Polestar exits US market after government bans sales due to connected vehicle tech
Swedish EV maker Polestar (PSNY) said it will no longer sell cars in the US after the Commerce Department banned its sales here.
Polestar, owned by Chinese automaker Geely, said US authorities decided not to "grant Polestar authorization under the current US Connected Vehicle Rule," meaning the company will not be able to market or sell new model-year 2027 vehicles.
The Connected Vehicle Rule targets data security concerns by restricting the use of certain foreign technologies in two areas. The software ban restricts the use of software developed or maintained by Chinese or Russian companies for the 2027 model year. A hardware restriction prohibits the import and sale of vehicle-connected hardware from these countries starting in 2030.
Polestar stock was down by more than 13% in midday trade.
Polestar's ban comes as it makes one of its vehicles, the Polestar 3, at its plant shared with Volvo, also a Geely portfolio company. Volvo, however, received a waiver to sell vehicles despite the rule.
https://finance.yahoo.com/markets/stocks/article/polestar-exits-us-market-after-government-bans-sales-due-to-connected-vehicle-tech-154117151.html
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