Polestar Automotive Holding (NASDAQ: PSNY), a Swedish electric vehicle (EV) maker that was spun off from Geely's (OTC: GELYY) Volvo (OTC: VLVL.Y), went public this June by merging with a special-purpose acquisition company (SPAC).
Polestar's stock opened at $12.98 after the deal closed, but it now trades at about $5 a share. Like many other SPAC-backed EV makers, Polestar lost its luster as investors questioned its rosy long-term expectations, high valuations, and ongoing losses amid a backdrop of rising interest rates.
Image source: Polestar.
Source Fool.com