Shares of Swedish-Chinese electric vehicle (EV) maker Polestar Automotive (NASDAQ: PSNY) were trading sharply higher on Friday after the company said it had begun production of a new electric SUV in the United States.

As of 11:30 a.m. ET, Polestar's shares were up about 16.6% from Thursday's closing price.

Polestar said it has begun production of the Polestar 3, an upscale electric SUV, at a South Carolina factory owned by Volvo Cars. Polestar is a joint venture between Volvo Cars and Volvo's corporate parent, Chinese automaker Geely Automobile Holding.

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Source Fool.com