"Volvo Takes Control: Automaker Doubles Stake in Polestar In a move that signals a significant shift in its electrification strategy, Volvo has announced plans to nearly double its stake in Polestar, the luxury electric vehicle brand it co-founded in 2017. As part of the deal, Polestar will cease production in China and focus on manufacturing its flagship model, the Polestar 3, in South Carolina, marking a major expansion of the brand's US presence. The increased investment by Volvo is seen as a strategic move to strengthen Polestar's position in the competitive electric vehicle market and bolster the brand's global reach. With this deal, Volvo is poised to play a more dominant role in Polestar's operations, potentially paving the way for further integration of the two brands."
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.