2024-02-03 12:30:22
Polestar’s recent development has not been ideal. Following the previous announcement of layoffs, parent company Volvo announced earlier that it would stop providing financial support to Polestar, which can be said to be even worse.
Volvo said that although they will no longer provide funds to Polestar, its parent company China Geely Automobile will continue to provide operational and financial support to Polestar so that Polestar can continue to develop as an independent brand. Geely Automobile, as the major shareholder holding nearly 80% of Volvo’s shares, is also expected to acquire relevant Polestar equity, making Polestar more directly a major shareholder.
Volvo’s capital injection into Polestar has been criticized by investors, who believe it is a bottomless pit. Therefore, following the news was announced, Volvo’s share price soared by 30%. In fact, with the exception of Volvo, investment in electric vehicle-related companies has gradually shrunk. For example, Argo.ai’s major investors Volkswagen and Ford have withdrawn their investment, and GM has also reduced its investment in Cruise. Whether the business models of European and American electric vehicle manufacturers can continue in the future is also questionable. a question.
source:Reuters
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