Polestar (PSNY) Stock Slumps Despite Cost Cutting, Delivery Growth

The shares of Sweden-based EV maker Polestar (NASDAQ:PSNY) stock are retreating about 9% today even though the electric vehicle company reported that its deliveries had surged in the second quarter. The automaker also confirmed that it had reduced its workforce by 15% this year, in-line with its previous commitment. On the negative side for PSNY stock, however, the company's revenue tumbled 36% in Q1 versus the same period a year earlier. Chinese automaker Geely owns about 24% of Polestar stock, while Volvo ...