Volvo expands share in Polestar as EV brand gets listed on stock market

MANILA: Volvo Cars welcomes the closing of the transaction that will result in the listing of Polestar on the Nasdaq stock exchange in New York. The carmaker is the largest shareholder in the Swedish electric performance car company. 

"This achievement is even more significant as it comes in a turbulent capital market environment and it reflects the excitement in the Polestar products and future potential of the business," Volvo said in a release. 

On June 22, shareholders of Gores Guggenheim approved Volvo's merger with Polestar through which the listing of Polestar will take place.

"Proceeds from the merger will be used to help fund continued investments in the expansion of Polestar’s products, operations and markets in the rapidly growing global premium electric car market," the Swedish carmaker said in a release. 

“As our affiliate brand and important business partner, Polestar plays a key role in our strategic direction to become fully electric by 2030 and shape the future of mobility," Chief Executive of Volvo Cars Jim Rowan said. 

Volvo will continue as a responsible shareholder and business partner to Polestar. The close collaboration between Volvo and Polestar means they will share technologies and development costs,  as well as manufacturing footprint and supply chain.

Upon completion of the merger and listing of Polestar, Volvo Cars will hold now 48.3% of the combined company.

Photos from Volvo 

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