Recently, Volvo said that it is ready to withdraw from Polestar and is ready to stop investing in the company altogether, while handing over responsibility to Geely. Clearly, Volvo has a "deaf ear" approach to Polestar, and is neither willing to provide capital nor be a shareholder to take responsibility.
It's no secret that Polestar has been striving to be an effective investment for its shareholders and that it is not a solid competitor to the biggest EV makers. Like all electric car companies, Polestar had a painful period of growth, which was extremely challenging and often led to company bankruptcy.
In fact, Volvo is not completely out of Polestar, as they say they will continue to work with Polestar on R&D, manufacturing, after-sales support and commercial. In other words, Volvo is now only responsible for the development and operation of Polestar, which is a matter of Geely.
After the news came out, netizens were both surprised and understandable, after all, Polestar is indeed too "unaffordable". For example, the first model, the Polestar 1, was priced at 1.45 million yuan, which attracted a lot of attention when it was first released, but the hungry marketing of 500 units a year made the sales department have no car to sell. and then to the Polestar 2, which called itself the "Tesla killer", in addition to being incomparable, it also tore off the high-performance label that Polestar had so hard to put on, and then to the later products to no avail.
Anyway, now the Polestar brand has no appeal, and even some joint venture electric vehicles can't be compared, how can it be compared with the domestic and new power brands that are in full swing? For Volvo, instead of reaping the rewards of the massive capital injection, it was clear that it was a mistake to continue, so it had to "stop the loss in time" and release Polestar. Volvo wanted **, and Geely had to take over, so after Volvo's statement was released, Geely immediately expressed its support for Volvo's decision and was willing to accept Polestar. If nothing else, Polestar will most likely become another car brand under Geely.
Old driver spicy comment:Winning another car brand is not a bad thing for Geely Holdings' car empire, of course, the burden has also become bigger, after all, Geely currently has a high-performance brand Lotus, and it is also transforming to electrification.