From almost half to 18 percent
Volvo is significantly reducing its share in sister brand Polestar. This is in line with previous promises about a greater distance between the two, although in the future you can still go to the Volvo dealer with your Polestar.
Volvo and Polestar are both part of the Chinese Geely group, but they are also both (somewhat) independent companies within that group. At least: that will be the case from now on. Until now it has been more of one cluster, because Polestar was once Volvo’s sports division and has been regarded as a separate brand since 2017, but one that relies very heavily on Volvo in everything.
That has to change, they think at Geely, so Volvo is selling a large part of its Polestar shares. In total, this concerns 62.7 percent of the 49.5 percent that Volvo has owned since 2021. Volvo therefore continues to have an 18 percent stake in Polestar, but the two are clearly distancing themselves from each other. Polestar itself says that it ‘continues its journey to become an independent, exclusive performance brand’. Polestar is no longer a subdivision of Volvo within the Geely group, but is now on a par with Volvo, Lotus, Proton, Smart and all other brands that this growing giant company has.
The shifting of shares does not mean that the people of Polestar and Volvo will never speak to each other again. In the field of R&D, there continues to be a lot of cooperation between the two and of course we expect cars in the future that have many technical similarities. Perhaps even more important, at least for customers, is that Volvo and Polestar continue to work together when it comes to aftersales. In the future, Polestar drivers will be able to go to Volvo dealers for maintenance and repairs.
– Thanks for information from Autoweek.nl