- PSNY fell by 7.4% during Thursday’s trading session.
- Tesla stock slumps after unexpected recall of over 1.1 million vehicles.
- Hertz is adding yet another automaker to its fleet of electric vehicles.
Polestar (PSNY) slipped lower for the fifth consecutive session as weakness in the electric vehicle sector continues to lead stocks lower. On Thursday, shares of PSNY dropped by a further 7.4% and closed the trading session at a price of $6.27. Polestar now sits just $0.10 higher than its 52-week low price of $6.17 per share.
Stocks also extended their declines on Thursday as all three major averages once again closed in the red. Treasury bond yields soared to their highest levels in more than a decade as mounting fears of a recession continue to weigh on investors. Overall, the Dow Jones lost a further 107 basis points, the S&P 500 fell by 0.8%, and the NASDAQ sank by 1.4% during the session.
Polestar stock news
Industry leader Tesla (TSLA) had a rough day of trading as the stock lost 4.1% on Thursday to underperform the broader markets. The reason? Tesla announced an unexpected recall for more than 1.1 million vehicles that have issues with the retraction of automatic windows. Thankfully, the issue will be resolved through a downloadable software update, so the costs to the company should be minimal.
Rental car company Hertz is adding another well-known automotive brand to its new fleet of electric vehicles. Joining the likes of Tesla and Polestar will be legacy automaker General Motors (GM). The two sides announced a partnership earlier this week that will see Hertz order 175,000 electric vehicles from GM by 2027. Hertz already offers the Polestar 2 at select dealerships around the world.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.