Tesla Competitor Polestar's Stock Jumps 16% on First Day of Trading
Shares of Polestar Automotive Holding (NASDAQ:PSNY) surged 15.8% in their Nasdaq debut on Friday. The Swedish premium electric-vehicle (EV) maker joined the public markets via a merger with a special-purpose acquisition company (SPAC), which was announced in September.
Polestar -- founded as a racing company -- was formerly the performance-car unit of Sweden's Volvo, which is owned by China's Geely Automobile Holdings. Volvo retained a large stake in Polestar following the SPAC merger.
Polestar touts that it and Tesla (NASDAQ: TSLA) are "currently the only EV pure plays with mass production and global reach."
Source Fool.com
