Tesla Competitor Polestar's Stock Jumps 16% on First Day of Trading

Tesla Competitor Polestar's Stock Jumps 16% on First Day of Trading

Shares of Polestar Automotive Holding (NASDAQ:PSNY) surged 15.8% in their Nasdaq debut on Friday. Polestar -- founded as a racing company -- was formerly the performance-car unit of Sweden's Volvo, which is owned by China's Geely Automobile Holdings. Volvo retained a large stake in Polestar following the SPAC merger.