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Geely’s Volvo Cars Lifts Stake In EV Maker Polestar To 49.5%

Volvo Car Group has purchased extra shares in Polestar, taking its holdings within the electrical car (EV) maker managed by Chinese automaker Geely, to 49.5%.

The investment comes after Polestar raised $550 million in its first external funding round in April
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The funding comes after Polestar raised $550 million in its first exterior funding spherical in April

Sweden’s Volvo Car Group has purchased extra shares in electrical automobile maker Polestar, taking its holdings within the electrical car (EV) maker managed by Volvo’s guardian firm, the Chinese automaker Geely, to 49.5%.

The funding comes after Polestar raised $550 million in its first exterior funding spherical in April.

“The move reflects Volvo Cars’ strong conviction in Polestar’s positioning and exciting potential in the high growth segment for premium electric vehicles,” Volvo mentioned in an announcement.

Shares in Tesla are down 9% this yr amid issues of elevated competitors from conventional automobile makers within the manufacturing of electrical autos.

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 Volvo mentioned it had no additional plans to extend its stake in Polestar past the 49.5% it now owns

The buy sees Volvo’s stake returning to the extent it beforehand had, earlier than the April funding spherical, when Polestar acquired a money injection from Chinese buyers Chongqing Chengxing Equity Investment Fund Partnership and Zibo.

Polestar builds hybrid efficiency automobiles within the western Chinese metropolis of Chengdu and a sedan mannequin at its Taizhou plant within the east. It additionally has a brand new mannequin in improvement referred to as Precept, a bigger, extra environmentally pleasant sedan which it displayed eventually yr’s China auto present.

Volvo mentioned it had no additional plans to extend its stake in Polestar past the 49.5% it now owns.

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(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)

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