Why Polestar Stock Shot Higher Today

Investors had been losing confidence in electric vehicle (EV) maker Polestar Automotive (PSNY 13.66%) over the last month. That is until today. In that time Swedish automaker Volvo announced that it would stop funding the EV start-up in which it owns a nearly 50% stake. That came after Polestar said it would miss its 2023 vehicle production target.The company delivered 54,600 vehicles last year, versus its target of about 60,000. But after an announcement of new funding and an optimistic business outlook ye ...