Shares of Polestar (NASDAQ:PSNY) are in the green following an announcement that the electric vehicle company would enable access for Tesla’s (NASDAQ:TSLA) North American Charging Standard (NACS) in the U.S. and Canada. NACS adapters to allow existing Polestar customers to use Tesla’s Supercharger network are expected to be available in mid-2024, while new Polestar vehicles as of 2025 will be equipped with a NACS charging port by default. In addition, Polestar EVs equipped with the NACS charging port will also come with a combined charging system (CCS) adapter, which is the standard for EV charging.
CEO Thomas Ingenlath added:
“This is a great win for our North American customers! We salute the pioneering work Tesla has done to speed up the adoption and increase the popularity of electric vehicles, and it’s great to see the Supercharger network being made available in this way. With 12,000 charging points today, a number that will only keep growing, this move will greatly increase the rate of EV adoption in a key automotive region.”
PSNY Stock: Polestar Enables Access to Tesla NACS
Polestar is just one of the many companies to jump on Tesla’s new NACS. Ford (NYSE:F), Rivian (NASDAQ:RIVN), General Motors (NYSE:GM), and Volvo (OTCMKTS:VLVLY) have all made announcements to adopt the charging standard. Volvo, Polestar’s parent company, made its charging standard switch announcement yesterday, which made it likely that Polestar would follow along.
In other news, Polestar announced earlier this month that a subsidiary had entered into a joint venture (JV) with Chinese technology company Xingji Meizu Group. The JV will see Polestar incorporate Xingji’s Flyme Auto operating platform into all Polestar EVs sold in China. The platform will include “in-car apps, streaming services, and intelligent vehicle software” that will be able to sync up with augmented reality devices and other customer applications. Polestar has plans to transfer around 130 members of its commercial staff to China as part of the JV.
Polestar will own a 49% stake in the JV, while Xingji will own the remaining 51%. Xingji’s founder is Eric (Shufu) Li, who is also the founder and chairman of Geely Holding Group.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
