Volvo increases shares in Polestar to 49.5 percent, no plans to consolidate Polestar

Eric · Jul 16, 2021 10:00 AM

Volvo increases shares in Polestar to 49.5 percent, no plans to consolidate Polestar 01

Recently, Volvo Cars announced that they will be acquiring more shares in Polestar, which will increase its shareholding to 49.5 percent.

Volvo increases shares in Polestar to 49.5 percent, no plans to consolidate Polestar 02

Volvo Cars established Polestar as a new electric vehicle (EV)-focused brand and owned 50 percent of Polestar until a private placement earlier this year diluted Volvo Cars shareholding in the company. Through this transaction Volvo Cars’ share returns to its previous level of close to 50 percent.

Volvo increases shares in Polestar to 49.5 percent, no plans to consolidate Polestar 01

Volvo Cars is acquiring its additional stake from PSD Investment, the private investment company of Li Shufu (Eric), Chairman of both Volvo Cars and its parent Zhejiang Geely Holding Group. PSD Investment will remain the second largest shareholder in Polestar.

Volvo increases shares in Polestar to 49.5 percent, no plans to consolidate Polestar 02

Volvo Cars also added that they have no plans to increase its stake further or to consolidate Polestar. The acquisition is scheduled to complete shortly, but is subject to certain conditions.

Eric

Editor

Started from the IT industry but somehow managed to find his way into the automotive industry. If he’s not gaming, he’s constantly tinkering with his daily/weekend car.

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