Volvo's potential withdrawal from Polestar leaves Geely a direct new shareholder

7 February 2024, 08:03:59

Polestar Automotive Holding UK PLC welcomes Geely Sweden Holding as a potential direct new shareholder. Volvo Cars is evaluating a potential adjustment to its shareholding in Polestar including a distribution of shares to its shareholders, with Geely Sweden Holding being the primary recipient. Volvo Cars will remain a strategic partner in areas across R&D, manufacturing, after-sales, and commercial.

Polestar has made significant progress in developing an all-electric model line-up, a global sales and service network and a diversified manufacturing footprint. Polestar announced a strengthened business plan in November 2023 that set a clear path to profitability. With business actions to manage costs, drive higher margins and cashflow, Polestar reduced its expected external funding need to approximately $1.3 billion until targeted cash flow break-even in 2025 and is well advanced on securing the additional external funding required.

Thomas Ingenlath, Polestar CEO, says: "With our growing line-up of exclusive, performance cars, Polestar is in one of the most promising phases of its development. We have successfully ramped up production and started sales in China, Europe and Australia of Polestar 4 and Polestar 3 is expected to start first customer deliveries this summer. We look forward to continued cooperation with Volvo Cars as well as benefiting from even greater synergies with Geely on future orientated technologies."

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