Geely’s Volvo Cars Increases Stake In EV Maker Polestar to 49.5 Per Cent: Report

0
234
Image Credit: Autotechreview
  • The investment comes after Polestar raised $550 million in its first external funding round in April
  • Volvo said in a statement that the move reflects Volvo Cars’ strong conviction in Polestar’s positioning and potential in the high growth segment for premium electric vehicles
Image Credit: Autotechreview

As per a report by Reuters, Sweden’s Volvo Car Group has bought additional shares in electric car maker Polestar, taking its holdings in the EV maker controlled by Volvo’s parent company, Geely, to 49.5 per cent.The investment comes after Polestar raised $550 million in its first external funding round in April.

The report added that Volvo said in a statement that the move reflects Volvo Cars’ strong conviction in Polestar’s positioning and potential in the high growth segment for premium electric vehicles.

Cash injection from Chinese investors Chongqing Chengxing Equity Investment Fund Partnership and Zibo

The report added that the .purchase sees Volvo’s stake returning to the level it previously had, before the April funding round, when Polestar received a cash injection from Chinese investors Chongqing Chengxing Equity Investment Fund Partnership and Zibo. Polestar builds hybrid performance cars in the western Chinese city of Chengdu and a sedan model at its Taizhou plant in the east. Volvo said it had no further plans to increase its stake in Polestar beyond the 49.5% it now owns.

LEAVE A REPLY

Please enter your comment!
Please enter your name here