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Why Polestar Stock Popped on Monday

TheMotleyFool

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Why Polestar Stock Popped on MondayPhoto, wide shot, wide-angle lens, Metal fabrication, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.midjourneyapi.xyz/temp/138548fd-aba2-4b3e-b9ee-93725b372952.png

Shares of electric vehicle (EV) maker Polestar Automotive (NASDAQ: PSNY) soared as much as 30% on Monday to start the trading week. Shares pared some of that gain but remained higher by 18.5% as of 12:15 p.m. ET today.

A big commercial announcement is the reason for the pop. The Swedish EV brand jointly owned by and its Chinese parent company, Geely Automobile, announced a new sales model as well as executive level additions.

Source Fool.com