"Volvo's Breakup with Polestar Sends Shares Soaring"

Volvo has ended its funding for struggling luxury EV maker Polestar, leading to a 30% jump in Volvo's shares. The move comes as Volvo hands full responsibility for Polestar over to China's Geely, with analysts criticizing Volvo's involvement in the brand. Polestar, which recently announced plans to cut 15% of its workforce, needs $1 billion to stay afloat and faces pressure to go private. Meanwhile, Volvo is one of the first legacy automakers committed to an EV-only future by 2030, but is facing challenges in a competitive market and struggling with software issues. This development reflects broader shifts in the EV industry, with other companies reevaluating their EV strategies.