Polestar: Volvo (part) out, Geely in – electromobility (e-mobility) | Information | VISION Mobility

The message has caused turmoil in the electric mobility industry in recent days: Volvo Cars intends to reduce its ownership of Polestar from 48.5% to 18%. Polestar has now made it clear that Geely Holding, the Chinese parent company of Volvo Cars and indirectly associated with Polestar through a joint venture, will take over Volvo’s outstanding shares. This is the first time that Geely has a direct stake in the brand. It now joins Volvo, Lotus, Zeekr and all other Geely brands on an equal footing as an independent member of the Geely Group.

Polestar CEO Thomas Ingenlath added: “While this transaction allows us to welcome new shareholders, our relationship with Volvo Cars remains intact. Our customers will continue to benefit from our existing partnership, including in the areas of sales and customer service, which ensures safety and stability. The strong support from Geely comes at an important time as we launch our two performance SUVs – the Polestar 3 and 4 – an important step in our development.”

The close relationship with Volvo Cars will remain unchanged, Volvo dealers will continue to service Polestar cars and the Swedes will remain a strategic investor in the Geely brand. The Gothenburg-based company also agreed to extend a $1 billion revolving credit facility from Polestar through 2028.