Volvo Pulls Funding From Polestar, Marking Latest Setback for EV Industry

KEY TAKEAWAYSVolvo said it will no longer provide financial support for Polestar, an EV maker.Volvo is considering restructuring its ownership in Polestar, and could hand over its stake to its Chinese parent Geely.Volvo's pullback marks the latest retrenchment by an auto firm of its EV ambitions.Sweden's Volvo said it would stop funding electric vehicle (EV) maker Polestar (PSNY), in the latest pullback by automakers of their EV forays.Volvo said it is considering restructuring its ownership in Polestar, an ...