Volvo cuts off Polestar funding despite fact it helped pioneer electric cars

Volvo revealed Thursday that it has cut off funding for its electric vehicle subsidiary Polestar — despite the fact it was among the first automakers to embrace electric cars.Shares of Swedish automaker’s stock surged more than 30% on Thursday as the company declared Volvo Cars is focused on “developing and concentrating its resources on its own ambitious journey, including its own in-house electric vehicles.Volvo, which currently owns a 48% stake in Polestar, said it was considering ceding more control ov ...