Volvo will no longer provide funding for Polestar, its former performance sub-brand that became a standalone EV marque in 2017.
The announcement came in a press release celebrating Volvo’s record-breaking sales in 2023. Highlighting its focus on its future, the Swedish automaker said it’s evaluating its current shareholding in Polestar, which may result in Geely getting the financial reins to the EV brand. That said, the Chinese auto giant will provide full operational and financial support to Polestar in the future.
Geely has several brands under its umbrella, including Volvo Cars, Polestar, Lynk & Co., Lotus, Smart, and London Electric Vehicle Company. It’s also the largest single shareholder in Mercedes-Benz at 9.69%, the second-largest shareholder in the Volvo Group at 6.8%, and most recently, the third-largest shareholder in Aston Martin at 17%.