Volvo Car shares surge as it'll stop funding Polestar in deal with parent Geely

Volvo Cars shares surged 23% as the Swedish automaker said it will stop providing funding to EV startup Polestar as it ramps up its own investment. Volvo Cars said it’s “evaluating a potential adjustment to Volvo Cars’ shareholding in Polestar, including a distribution of shares to Volvo Cars shareholders” in which Geely 175, -0.54% would become a significant new shareholder in Polestar. Volvo Cars VOLCAR.B, +22.62% holds a 48% stake in Polestar PSNY, -3.13%, while Geely holds 79% of Volvo. Geely will co ...