Polestar Makes Jump to Tesla’s Charging Network, Puts Charger Design in Pole Position

Key takeaways

• Swedish EV maker Polestar has become the latest to sign up for Tesla’s Supercharger station
• Polestar customers will be able to access the network with adaptors from as early as next year
• Polestar shares were up 1.38% on Friday, though are still down overall in 2023

Swedish EV manufacturer Polestar has become the latest in a string of car makers to partner with Tesla on its Supercharger network, in turn making Tesla’s EV charger the North American standard. Polestar shares got a boost after a difficult year at the announcement, and Tesla continues to fly. We’ve got the latest below.

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What’s happening at Polestar?

Polestar has officially signed up to Tesla’s Supercharger network, which is the biggest fast-charging EV network in the U.S. with 12,000 stations. Polestar will also adopt the Tesla-designed North American Charging Standard plug from 2025, with its existing Polestar customers able to use the network with an adaptor from next year.

Polestar CEO Thomas Ingenlath said “We salute the pioneering work Tesla has done to speed up the adoption and increase the popularity of electric vehicles” and that the move would “greatly increase the rate of EV adoption in a key automotive region” for Polestar.

Polestar joins other leading EV manufacturers including Ford, General Motors, Volve and Rivian in the move, effectively making Tesla’s plug the U.S. standard for EVs going forward.

What was the market reaction?

Polestar shares have declined 38.29% so far this year; its latest earning report beat estimations on earnings but missed the mark on sales, while its shiny new SUV EV model has now been delayed to Q1 2024. Polestar was also forced to make layoffs this year, cutting around 10% of its workforce.

Despite the doom and gloom, Polestar shares increased 1.38% on Friday at the news to hit 70 cents. Tesla stock has grown 142% this year so far and has gained 5% in the last five days.

The bottom line

The EV market has changed rapidly in the U.S. this year, with several rivals teaming up to create a universal charging standard for would-be EV consumers. It’s a positive move that has sent Tesla’s stock into the stratosphere, and investors should expect smaller EV companies to sign up soon.

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