Volvo Cars is set to stop funding Polestar and is evaluating redistributing its shares in the spin-off company to its shareholders.
Electric-only performance brand Polestar was founded in 2017 as a joint venture between Volvo Cars and Zhejiang Geely Holding Group, which also owns Volvo. Currently, Volvo Cars holds a 48.3% stake in Polestar, which was listed on the NASDAQ stock exchange in 2022.
Volvo announced the plan to end the funding of Polestar as part of its 2023 financial results. The company is planning to further ramp up its electric car projects in the coming years, including what Volvo boss Jim Rowan called “large-scale investments in the creation and adoption of new technologies and future-fit production facilities”.
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