Why Is Polar Power (POLA) Stock Up 70% Today?

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  • Polar Power (POLA) stock is up after announcing a new line of mobile electric vehicle (EV) chargers.
  • POLA says these chargers will help ease range anxiety for EV owners.
  • They’re set to release in the first quarter of 2024.
POLA Stock - Why Is Polar Power (POLA) Stock Up 70% Today?

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Polar Power (NASDAQ:POLA) stock is on the move Thursday after the company announced a new line of mobile EV chargers.

According to Polar Power, these mobile chargers are designed to juice up EVs that fall short of making it to their next charging station. The company compares them to the can of gasoline that drivers of combustion vehicles sometimes need to reach the next gas station.

With that in mind, Polar Power says these chargers aren’t made to give a full charge. Instead, the company just wants them to provide a quick charge that’s enough to get the EV driver to their next destination.

Polar Power notes that it’s currently updating its EV chargers to the Combined Charging System (CCS) standard. While the company announced the line of chargers today, it won’t have orders ready to go until the first quarter of 2024. The company says supply chain shortages and long delivery times are behind this decision.

Arthur Sams, CEO of Polar Power, said the following in a news release:

“Many EV owners are burdened with range anxiety, and we can provide a cost-effective and easily accessible solution to give owners greater comfort through emergency on-road charging solutions using our power technology platform.”

POLA Stock Movement

Today’s news has shares of POLA stock seeing incredibly heavy trading. As of this writing, more than 6 million shares of the stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 39,000 shares.

POLA stock is up 69.9% as of Thursday morning.

Investors seeking out more of the latest stock market news will want to keep reading!

InvestorPlace is home to all of the hottest stock market news traders need to know about on Thursday! Among that is what has shares of Himax Technologies (NASDAQ:HIMX), Krispy Kreme (NASDAQ:DNUT), and Audacy (NYSE:AUD) stock moving today. You can find all of this news at the links below!

More Stock Market News For Thursday

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On the date of publication, William White did not have (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.


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