Friday, February 23, 2024
Dividend Stocks

PSNY Stock Alert: Is Hertz Giving Up on Polestar?

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Polestar (NASDAQ:PSNY) stock is slipping on Monday after the electric vehicle (EV) company waived an agreement with Hertz (NASDAQ:HTZ) for the purchase of its EVs.

Hertz had originally agreed to acquire 65,000 EVs from Polestar over a five-year period. That saw it purchase 20,000 EVs from the company throughout 2022 and 2023. However, the cost of EVs has it rethinking these plans.

Hertz notes that it’s pulling back on its EV plans for a couple of reasons. One of these is the fall in resale value of EVs in 2023. Another is the expensive costs it takes to maintain the vehicles as compared to traditional combustion engines.

This has Polestar agreeing to waive Hertz’s agreement to acquire EVs from it for its rental fleet. It comes with the stipulation that Hertz doesn’t sell its current inventory of Polestar EVs too early or for too low of a price, Seeking Alpha notes.

How This Affects PSNY and HTZ Stock

News of the waived EV purchase agreement has both PSNY and HTZ stock falling on Monday. In the case of PSNY, shares are down 2.2% while HTZ stock is seeing a 2.3% decrease as of this writing. Neither of the companies’ shares are seeing much in the way of trading activity this morning.

Investors looking for more of the most recent stock market stories are going to want to stick around!

We have all of the hottest stock market news that investors need to know about on Monday! Among that is the latest news affecting shares of NanoString Technologies (NASDAQ:NSTG), Cano Health (NYSE:CANO) and Caterpillar (NYSE:CAT) stock on Monday. You can read up on all of these matters at the following links!

More Monday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2024/02/psny-stock-alert-is-hertz-giving-up-on-polestar/.

©2024 InvestorPlace Media, LLC

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