Why Polestar Stock Is Plummeting Today
Shares of the Swedish electric vehicle (EV) maker Polestar Automotive Holding (NASDAQ: PSNY) were tumbling today after COVID-related protests arose in China over the weekend. The company manufactures its Polestar 2 vehicles in Luqiao, China, and investors are concerned that the automaker's production will slow down as a result of the unrest.
The EV stock was down by 11% as of 1:54 p.m. ET on Monday.
China has maintained a very strict zero-COVID policy to fight outbreaks of the coronavirus, but citizens started new protests over the weekend to fight the restrictions.
Source Fool.com