Volvo is reportedly set to stop providing funding to Polestar and will transfer responsibility of the EV brand to Geely. According to Automotive News Europe, Zhejiang Geely Holding, the parent of both Swedish brands, will take on the funding for Polestar.
The proposed deal will also see Geely taking over Volvo’s 48% stake in Polestar, relieving the pressure on the Swedish automaker. Volvo’s heavy involvement in Polestar has been criticized by industry analysts, who view the EV brand as a drag on its resources, with some having called for Polestar to be brought back into the Volvo-Geely ecosystem.
The switch, should it happen, will certainly ease things for Volvo, which has been fighting its own battles and last year started to cut 1,300 jobs, part of a drive to reduce costs across global operations.
While welcoming Volvo’s decision to focus its resources on its own development, Geely says it will fully support Polestar to remain as an independent brand. According to analysts, Polestar would need to an additional US$1 billion (RM4,71 billion) over the next 12 months to keep it afloat.
Polestar has been going through a rough patch in recent times. The brand, which Volvo and Geely made into a stand-alone entity in 2017, isn’t just facing increased competition but is also struggling to match the price reductions made by Tesla and BYD.
It failed to meet its 2023 sales target of 60,000 units, delivering 54,600 cars globally last year. The 60,000 unit target was itself a scaling down of the 80,000 unit target it had initially set at the beginning of 2023. Its recent announcement of plans to cut around 450 jobs, or 15% of its workforce, globally may have sped up the bailout process.
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buat wayang, rename polestar as proton. kaodim
Polestar to squeeze-dry Volvo
Geely buy 1 free 1 company
I am looking forward to geely downfall next. So exciting
lmao you are a known racist!
Geely downfall? Hahahahahaha. You think Chinese or east asian people have low IQ like your kind ka. You should google up global IQ ranking and see where you stand first. Geely and like most chinese companies they are well known to save mat salleh companies. They can make bankrupt companies into the richest companies. Ask Elon Musk. Whereas your kind are famous to make successful companies bankrupt. Hahahaha. Facts hurts. Google global IQ rank please
I guess your nationality
must not be Malaysian
Such racism mindset
Yeah very nice, resort to racism. No difference between your kind and the Westoids. Just go migrate to CCP land if you don’t like his kind
Don’t bring China India politics into Malaysia. Both CCP and BJP are horrible
WhAT HAS BJP GOT TO WITH THIS.ILLITERATE MORON
This guy is confirm a ktard
i wonder what do you benefited from geely downfall. orang hati busuk , usually very short life
I’m not sure about fortune telling
“hati busuk” bisa jadi PM 2-kali
tapi jgn kita yg jadi “hati busuk”
Polestar yang problem, Malaysian yang kecoh lol