Nearly every electric car out there takes a while to charge. That’s a common problem for every electric vehicle stock out there. But one EV company, beleaguered Polestar (NASDAQ:PSNY), may well have come up with a solution to this, and that solution sent its shares racing up nearly 4% in the closing minutes of Monday’s trading session.
The company’s Polestar 5 prototype can now go from flat to full charge in just 10 minutes. That’s a big pronouncement, I know, but the reports suggest it works just that way thanks to its new battery technology, StoreDot’s Extreme Fast Charging (XFC) system. On XFC, a Polestar battery could receive 310 kW of charge consistently and even hit a peak of 370 kW at one point. Using a 77 kWh battery pack, that could put an extra 200 miles on a battery in the space of 10 minutes. That’s only a little longer than most will typically spend at a gas station filling their gas tanks.
Polestar 5 Will Likely Be Unavailable for Years
There’s one major problem with this development; the latest offering from Polestar is the Polestar 3, with the Polestar 4 set to follow shortly after. This suggests that the fast-charging prototype of the Polestar 5 may not even be available for purchase in the next few years. Certainly, the Polestar 3 has received good reviews so far. And there’s always the possibility that the new charging technology can be a later add-on. But still, if we do not see this technology available publicly for some time, it may not be the help Polestar likely hopes it will be.
Are Polestar Shares a Good Buy?
Turning to Wall Street, analysts have a Hold consensus rating on PSNY stock based on one Buy, two Holds, and two Sells assigned in the past three months, as indicated by the graphic below. After a 67.33% rally in its share price over the past year, the average PSNY price target of $3.43 per share implies 180% upside potential.
