Volvo stops funding Polestar, hands stake to Chinese-owned Geely

Funding and control of Polestar is shifting. On Thursday Volvo announced it is shifting “full operational and financial support” of its Polestar subsidiary to Chinese-owned Geely. Volvo itself is a subsidiary of Geely, which snapped up the Swedish automaker from Ford in 2010. Volvo and Geely never fully merged, but the two automakers deeply…Funding and control of Polestar is shifting. On Thursday Volvo announced it is shifting “full operational and financial support” of its Polestar subsidiary to Chinese-owned Geely. Volvo itself is a subsidiary of Geely, which snapped up the Swedish automaker from Ford in 2010. Volvo and Geely never fully merged, but the two automakers deeply…