Why Polestar Stock Rocked the Market Today
Electric vehicle (EV) stocks got quite a boost on Friday thanks to some good news from one of their more prominent players Polestar (NASDAQ:PSNY). However, the somewhat under-the-radar EV maker benefited from the association, with its shares closing the day nearly 11% higher, easily eclipsing the 1.3% gain. S&P 500: the index.
The manufacturer with the happy news was Polestar peer Rivia (NASDAQ: RIVN). On Friday, the pickup truck and SUV specialist released its production and delivery figures both in the fourth quarter of 2024 and throughout that year.
Fortunately, the quarterly numbers were ahead of consensus analyst estimates for both indicators.Perhaps more encouraging for investors and electric car lawyers, Rivian added that component shortages hampering production of some models have been overcome.
This statistic comes at a time of some concern for EV investors. Although such vehicles remain popular, sales for the industry are not what they used to be, which has some worried that their time may be running out. what is needed to restore some growth.
Although the power industry is large and still relatively young compared to other industries, when one of their peers reports encouraging news and sees stock prices rise as a result, it tends to reverberate throughout the industry double-digit growth for Rivian, Polestar and other partners on Friday.
But here you have to be a little careful. First, even though EVs are now more common, there is still no guarantee that they will ultimately become the dominant alternative fuel technology of the future. For example, Polestar may not meet or exceed its internal targets, as Rivian did.
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