$Polestar Automotive(PSNY)$double digit drop in share price on first trading day of Sep 2022. The main reason for investors selling off is the wider than expected losses contributed by operating costs. This was despite increases in YoY revenue and PSNY maintaining it's on track to meeting its 50k deliveries by the end of 2022.
While my heart dropped along with yesterday's PSNY stock price drop, the current price makes PSNY dirt cheap and I'm looking to add a bit more to my position. Some investors may question PSNY's CEO for making an ill-timed announcement but I like his honesty more than I do LCID's CEO ($Lucid Group Inc(LCID)$) who has a habit of hiding the truth using cryptic language.
This is NOT financial advice. Please do your own DD before investing your own money, especially in today's macroeconomic environment.
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Hmmm