Volvo Car (VOLCAR) to Stop Funding Polestar, May Distribute Shares – Bloomberg

China’s Geely is preparing more funding for struggling EV maker Polestar as a way to relieve financial pressure on another company it owns, Volvo Car AB.

The proposed deal would see Volvo Car transfer some its 48% stake in Polestar to Zhejiang Geely Holding Group Co., the Swedish manufacturer said Thursday. The move follows a slower-than-expected ramp up at Polestar that, together with a broadening EV slowdown, has dragged shares to a record low.