For someone who wears many hats, including—but not limited to—being the CEO of Tesla TSLA and SpaceX and the owner of social media platform X (formerly known as Twitter), the world's richest man, Elon Musk has a lot of time on his hands.
These days, it is hard to avoid any passing mention of him or his work with the current administration in Washington, D.C., whether you are on social media or not.
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The outsized attention on Musk has caused some Tesla owners to get fed up with its figurehead and look for a way out. Tesla rival Polestar is ready to cash in, as they seek to welcome Tesla refugees with open arms and massive discounts on its electric vehicles.
Salvation in the form of huge discounts on Non-Tesla EVs
To sweeten the deal for defecting from Musk-land, the former Volvo-linked EV brand is offering incentives of up to $20,000 off a Polestar 3 lease for households who can prove they currently own or lease a Tesla vehicle.
That figure includes a $15,000 incentive package that Polestar was already offering its customers (partly thanks to federal EV leasing credits) and an additional $5,000 "Conquest Bonus" specifically made for Tesla owners.
The deal runs from February 21 through February 28, a limited opportunity for those seeking to defect and switch to the Swedish side.
The "Tesla trade-up" incentive is a major discount for leasing a Polestar 3. which usually starts at $599 per month with the $15,000 discount. Tesla owners who cash in may be able to have lower monthly payments, particularly on the base single-motor version. A dual-motor, all-wheel-drive variant is also available at a higher price for buyers who are looking for a higher-performance option.
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Polestar cashes in during a turbulent time for Tesla
Polestar's timing is no coincidence. In recent months, Musk's increasingly outspoken political positions—and his new role as a cost-cutting government contractor—have prompted a backlash.
Organized protests outside Tesla showrooms have become frequent, vandalism against Tesla cars and Superchargers has started to pop up, and high-profile owners like Sheryl Crow have publicly parted ways with the brand.
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In a video posted to Instagram on February 14, the "Everyday Is a Winding Road" singer waved goodbye as her black Model Y is driven away on a flatbed as Time to Say Goodbye by Andrea Bocelli plays.
"My parents always said… you are who you hang out with," she said in her post. "There comes a time when you have to decide who you are willing to align with. So long, Tesla."
The nine-time Grammy winner also noted that the money resulting from the sale was donated to NPR "in hopes that the truth will continue to find its way to those willing to know the truth."
Related: Tesla rival wants to poach EV drivers tired of Elon Musk
Polestar CEO: Musk's political endorsements are 'totally unacceptable'
The EV market's vibe shift presents both a challenge and an opportunity for Polestar. The company, originally linked with Volvo, is coming off a rough patch last year. With the launch of the Polestar 3 and Polestar 4, the company is looking to inject some new life and position itself as a premium EV alternative.
Additionally, CEO Michael Lohscheller recently revealed that he directed Polestar salespeople to target disgruntled Tesla owners and did not hold back regarding his opinion about Musk's interactions with the extreme fringes of German politics.
"For Germany, somebody outside of Germany endorsing right-wing political parties is a big thing," Lohscheller told Bloomberg. "You want to know what I think about it? I think it’s totally unacceptable. Totally unacceptable. You just don’t do that. This is pure arrogance, and these things will not work."
Tesla Inc. and Polestar are both traded on the NASDAQ under respective tickers, TSLA and PSNY.
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