Volvo Car to Slash Polestar Stake as EV Shift Stumbles
- Carmaker to cut shareholding in Polestar from 48% to 18%
- Move hands more oversight to Geely, which controls both firms
A Polestar 4 electric SUV.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Volvo Car AB will slash its stake in Polestar Automotive Holding UK Plc to 18% and stop funding the unprofitable electric-vehicle maker to focus on its own shift to battery technology.
Volvo Car plans to transfer around 9.5 billion Swedish kronor ($921 million) worth of Polestar stock to its shareholders, it said Friday. The move will hand more responsibility to China’s Geely, which controls both companies.