Swedish Carmaker Polestar Recalls Nearly 32,000 Units Of Its Best-Selling EV In US, Canada
Portfolio Pulse from Anan Ashraf
Swedish EV brand Polestar Automotive (NASDAQ:PSNY) is recalling nearly 32,000 Polestar 2 vehicles in North America due to an issue with the rearview camera image display. The company plans to fix the issue with an over-the-air software update and has advised halting deliveries of affected vehicles. Despite this, Polestar saw an 80% increase in global deliveries in Q2 and plans to start production of Polestar 3 in South Carolina by the end of summer.
July 05, 2024 | 2:59 pm
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Polestar Automotive is recalling nearly 32,000 Polestar 2 vehicles in North America due to a rearview camera issue. The company plans to address the problem with an over-the-air software update. Despite the recall, Polestar saw an 80% increase in global deliveries in Q2 and plans to start production of Polestar 3 in South Carolina by the end of summer.
The recall of nearly 32,000 vehicles due to a safety issue is likely to have a negative short-term impact on Polestar's stock price. However, the company's strong Q2 delivery growth and upcoming production of Polestar 3 may mitigate some of the negative sentiment.
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