Tesla Rival Polestar Stock (PSNY) Sinks as Tariffs Batter Q1 Earnings

Shares in Tesla’s (TSLA) rival Polestar (PSNY) dropped over 5% early Thursday after the Swedish electric vehicle maker posted wider losses for the first quarter of 2026, with its revenue largely flat.

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During the first three months of the year, the automaker’s net loss deepened from $166 million a year ago to $383 million, with revenue only up by 0.2% to $632 million. Polestar blamed its performance on intensified competition, EU and U.S. tariffs, and foreign exchange fluctuations, among other factors.