March 13 (Reuters) - Swedish electric-vehicle maker

Polestar Automotive Holding on Wednesday cut

the base price of its Polestar 3 model by more than 12% and

launched new variants, as it prepares to counter lackluster

demand.

Faltering demand in the global EV market has led to a spate

of job cuts and missed production targets, forcing EV-makers to

cut prices in a bid to revive demand.

Polestar reduced the starting price for the Polestar 3

range of vehicles to $73,400, from the original starting price

of $83,900. The company added two new variants, expanding the

range to four variants.

All Polestar 3 variants will include the company's "Pilot

Pack", which has the driver assistance system, as standard in

the U.S, the company said.

Deliveries are set to begin in the second quarter of 2024.

At the time of the launch of the Polestar 3 model in October

2022, the company had aimed to begin deliveries in the fourth

quarter of 2023.

The company has been grappling with weak demand for its

vehicles as its 2023 deliveries fell short of its target in

January, as its higher-priced models struggled to generate

demand.

Separately, Wells Fargo downgraded the rating on Tesla's

stock on concerns over the waning impact of price cuts

by the automaker on demand for its EVs.