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PSNY - Why Polestar Stock Dropped 35% in September
Polestar Automotive Holding UK Limited
Shares of Swedish premium electric-vehicle (EV) maker Polestar Automotive Holding (NASDAQ: PSNY) fell 35.3% in September, according to data from S&P Global Market Intelligence . For context, last month, the S&P 500 and Nasdaq Composite indexes declined 9.3% and 10.5%, respectively.
The stock's drop last month is likely largely attributable to market dynamics.
Polestar just went public in June. It had been the performance-car unit of Sweden's Volvo Cars, which is owned by China's Geely Automobile Holdings (OTC: GELYF) .