“Volvo shares jump 26% on higher sales, plans to stop Polestar funding”
February 6, 2024
“Volvo Cars shares surged more than 26% on Thursday after the Swedish automaker announced it will stop funding subsidiary Polestar Automotive.
The group announced it may hand stewardship of ailing luxury car brand Polestar over to majority Volvo shareholder, China’s Geely Holding, which has a 78.65% stake in the company, according to LSEG data…”
Ties with China are being cut it seems. I expect Polestar stock to tank as soon as it’s handed over to its Chinese stake holder.