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Polestar Downgraded On Price Cuts, Anti-China Concerns: ‘2024 Will Be A Make-Or-Break Year’

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Electric vehicle (EV) company Polestar Automotive Holding (NASDAQ:PSNY) recently lowered the starting price of its soon-to-be-released Polestar 3 vehicle.

An analyst sizes up the future of the company.

The Polestar Analyst: Piper Sandler analyst Alexander Potter downgrades Polestar from Overweight to Neutral and lowers the price target from $3 to $2.

Related Link: Polestar CEO Remains Positive About EV Sales In 2024 Despite Challenges

The Analyst Takeaways: Price wars for electric vehicles and concerns of Anti-China sentiment in Europe are negatives for Potter moving forward for Polestar.

“We like Polestar’s emotive designs, but given the relentless nature of recent EV price cutting, we’re concerned about PSNY’s relatively high price points,” Potter said.

The …

Full story available on Benzinga.com

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