Electric-vehicle maker Polestar (NASDAQ:PSNY) will start trading on the Nasdaq exchange today under the symbol PSNY. This change comes after the company’s merger with Gores Guggenheim was completed yesterday. Gores was the Polestar SPAC. In early trading, PSNY stock is changing hands for $11.86 per share.
Here are seven more things investors should know about Polestar:
- Polestar is partially owned by Swedish automaker Volvo (OTCMKTS:VLVLY), and Chinese vehicle maker Geely also owns a large percentage of Polestar. Volvo is fully owned by Geely.
- The merger raised approximately $890 million in proceeds.
- Polestar is based in Sweden, but its EVs are currently being manufactured in China.
- So far, Polestar has launched two EVs. The Polestar 1 and 2. And it plans on debuting the Polestar 3, an electric crossover SUV, in October.
- As of the end of April, the EV startup had sold about 13,600 of its vehicles in 2022.
- However, citing the negative impact of lockdowns in China on its production, Polestar reduced its 2022 delivery target to about 50,000 from 65,000.
- Hertz Global (NASDAQ:HTZ), a U.S. car rental giant, announced in April that it was teaming up with Polestar. Hertz has agreed to buy “up to 65,000 [EVs] over five years from Polestar.”
Navellier Is Somewhat Bullish on PSNY Stock
In a May 31 column, renowned investor Louis Navellier was upbeat on Polestar. Writing that Polestar’s EVs “are designed to be powerful and luxurious,” Navellier believes that the automaker’s shares pose “some risk.” Nonetheless, he thinks that “the long-term rewards [of PSNY stock] could be substantial.” Moreover, the automaker’s delivery target is “strong,” contended Navellier.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
