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Volvo shares surge on decision to axe Polestar funding
(Sharecast News) - Volvo shares surged on Thursday after the Swedish company said it was axing funding for electric vehicle maker Polestar Automotive and handing over to China's Geely. Volvo Cars holds about 48% in Polestar, but the electric car startup has faced stiff competition by Tesla, which has started a price war to keep market share. Shares in Volvo surged 30% at the open and were up more than 20% in morning trade.
"Geely Holding will continue to provide full operational and financial support to the independent exclusive (Polestar) brand going forward," the Chinese group, which is a major shareholder in Volvo, said.
"This support will not require a reduction of Geely Holding shareholding in Volvo Cars," it added.
Polestar last week said it planned to cut around 450 jobs globally, or about 15% of its workforce, amid "challenging market conditions".
Volvo Cars also reported a bigger-than-expected rise in fourth-quarter operating earnings, with operating income excluding joint ventures and associates rising to 6.7bn Swedish crowns from a year-earlier SEK 3.9 billion.
Reporting by Frank Prenesti for Sharecast.com
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