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Why Polestar Stock Is Plummeting Today

TheMotleyFool

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Why Polestar Stock Is Plummeting TodayPhoto, wide shot, wide-angle lens, soft focus, Auto parts supplier, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-XjwbnkgTrFCFx6Y3gLbqZBCj.png?st=2023-05-13T09%3A21%3A52Z&se=2023-05-13T11%3A21%3A52Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-13T06%3A55%3A39Z&ske=2023-05-14T06%3A55%3A39Z&sks=b&skv=2021-08-06&sig=wJlbn/o%2BieTjclaQNRsJc%2BDDZieC0UCS6BPi5tapxAA%3D

Shares of the Swedish electric vehicle (EV) maker Polestar Automotive Holding (NASDAQ: PSNY) were tumbling today after COVID-related protests arose in China over the weekend. The company manufactures its Polestar 2 vehicles in Luqiao, China, and investors are concerned that the automaker's production will slow down as a result of the unrest.

The EV stock was down by 11% as of 1:54 p.m. ET on Monday.

China has maintained a very strict zero-COVID policy to fight outbreaks of the coronavirus, but citizens started new protests over the weekend to fight the restrictions.

Source Fool.com

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