A few days ago, it was learned that Volvo Cars has decided to stop its financial support for Polestar, a high-end pure electric brand co-founded with Chinese automaker Geely. Volvo is also currently considering a stake in Polestar, with Geely Automobile, the brand's majority shareholder, becoming a potential buyer. Polestar has also announced that the brand has failed to meet its 2023 delivery target, and its sales target has been lowered since the beginning of the year. In addition, Volvo Cars' stake also soared 40% after announcing that it would stop financing the project.
According to Volvo Cars, Geely will continue to provide comprehensive operational and financial support to the startup, while Volvo Cars plans to continue to work closely with Polestar in R&D, manufacturing and after-sales areas, and its pure electric product line models can still be serviced at Volvo dealerships. As the brand enters the next phase of transformation, including massive investments in the creation and adoption of new technologies and future-proof production facilities, our focus is on developing Volvo Cars.
Thomas Ingenlath, CEO of Polestar, said: "With our ever-expanding line-up of exclusive high-performance cars, Polestar finds itself in one of the most promising stages of its development. At the same time, the brand has also increased production of the Polestar 4 and started sales in China, Europe and Australia, with deliveries of the Polestar 3 expected to begin in the second quarter of this year. The brand will also look forward to further cooperation with Volvo Cars and the opportunity to create greater synergies with Geely in terms of forward-looking technologies. ”