Volvo Cars plans to reduce its stake in Polestar to 18%, focusing on its own electric transformation, while Geely Holding will continue support.

Volvo Cars plans to reduce its stake in electric car brand Polestar to 18% by distributing 62.7% of its shares to its shareholders, focusing on its own transformation to electric vehicles. This decision follows Volvo's previous decision to stop funding the Polestar brand and consider adjusting its holdings in the electric vehicle maker. Volvo's majority shareholder, Geely Holding, will continue to support Polestar operationally and with funding.

February 23, 2024
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