Polestar

2024 - 2 - 1

Volvo Cars Ceases Funding for Polestar and Shares Surge

Automotive Industry - Electric Vehicles - Geely - Polestar - Volvo Cars

Discover the latest news about Volvo's decision to stop funding Polestar and the resulting market response.

Volvo Cars, the Swedish automaker, announced its decision to cease funding Polestar, a subsidiary, leading to a surge of over 21% in Volvo's shares. The move follows Volvo's evaluation of reducing its shareholding in Polestar due to financial losses. Geely, Volvo Car's major shareholder, expressed a long-term commitment to Polestar, a Swedish electric car brand.

The partnership between Volvo and Polestar has faced challenges, with Volvo considering selling its stake in Polestar to Geely. Despite Polestar's struggles, Volvo reported a rise in revenue in the fourth quarter, supported by increased volumes. Volvo Cars aims to focus on its own electric vehicle initiatives and is optimistic about future growth.

This development marks a significant shift in Volvo's strategy, as it plans to discontinue providing financial support to Polestar while maintaining collaborations with Geely. The decision reflects Volvo's intention to streamline its investments and prioritize internal EV projects.

During this critical time for the EV industry, Volvo's actions with Polestar indicate a period of consolidation and strategic realignment within the electric vehicle market.

Interesting Facts: - Geely, Volvo Car's parent company, plays a pivotal role in the future of both Volvo and Polestar. - Volvo's decision to halt funding for Polestar reflects a broader trend of reevaluation and restructuring in the automotive sector.

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Image courtesy of "Reuters"

Automaker Volvo Cars to stop funding Polestar, quarterly earnings ... (Reuters)

Swedish automaker Volvo Cars said on Thursday it would stop providing funding to Polestar as it reported a slightly bigger than expected rise in ...

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Image courtesy of "CNBC"

Volvo shares jump 21% on higher sales, plans to stop Polestar funding (CNBC)

shares surged more than 21% on Thursday after the Swedish automaker announced that it will stop funding subsidiary Polestar Automotive.

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Image courtesy of "Bloomberg"

Volvo Car (VOLCAR) to Stop Funding Polestar, May Distribute Shares (Bloomberg)

Volvo Car AB will no longer extend funding to loss-making EV-maker Polestar Automotive Holding UK Plc and may distribute shares to other shareholders to ...

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Image courtesy of "Financial Times"

Live news: Musk says Tesla shareholders will vote 'immediately' on ... (Financial Times)

Then $75 per month. Complete digital access to quality FT journalism. Cancel anytime during your trial. Select. What's included.

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Image courtesy of "Valdosta Daily Times"

Polestar Welcomes Geely's Long-Term Commitment to Its ... (Valdosta Daily Times)

GOTHENBURG, Sweden--(BUSINESS WIRE)--Feb 1, 2024--. Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish electric performance car brand, ...

Volvo Car Evaluating Potential Reduction of Shareholding in ... (MarketWatch)

By Dominic Chopping STOCKHOLM--Volvo Car is evaluating reducing its shareholding in Polestar and will no longer provide further funding to the electric-car.

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Image courtesy of "The Wall Street Journal"

Volvo Car Evaluating Potential Reduction of Shareholding in Polestar (The Wall Street Journal)

Geely is Volvo Car's major shareholder. The company posted a rise in fourth-quarter revenue driven by higher volumes and said it expects the growth rate in ...

Volvo Car shares surge as it'll stop funding Polestar in deal with ... (Morningstar.com)

By Steve Goldstein. Volvo Cars shares surged 23% as the Swedish automaker said it will stop providing funding to EV startup Polestar as it ramps up its own ...

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Image courtesy of "Joplin Globe"

Polestar Welcomes Geely's Long-Term Commitment to Its ... (Joplin Globe)

GOTHENBURG, Sweden--(BUSINESS WIRE)--Feb 1, 2024--. Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish electric performance car brand, ...

Volvo Cars Q4 Pofit Rises, Backs Outlook; Stops Further Funding To ... (Nasdaq)

(RTTNews) - Shares of Volvo Cars AB (VLVOF) were gaining more than 21 percent on Thursday in Sweden after the Swedish luxury auto major reported higher ...

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Image courtesy of "Financial Times"

Volvo Cars to stop funding Polestar electric sports car business (Financial Times)

Swedish carmaker looking to sell stake in spun-out group to its Chinese parent Geely.

Volvo and Polestar drift a little farther apart. (The Verge)

The Volvo / Polestar relationship has always been complicated — as Volvo CEO Jim Rowan explained to me on Decoder last year, Volvo owns 48 percent of EV ...

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Image courtesy of "Electrek"

Volvo breaks up with Polestar and sees its shares soar (Electrek)

Struggling luxury EV maker Polestar just lost its funding from Volvo, which is handing full responsibility for the brand over to China's Geely.

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Image courtesy of "Morningstar"

Volvo Car Soars After Announcing Polestar Exit, Record Sales (Morningstar)

Shares of Swedish automaker Volvo Car [VOLCAR B], which is majority-owned by China's Geely, surged as much as 32% at Thursday's open and traded 27% higher ...

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Image courtesy of "Investopedia"

Volvo Pulls Funding From Polestar, Marking Latest Setback for EV ... (Investopedia)

Volvo is pulling funding from Polestar and may hand over control of its stake in Polestar to its Chinese parent Geely, in the latest retrenchment by car ...

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Image courtesy of "Reuters"

Volvo's Polestar troubles signal 'shakeout time' for EV industry (Reuters)

"It's certainly shakeout time," said Andy Leyland, co-founder of supply chain specialist SC Insights. "EV startups need to start showing both how they will move ...

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Image courtesy of "Car and Driver"

Volvo Will Stop Funding Polestar EV Brand but Keep Collaborating (Car and Driver)

Geely—the two automakers' Chinese parent company—will now fully support Polestar, which has two new EVs on the way.

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Image courtesy of "Axios"

Chinese automaker Geely agrees to rescue EV maker Polestar (Axios)

The move illustrates the Chinese automotive industry's growing power in the global EV landscape.

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Image courtesy of "Yahoo Finance"

Volvo Cars to stop funding Polestar, may hand stake to Geely (Yahoo Finance)

STOCKHOLM (Reuters) -Volvo Cars said on Thursday it would stop funding Polestar Automotive Holding and was handing responsibility for the struggling luxury ...

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