Polestar (NASDAQ:PSNY) stock is on the rise Thursday after the electric vehicle (EV) company announced progress on its joint venture with Hubei Xingji Meizu.
Polestar notes that this joint venture, which it owns 49% of, is dedicated to bringing EVs to the Chinese market. The latest news is the joint venture signing a subscription agreement with an investor.
This has the Nanjing Jiangning Economic and Technological Development Zone Industrial Equity Investment Partnership agreeing to purchase $208 million worth of the joint venture’s stock. The investor will do so through several installments and will gain the ability to add one member to the joint venture’s Board of Directors.
With this investment, the new investor will hold a 23.18% stake in the joint venture. That will leave Polestar with a 37.64% stake while the remaining 39.18% will belong to Hubei Xingji Meizu.
PSNY Stock Still Rallying on Investment News
Investors will note that Polestar also announced new financing yesterday in the form of $950 million in loans. These were secured from 12 banks and gives the company enough cash to continue operations until it may turn a profit.
With all of this news comes heavy trading of PSNY stock today. That has more than 5 million shares changing hands. For the record, its daily average trading volume is below that at 3.3 million shares.
PSNY stock is up 8.5% as of Thursday morning but is still down 9.7% year-to-date (YTD).
There’s more stock market news worth reading about down below!
We have all of the hottest stock market news for Thursday ready to go! That includes everything worth reading about the January Personal Consumption Expenditures (PCE) report, Snowflake (NYSE:SNOW) losing its CEO and what has Ironwood Pharmaceuticals (NASDAQ:IRWD) stock down today. All of this news is ready to go at the following links!
More Thursday Stock Market News
- A Red-Hot PCE Report Puts Fed Rate Cuts in Jeopardy. What’s Going on With Inflation?
- A Surprise CEO Exit Is Sinking Snowflake (SNOW) Stock
- Why Is Ironwood Pharmaceuticals (IRWD) Stock Down 27% Today?
On the date of publication, William White 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.
