TECH - Polestar Welcomes Geely Affiliate As Potential Shareholder Partnership With Volvo Continues | Benzinga
In a recent development, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) has announced that Geely Sweden Holding is potentially becoming a new shareholder. This move is part of a broader strategy that could see a shift in Polestar’s ownership structure.
What Happened: In a recent press note, Geely Sweden Holding, a subsidiary of Geely Holding Group (OTC:GELYF) (OTC:GELYY), is set to become a direct shareholder in Polestar, a Swedish electric performance car brand. The potential change in Polestar’s ownership structure is being evaluated by Volvo Cars (OTC: VLVLY), which could result in a redistribution of shares to its shareholders, with Geely Sweden Holding as the primary recipient.
Volvo Cars will remain a strategic partner in various areas, including research and development, manufacturing, after-sales, and commercial operations. This development is a significant step for Polestar, which has been making strides in its electric model lineup, global sales and service network, and diversified manufacturing footprint.
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