Why Polestar Stock Rocketed Higher Today
Shares of the Swedish electric vehicle maker Polestar Automotive Holding (NASDAQ: PSNY) were rising quickly today after the company reported third-quarter results that were a significant improvement from the year-ago quarter.
Management said that it's on track to meet its full-year vehicle production guidance, which added to investors' optimism, helping to push the EV stock up 21.9% as of 11:12 a.m. ET.
Polestar said that its revenue more than doubled to $435.4 million, up from $212.9 million in the year-ago quarter. The company's operating loss also improved significantly to $196.4 million, compared to a loss of $292.9 million in the third quarter of 2021.
Source Fool.com
