Volvo's stock was up 26% on the news.
From The Telegraph via Yahoo Finance, February 1:
To hear him speak, you would think Volvo Cars’ Scottish chief executive Jim Rowan is very much an electric vehicle crusader.
Standing beside the company’s new EX30 as he unveiled the Swedish carmaker’s full-year results on Thursday, Rowan said Volvo was leading “a paradigm shift for us and for our entire industry”, boasting that only Tesla had stronger profit margins on sales of electric cars.
But that enthusiasm apparently no longer extends to Polestar, Volvo’s dedicated electric marque.
On Thursday, Volvo said it would no longer provide financial support to Polestar and would look at offloading some of its 48pc stake in the company to other shareholders, including China’s Geely. (Most of the rest of Polestar is already owned by Geely chairman Eric Li.)
The news is the latest blow to Polestar, an early mover in electric cars that has struggled to keep up with premium rivals such as Tesla and which remains heavily loss-making despite its cars receiving critical acclaim....
....MUCH MORE, quite a story.
