Why Polestar Automotive Stock Keeps Falling

Shares of Polestar Automotive (NASDAQ: PSNY) fell 14.4% through 10:40 a.m. ET on Monday, the stock's third straight day of declines since reporting exceptionally weak car deliveries for the first quarter. Last Thursday, Polestar said that it delivered only 7,200 electric vehicles (EVs) in the quarter.

A year before, the company delivered 12,076 EVs, meaning that 7,200 figure was a 40% decline in deliveries for the Sweden-based company.

China's Geely Automobile owns 24% of its stock, more than Volvo, and S&P Global Market Intelligence says Polestar's chairman, Shu Fu Li, owns another 39.2% of the EV company's stock.

Source Fool.com