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Today: June 21, 2024
February 2, 2024
1 min read

Volvo cuts Polestar funding; EV startup’s struggles escalate.

TLDR: Volvo will stop funding Polestar, its electric vehicle (EV) startup, following the brand’s failure to meet delivery targets and a decline in its stock value. The move could potentially allow parent company Geely to gain greater control over Polestar. Volvo is considering transferring its 48% stake in Polestar to its shareholders, which would give Geely more direct control over the EV brand. Polestar has been developing its own motors and other propulsion components, but its next model, the Polestar 3 SUV, still shares many components with the Volvo EX90 and has been delayed due to software issues.

Volvo will stop funding EV startup Polestar after it missed its 2023 delivery targets and its shares dropped by 83% since going public. Volvo owns a 48% stake in the company and is considering transferring it to shareholders, which would give parent company Geely more control over Polestar.Volvo plans to find other sources of funding for Polestar to continue its growth.Polestar has been developing its own motors and other propulsion components, and its next model, the Polestar 3 SUV, shares many components with the Volvo EX90 and has been delayed due to software issues.
Volvo will no longer provide funding for Polestar, an electric vehicle (EV) startup, due to the brand’s struggle to meet delivery targets and a decline in its stock value. As a result, parent company Geely may gain greater control over the EV brand. Volvo is considering transferring its 48% stake in Polestar to its shareholders, thereby giving Geely more direct control over Polestar. Polestar has been developing its own motors and other propulsion components, and its next model, the Polestar 3 SUV, currently shares many components with the Volvo EX90. However, both models have experienced delays due to software issues.

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