Today, Polestar (NASDAQ:PSNY) will debut its first SUV — the Polestar 3 — at a launch event in Copenhagen, Denmark. PSNY stock investors will be able to tune in to a live stream of the event at 1:00 PM Eastern. CEO Thomas Ingenlath and Head of Design Maximilian Missoni will both lead the livestream.
The 3 will be the first Polestar vehicle to be built in the U.S. and carries an estimated price tag of around $75,000. The electric vehicle (EV) will also include Volvo’s (OTCMKTS:VLVLY) lidar (light detection and ranging) technology, which may eventually enable full self-driving. Ingenlath added the following about the EV:
“We had to ask ourselves: ‘what should a modern SUV look like?’ Polestar 3 defines the SUV for the electric age and in designing it, we addressed some of the fundamentals of the archetype: proportions, stance and aerodynamics.”
Earlier this month, Polestar confirmed that it expects to deliver 50,000 EVs this year. During the third quarter, it delivered 9,215 vehicles, bringing its total so far to about 30,400 vehicles. The automaker’s factories in China have also resumed full production after dealing with setbacks related to Covid-19. Previously, the factories that manufactured the Polestar 2 in China paused production due to lockdowns.
5 Investors Betting Big on PSNY Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q2, 56 13F filers reported owning PSNY stock, a significant decline from 77 holders during the previous quarter. However, the institutional put/call ratio lies at a low 0.61, down from 0.93 during Q1. This means that institutions own more call options against the company than put options, by a wide margin. With that in mind, let’s take a look at Polestar’s largest shareholders:
- Volvo: 1.99 billion shares. Volvo disclosed its entire stake during the second quarter.
- AMF Tjänstepension AB: 4.4 million shares. AMF purchased its entire stake during the second quarter.
- BNP Paribas Asset Management: 3.39 million shares. BNP purchased 268,419 shares during Q2.
- Saba Capital Management: 3.18 million shares. Saba purchased its entire stake during Q2.
- Alyeska Investment Group: 2.44 million shares. Alyeska sold 7,015 shares during Q2.
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On the date of publication, Eddie Pan 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.
