Still quite an interest
Polestar was of course created from Volvo years ago, but the ties between the two are becoming less close. Volvo Cars will no longer invest money in Polestar.
Almost twenty years ago it was founded with Volvo’s racing Polestar Racing and about fifteen years ago it became Volvo’s ‘house tuner’ under the name Polestar Performance. Ultimately, after ten years, Polestar would become fully owned by Volvo Cars, after which in 2017 Polestar was established as a separate brand under the leadership of brand new Volvo Cars parent company Geely. Volvo Cars did retain a significant interest in Polestar and also remained an important financial backer for the brand. The latter will end, Volvo Cars now announces.
Geely says it will continue investing in Polestar and may have to dig deeper into its pockets due to the loss of Volvo’s money. In return, Volvo Cars could well reduce its stake in Polestar, meaning that Polestar would fall even more directly under Geely. Volvo Cars now still has a stake of over 48 percent in Polestar.
– Thanks for information from Autoweek.nl