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Volvo thins out its stake in Polestar.
The Swedish automaker said it would distribute 62.7 percent of its stake in Polestar to its shareholders, following through on its promise to dial back its funding for the performance EV brand. When all is said and done, Volvo will retain an 18 percent stake in Polestar, and Geely (Volvo and Polestar’s parent company) will be in the driver seat.
“At the same time as this transaction allows us to welcome new shareholders, our relationship with Volvo Cars remains,” Polestar CEO Thomas Ingenlath said. “Our customers will continue to benefit from our existing collaboration, including across commercial and after sales – providing piece of mind and consistency.”
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