Volvo Cars terminates funding for Polestar, aiming to reinvest resources following a landmark 43% profit surge in 2023. As Volvo restructures, parent company Geely steps in as a major shareholder in Polestar, pledging continued support for the electric performance brand.
Despite Volvo’s robust EV sales in 2023, Polestar faced challenges, including layoffs and delivery delays. However, with the imminent launch of the Polestar 3 and Polestar 4, both companies anticipate ongoing collaboration and growth.
Volvo remains optimistic about its 2024 prospects, projecting increased retail sales momentum. Stay tuned for updates as Volvo navigates its strategic evolution and the evolving landscape of electric mobility.