The electric vehicle stock has doubled in just one month. What’s brewing?
There’s no stopping Polestar Automotive (PSNY 12.29%). After going ballistic last month, shares of the Swedish electric vehicle (EV) maker are off to a flying start in September, surging 19.7% at their highest point in trading as of 12:10 p.m. ET Tuesday.
Polestar has appointed a new chief financial officer as it gears up to launch new models and expand its footprint, and investors believe this could just be the beginning of better days ahead for the EV stock.
Polestar’s game plan: New leaders and new cars
This morning, Polestar announced the appointment of Jean-Francois Mady as its chief financial officer effective Oct. 21, 2024. Most recently, Mady was with auto giant Stellantis. Polestar’s current CFO, Per Ansgar, joined the company on an interim basis earlier this year and will resume his role as the CFO of Geely Sweden Holding. Geely Holding and Volvo are major stakeholders in Polestar.
Mady’s appointment is among the several recent leadership changes announced at Polestar, including the appointment of a new CEO, Michael Lohscheller, effective Oct. 1.
Given Polestar stock’s staggering rally in recent weeks, investors appear to be banking on the EV maker’s new leadership to turn the company’s fortunes around. Also fueling their enthusiasm this morning, though, was the other update from Polestar.
Polestar just announced plans to expand its presence in the U.K. and aims to take its dealership locations from nine to 17 over the next 18 months.
What’s next for Polestar stock?
Polestar has a busy year ahead as it begins deliveries of its new car, the Polestar 3 SUV, and ramps up deliveries of the Polestar 4 SUV, which it began delivering only recently. Investors hope the new models will shore up Polestar’s dwindling revenue and margins. The company’s revenue fell 17% year over year in its second quarter although its deliveries jumped 82% sequentially. With management remaining hopeful for the rest of the year, investor interest in Polestar could remain strong as they try to find value in the EV stock that lost 65% value in the first half of 2024.
