PSNY - Why Polestar Automotive Stock Crashed This Week
2024-05-24 16:52:11 ET
Polestar Automotive (NASDAQ: PSNY) stock got crushed over the last week of trading. The company's share price ended this week's session down 37.1% from last Friday's market close, according to data from S&P Global Market Intelligence .
Polestar confirmed on May 23 that it was postponing the release of its first-quarter earnings report due to ongoing accounting issues. Notably, the electric vehicle (EV) specialist still has not released its fourth-quarter report for last year.
Polestar, a Sweden-based EV specialist that was spun off from Volvo, went public through a merger with a special purpose acquisition company ( SPAC ) that was completed in 2022. The stock has lost roughly 77% of its value over the last year and now trades down 94% from its high. The company now has a market capitalization of $1.65 billion and is valued at roughly a third of this year's expected sales.
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Why Polestar Automotive Stock Crashed This Week