"Volvo to Cease Funding for Polestar, Signaling Swedish Automotive Split"
TL;DR Summary
Volvo has cut off funding for its electric vehicle subsidiary Polestar, despite being an early adopter of electric cars. The Swedish automaker's stock surged as it announced a focus on in-house electric vehicles and a potential shift of control to Geely Holding. Volvo's own EV sales have seen significant growth, but the overall EV market is facing challenges, with Polestar struggling since going public and rental giant Hertz planning to sell off EVs due to repair costs and low demand. Despite setbacks, Polestar remains optimistic and Volvo aims for a fully electric vehicle lineup by 2030.
- Volvo cuts off Polestar funding despite fact it helped pioneer electric cars New York Post
- Volvo, An Early Electric Car Adopter, Cuts Off Funding For Its EV Affiliate The Wall Street Journal
- Volvo shares jump 26% on higher sales, plans to stop Polestar funding CNBC
- Volvo Cars to stop funding Polestar, may hand stake to Geely Reuters
- These Two Automotive Brands Are Heading for a Swedish Breakup Autoweek
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