PSNY Stock News: Polestar jumps higher as EV stocks extend gains to start the week

NASDAQ:PSNY gained 5.43% during Monday’s trading session.
Polestar rebounds from its recent post-earnings sell off.
While Polestar might be struggling, its parent company Geely is booming in China.

NASDAQ:PSNY kicked the week off on the front foot after a major sell-off following its earnings last week. On Monday, shares of PSNY added 5.43% and closed the trading session at a price of $7.57. Stocks extended their rally from last week as all three major indices closed the day higher on Monday. Investors seem to be in a positive frame of mind as early consensus estimates have the CPI figure for August posting a sequential decline from July. Overall, the Dow Jones gained 229 basis points, the S&P 500 added 1.06%, and the NASDAQ rose by 1.27% during the session.

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Polestar posted its earnings at the start of the month and the EV startup that is based out of Sweden saw a wider than expected loss last quarter. The results were a steep sell off from investors that might be losing patience with the company. Polestar attributed the losses to continued expansion of operations as well as its post-SPAC merger with Gores Guggenheim. Still, the company has maintained its guidance for the rest of the year, while also growing into several new markets and also posted a 95% year over year rise in revenues for the first half of the year.

Polestar stock forecast

The first half of 2022 was also a great growth story for Polestar’s parent company, Geely Motors in China. The company reported a staggering 520% year over year growth in EV sales for the first six months of the year, while also showing a 398% year over year growth in plug-in sales. Geely is also considering an IPO for its ride-hailing subsidiary Cao Cao on the Hong Kong Stock Exchange..

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