Polestar Automotive Holding (NASDAQ:PSNY) plummeted to a new low on Monday, extending losses for the Swedish EV manufacturer.
Shares of the Gothenburg-based partner of Volvo Cars fell about 5% to an intraday low of $5.65, the lowest on record for the 2022 IPO. The stock has declined over 30% in the past month, leading much of the pack of loss-making EV startups over that span. The decline was only outdone by Canoo (GOEV) in terms of its immediate peers.
Much of the sector has been put under particular pressure by macroeconomic headwinds, not least in terms of a more hawkish Fed policy that has sent the broader market south. As such, a longer runway to profitability has come under particular scrutiny. For Polestar, upside is expected to be limited under current conditions.
Polestar (PSNY) stock sustained about a 4.5% drop in the waning hours of Monday's trading.