Why Polestar Stock Was Zooming Higher This Week
Never underestimate the power of a product launch into a large market, particularly in the auto industry. Scandinavian vehicle maker Polestar Automotive (NASDAQ: PSNY) announced that the production of its latest electric vehicle (EV) has begun in the U.S., and investors were clearly impressed with this news. According to data compiled by S&P Global Market Intelligence, as of Thursday night Polestar's share price had risen more than 10% week to date.
That model is the Polestar 3 luxury crossover SUV, which will soon come rolling out of the company's South Carolina factory. Polestar didn't hesitate to mention that this makes the model its first to be produced on two continents, in this case the U.S. and Asia.
The Polestar 3 is the company's latest model. It will soon be joined by another crossover SUV, the Polestar 4.
Source Fool.com
