Fisker (NYSE:FSR) stock is sliding on Tuesday after the electric vehicle (EV) company announced a deal with Tesla (NASDAQ:TSLA) concerning charging for its products.
A news release from Fisker notes that it signed a deal with Tesla that will give its customers access to the Tesla Supercharger network. Customers will be able to use an adapter to access the network starting in the first quarter of 2025.
The company will also adopt the NACS starting in 2025. With that change, customers that purchase cars made in that year and after won’t need an adapter to make use of Tesla’s Supercharger network.
Here’s what Fisker said about the charging network agreement in a press release:
“The move will provide Fisker owners with additional charging options, taking advantage of Tesla’s 12,000 Supercharger stations in the United States and Canada. All current and future Fisker vehicles will be covered by the agreement.”
What This Means for FSR Stock
Building an EV charging network is an expensive undertaking and one that Tesla has already been working on. As such, it makes sense that Fisker would seek assistance from the company rather than building its own network. That could help it save costs while still easing range worries its customers may have.
FSR stock is down 1.1% as of Tuesday morning and is down 20.6% since the start of the year.
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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.
