Swedish automaker Volvo is making a significant move to strengthen its ties with electric vehicle (EV) subsidiary Polestar. The company has announced plans to double its stake in Polestar to nearly 20 percent, a deal that will have significant implications for the EV manufacturer's production and global presence. As part of the agreement, Polestar 3 production will be shifted to South Carolina, marking a major investment in the US market, while output in China will come to an end. The move is seen as a strategic shift for Polestar, which has been expanding its global reach in recent years, and raises questions about the future of the company's operations in Asia.
Volvo will double its stake in Polestar to nearly 20 percent. The deal focuses Polestar 3 production in South Carolina and ends output in China.