Volvo Cuts Stake in EV Maker Polestar, Leaving Geely to Fund Growth Amid New Model Launches
• Volvo plans to sell 62.7% of its stake in EV maker Polestar and stop funding the company going forward.
• Polestar will rely on funding from its majority owner Geely as it gears up for growth with several new EV model launches.
• The Polestar 3 and Polestar 4 recently launched with up to 300 and 379 miles of range, respectively.
• Polestar stock has dropped over 8% on the news, hitting its lowest point since going public at $1.30 per share.
• Volvo also has exciting new affordable EVs launching soon including the $35,000 EX30 and its first 3-row electric SUV, the EX90.