Volvo will no longer fund EV startup Polestar (PSNY)
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Polestar Welcomes Geely’s Long-Term Commitment to Its Development and Growth as an Independent Exclusive Performance Brand
February 1, 2024 1:36 AM ESTGOTHENBURG, Sweden--(BUSINESS WIRE)-- Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish electric performance car brand, welcomes Geely Sweden Holding as a potential direct new shareholder. Volvo Cars is evaluating a potential adjustment to its shareholding in Polestar including a distribution of shares to its shareholders, with Geely Sweden Holding being the primary recipient. Volvo Cars will remain a strategic partner in areas across R&D, manufacturing, after sales and commercial.
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