- 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.
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