**: Fast Technology.
Volvo withdrew from Polestar, and its stock price soared by 30%.
Volvo Cars has announced that it will no longer fund Polestar and plans to ** Polestar. ** The shares will be mainly taken over by Geely.
In the past, some analysts believed that Volvo's large stake in Polestar dragged Volvo down.
The market reaction confirmed this perception, and Volvo's share price soared just after its statement.
Volvo pulled out and its stock price soared.
Volvo Cars (Volvo) announced that it will stop blood transfusions to Polestar and adjust its stake.
Volvo is currently evaluating the distribution of Polestar shares to its shareholders, with Geely Sweden as a potential major recipient.
Some analysts believe that Geely will replace Volvo's position as an "important shareholder of Polestar" after that.
For Volvo's **, Geely responded that it supports Volvo to concentrate resources on its own development.
Geely also stated that it will continue to provide comprehensive business and financial support to Polestar.
Geely also added that support for Polestar won't make Geely Volvo. Will add this, also because just last month, Geely ** Volvo.
Volvo currently owns 48% of Polestar, and some analysts once thought that such a high stake was a burden for Volvo.
The market proved that this was the case, and Volvo's stock price jumped 30% at one point after announcing that it had withdrawn from Polestar.
Polestar's share price fell by more than 15% at one point, and its market value has shrunk by nearly 86% from its peak.
Polestar, which announced layoffs not long ago, has now made matters worse, and its recent situation is in stark contrast to Volvo.
Volvo is in good shape, Polestar is not doing well lately.
On February 1, Volvo released its performance report, which showed that its global sales in 2023 were 7080,000 units, driving the company's revenue to increase by 21% year-on-year to 399.3 billion Swedish kronor (equivalent to about 275.9 billion yuan).
Excluding joint ventures and associates, the company's underlying operating profit is approximately RMB1769.4 billion yuan, a year-on-year increase of 43%.
What's even more rare is that the transformation results are also good:
Volvo sold 1130,000 pure electric vehicles, a year-on-year increase of more than 70%, and the sales of plug-in hybrid models were 1520,000 units, up 10% y/y.
Simply calculated, Volvo's new energy model sales accounted for more than 37 percent of total sales4%。
Jim Ron, CEO of Volvo Cars, summed it up:
Volvo's revenue and profit in 2023 reached record highs, marking an important milestone on the company's transformation path.
And Polestar, a joint venture between Volvo and Geely in 2017, did not perform well last year.
The annual sales volume is only 5460,000 units, with a total loss of more than 52 yuan in the first three quarters700 million yuan.
It was just announced last week that it would lay off 15% of its workforce, saying that "the market is challenging" and that it is necessary to adjust the scale of the business to cut costs and reduce the blood transfusion of Geely and Volvo.
Polestar's poor performance is partly due to a lack of attention to the domestic market, with its share of revenue in China being only 14%。
Polestar realized the problem and in order to cater to the preferences of Chinese consumers, the new Polestar 4 was decided to be an SUV.
Developed locally in China, based on the same SEA platform as ZEEKR, the chassis is tuned by Volvo, and taking into account the intelligent competitiveness, the core of the car machine is Meizu's Flyme Auto.
It can be seen that for the battle of Polestar 4, Geely assembled the main battle.
In June 2022, Polestar, whose market value rushed to nearly 197.3 billion yuan on the day of the IPO, ushered in a dream start, but was abandoned by the "Swedish countryman" less than two years later.
And with Volvo withdrawing, Polestar's problem is more directly in front of Geely's case. Geely has acquired more direct equity and is trying to make Polestar shine again.
Editor in charge: Ruofeng.