How To Buy Polestar Stocks (PSNY)
A new EV company begins trading to take on Rivian & Tesla.
Polestar stock started trading on the Nasdaq on June 24 2022. With the ticker symbol PSNY, the Polestar stock price finished its first day of trading at $13.
How to buy Polestar (PSNY) stock
Want to start buying PSNY shares but not sure how? Learn how to buy Polestar stock on the Stake stock trading platform below.
1. Find a stock investing platform
To buy shares listed on the U.S. stock market, you'll need to sign up to an investing platform with access to Wall St. There are a number of share trading platforms in Australia, of which Stake is one.
2. Fund your account
Complete an application with your personal and financial details. Fund your account with a bank transfer, debit card or even Apple/Google pay.
3. Search for Polestar Automotive
Find the share by name or ticker symbol: PSNY. Do your own research to ensure it is the right investment product for your own circumstances.
4. Choose an order type and buy PSNY stock
Buy on any trading day with a market order or use a limit order to delay your purchase of PSNY shares until it reaches your desired stock price. Look into dollar cost averaging to spread out your risk, which smooths out buying at consistent intervals.
5. Monitor your investment
Optimise your portfolio by tracking how your stock and the business perform with an eye on the long term. You may be eligible for dividends and shareholder voting rights that affect your stock.
Polestar summary
Volvo controlled EV brand Polestar has gone live on the U.S. stock market under the ticker PSNY following its SPAC deal with Gores Guggenheim.
Polestar agreed to merge with a special purpose acquisition company (SPAC) back in September 2021, with the merger now all wrapped up.
The deal values Polestar at roughly US$21b and provides the company with $850m in cash, as it expands beyond its single model.
Polestar is expected to launch two new series by the end of the year, which it says will compete with various models made by rival Porsche.
The company expects to ship 50,000 units this year, with 124,000 EVs shipping in 2023.
The listing will float only 6 percent of Polestar’s stock, with the remainder being held by Volvo, Volvo parent company Geely Holding and Hollywood star Leonardo DiCaprio, an early investor.
The company brands itself as the only other global “pure-play” EV brand after Tesla. Check out our guide on the top electric vehicle stocks if you are interested in the sector.
Sign up to Stake and invest in one of the biggest EV companies in the world.
Megan is a markets analyst at Stake, with 7 years of experience in the world of investing and a Master’s degree in Business and Economics from The University of Sydney Business School. Megan has extensive knowledge of the UK markets, working as an analyst at ARCH Emerging Markets - a UK investment advisory platform focused on private equity. Previously she also worked as an analyst at Australian robo advisor Stockspot, where she researched ASX listed equities and helped construct the company's portfolios.
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