Shares of the Swedish automaker rose more than 30% after the decision was announced. Volvo currently owns a 48% stake in Polestar and is considering ceding further control of the high-end electric vehicle maker to China’s Geely Holding.
Geely is also Volvo’s largest shareholder, and the two companies are collaborating on the launch of Polestar. In connection with the closing of the financing, Volvo said that Geely will provide full operational and financial support to Polestar in the future.
Source: Ferra
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