Volvo has announced its decision to halt investments in Polestar

Volvo Cars has revealed its decision to cease further investment in Polestar, a renowned manufacturer of high-end electric vehicles. Instead, funding for Polestar will be provided by its parent company, the Chinese conglomerate Geely. Volvo currently holds a 48.3% stake in Polestar. This move comes after Polestar announced in November 2023 its strategy to streamline operations, focusing on cost reduction to enhance profitability in the United States while honing its efforts in select key markets.