GELYF - Should Tesla Be Concerned About Polestar?
Shares of premium electric vehicle (EV) maker Polestar Automotive Holding (NASDAQ: PSNY) debuted on the Nasdaq on Friday via a merger with a special purpose acquisition company (SPAC). The Sweden-based company was formerly the performance-car unit of Sweden's Volvo Cars. Volvo, which retained a large stake in Polestar, is owned by China's Geely Automobile Holdings (OTC: GELYF) .
Polestar is in mass production with the Polestar 2, its first all-electric car with a starting price of nearly $50,000 in the United States before the $7,500 maximum federal tax credit for eligible EVs is applied. This vehicle gets up to 270 miles per charge.
The Polestar 2 is the company's second model, following the Polestar 1, an ultra pricy plug-in hybrid limited production vehicle that's no longer available. Polestar 3, an all-electric sports utility vehicle (SUV), is slated to launch this year.
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Should Tesla Be Concerned About Polestar?