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Why Tesla Rival Polestar's Stock Spiked Over 20% Today

Polestar Automotive Holding UK Ltd PSNY announced an important production milestone for its Polestar 2 electric vehicles on Tuesday.

What Happened: The Swedish brand, owned by Volvo, said that it had recently produced its 100,000th Polestar 2 vehicle at Luqiao in China.

The company said that the vehicle will be given to a customer in Ireland and will feature “unique door markings” to celebrate the achievement.

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Why It Matters: The Polestar 2 is the fifth most selling midsize premium car in Europe beating rivals such as the all-electric BMW i4, reported Automotive News Europe.

The car made by the Tesla Inc TSLA rival was taken out for a spin by Benzinga staffers last year.

Priced at nearly $60,000, the Polestar 2 was termed “one of the only pure-EV Tesla fighters I’ve had the pleasure of driving” by Benzinga’s John Stoll. 

Price Action: On Thursday, Polestar shares surged 20.5% to $7.82 in regular trading and fell 1% to $7.74 in the after-hours session, according to Benzinga Pro data.

Read Next: Tesla China Demand Not Budging? EV Maker Reportedly Mulls Another Price Cut As Order Intake Remains Anemic

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