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Volvo Cars Group increases stake in electric vehicle manufacturer Polestar to 49.5%

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Volvo Car Group acquired an additional stake in Polestar, increasing its stake in the electric vehicle manufacturer controlled by Volvo’s parent company Geely to 49.5%.

This investment follows Polestar’s first round of external funding in April. Then they managed to get $ 550 million, having interested Chinese investors Chongqing Chengxing Equity Investment Fund Partnership and Zibo.

Polestar leverages Volvo Cars’ manufacturing capabilities. Based on Volvo Car Group’s next-generation architecture, the Polestar 3 electric car, recently announced, will be built at Volvo Cars’ Ridgeville, South Carolina plant. Future Polestar models are expected to be produced in Europe by mid-decade.

Volvo Cars created Polestar as a new brand focused on electric vehicles and owned about half of Polestar until a private placement earlier this year diluted Volvo Cars’ stake in the company. This deal will bring Volvo Cars’ share back to its previous level.

Volvo Cars has acquired an additional stake from PSD Investment, a private equity firm of Eric Lee, chairman of Volvo Cars and its parent company, Zhejiang Geely Holding Group. After the deal, PSD Investment will remain Polestar’s second largest shareholder.

Volvo Cars has no plans to further increase its stake or consolidate Polestar.

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