Polestar Automotive Holding PSNY shares slid on Monday as several names with China exposure traded lower amid protests over the country's COVID restrictions.
What Happened: Protesters in Shanghai and Beijing spoke out against China's strict zero COVID policy over the weekend after a deadly fire erupted in Urumqi. Reports indicate that several people voiced concerns, claiming the fire was caused by extreme lockdown measures which delayed rescue efforts.
Local residents started protesting near the location of the fire. According to reports, the protests have spread across several other cities and dozens of university campuses.
Polestar is an electric vehicle manufacturer. The company's Polestar 2 is assembled in Luqiao, a district of Taizhou in the Zhejiang province. Ongoing protests appear to be sparking production disruption concerns.
PSNY Price Action: Polestar has a 52-week high of $14.50 and a 52-week low of $4.
The stock closed Monday down 13.9% at $6.89. It was down another 0.73% in after hours at publication time, according to Benzinga Pro
Photo: courtesy of Polestar.
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