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

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. 

KEY TAKEAWAYS

  • After the merger, how much of Polestar does Volvo hold?

    Upon completion of the merger and listing of Polestar, Volvo Cars will hold now 48.3% of the combined company.
  • What will the Polestar and Volvo merger bring to the companies?

    The close collaboration between Volvo and Polestar means they will share technologies and development costs, as well as manufacturing footprint and supply chain.
  • "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. 

    Polestar

    “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 

    Also read: Volvo breaks ground on technical and training facility in New Jersey

    Sell your car at the best price

    Verified and genuine buyers Verified and genuine buyers
    Free listing Free listing
    List your car

    Volvo Car Models

    • Volvo XC60
      Volvo XC60
    • Volvo S90
      Volvo S90
    • Volvo XC90
      Volvo XC90
    • Volvo XC40
      Volvo XC40
    Volvo Cars

    MIAS 2022

    You might also be interested in

    Latest Volvo Car Videos on Zigwheels

    Zigwheels
    Latest Volvo Car Videos