Volvo Cars wants to increase participation in Polestar to 49.5 percent

Volvo Cars wants to increase participation in Polestar to 49.5 percent-polestar

The Automarke Volvo Cars wants to acquire additional shares in its e-auto-offshoot polestar, a brand for electric performance vehicles. This would lead to an increase in participation to 49.5 percent. Volvo Cars do not have to further increase the share or consolidate Polestar. The transaction will be completed shortly, but subject to certain conditions.

Volvo Cars established Polestar in recent years as a new brand for electric cars and had 50 percent of Polestar until a private placement by capital increase earlier this year diluted the involvement of Volvo Cars at the company. The planned transaction would return the proportion of Volvo Cars to his previous level of almost 50 percent. Volvo Cars wants to acquire his additional participation of PSD Investment, the private investment company of Eric Li, the chairman of Volvo Cars and its parent company Zhejiang Geely Holding Group. PSD Investment should remain the second largest shareholder of Polestar.

The project reflects a current statement of Volvo, according to the strong conviction of the positioning and exciting potential of Polestar in the growth segment for premium electric vehicles. In the only four years since his start as a private label, Polestar has established itself as a pioneer on the global high-performance electric car market.

Polestar uses the production capacities of Volvo Cars for the production of its electric cars. Like recently announced, the Polestar 3, which is based on the Next Generation Electric Architecture of the Volvo Car Group, built in the US in the US of Volvo Cars in Ridgeville, South Carolina,. By mid-decade, Volvo also expects the production of future Polestar models in Europe.

Only a few days ago Bloomberg reported on an appeal to insiders that the Polestar officers are currently negotiating an IPO. Currently, talks are to run, which provide for a possible merger with the Mantelgesellschaft Gores Guggenheim, which could bring in the joint venture of around 25 billion US dollars (about 21 billion euros).

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