"Volvo Ceases Funding for Polestar Amid Geely Bailout Plans"
TL;DR Summary
Volvo Cars will stop funding its all-electric performance brand Polestar and reallocate funds towards its own projects, as it plans to transfer a portion of its stake in Polestar to parent company Geely, which will provide full operational and financial support to Polestar. Despite Volvo's record profits and successful EV sales, Polestar has struggled, leading to layoffs and delivery target issues. The line between Volvo and Polestar has blurred, and Geely's bailout aims to support Polestar's future endeavors.
- Volvo Stops Funding Polestar As Geely Prepares Bailout InsideEVs
- Volvo, An Early Electric Car Adopter, Cuts Off Funding For Its EV Affiliate The Wall Street Journal
- Volvo shares jump 20% on higher sales, plans to stop Polestar funding CNBC
- Live news: Gilt yields rise as traders absorb BoE rate pause Financial Times
- Volvo stock surges on strong sales and EV deliveries, will no longer fund Polestar Yahoo Finance
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