Polestar Automotive preps to use U.S. plant for exports to Europe

seekingalpha04-24

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) may use its plant in the U.S. to sell cars in Europe Polestar CEO Thomas Ingenlath told Reuters that the Chinese-backed Swedish electric vehicle maker ...

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Last fall, the European Commission began investigating whether cheaper, Chinese-made EVs benefit to an unfair degree from government subsidies. Currently, Polestar (PSNY) builds the majority of its cars in the Chinese cities of Chengdu and Taizhou. The automaker delivered approximately 7,200 cars in Q1, including 1,200 Polestar 4 in China. The company also highlighted that its ownership structure has been clarified, with Geely Holdings becoming a major new shareholder, with approximately 24% and Volvo Cars retaining a strategic 18% stake. Polestar (PSNY) noted that it will welcome new shareholders and see its free float increase to approximately 18%. Shares of Polestar Automotive (PSNY) gained 1.57% in premarket trading on Wednesday. The EV stock is down more than 60% over the last 52 weeks and the market cap is now below $3B.  More on Polestar Automotive Holding  Polestar: Uphill Battle Continues Polestar: Cash Is Not King Polestar Automotive Holding UK PLC (PSNY) Q4 2023 Earnings Call Transcript Polestar announces global volumes for first quarter Polestar downgraded by Piper Sandler over costly models amid recent EV price wars","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429430001"}