stratospheric electric-only range number for a PHEV -- well above that of any of the industry's models on sale today.

Upon its reveal last year at the , there was some initial confusion whether the Polestar 1 would ever be offered for outright sale at all, or if it would only be offered via subscription. However, that rumor was quickly dispelled -- the small-volume coupe was . Unfortunately, there's no word yet on what the subscription plan's cost structure looks like. According to the automaker, "Details of Polestar's all-inclusive subscription pricing will be confirmed at a later date."

(Polestar's parent company, Volvo, has been an early mover on offering vehicles via subscription, having recently launched its program nationwide with its new ).

The Polestar 1 will be the first and only model in the brand's portfolio to feature an engine -- after this, the brand has committed to going 100-percent EV. The internal combustion powerplant will power the front wheels exclusively, while the rear axle will be motivated by the 34-kWh battery pack. 

Company officials took the opportunity to give an update on production at the Beijing Motor Show, too. According to a written release, the Polestar Production Centre in Chengdu, China sounds like it's coming along nicely. Work has finished on the new factory's roof structure, and the facility is "on track towards tooling installation and pre-production testing by the end of 2018."

The Polestar 2, a midsize electric sedan, will be launched in 2019, followed by a Polestar 3 electric SUV.