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Shares of electric vehicle (EV) maker Polestar Automotive (NASDAQ: PSNY) soared as much as 30% on Monday to start the trading week. Shares pared some of that gain but remained higher by 18.5% as of 12:15 p.m. ET today.
A big commercial announcement is the reason for the pop. The Swedish EV brand jointly owned by Volvo and its Chinese parent company, Geely Automobile , announced a new sales model as well as executive level additions.