Volvo Car has announced it will stop funding its electric-vehicle offshoot Polestar, leading to a surge in its stock value, with shares increasing over 24% on Thursday. Amid a predicted 14% drop in German electric car sales, Volvo's decision reflects a broader industry trend. Volvo's parent company, Geely, is set to take over funding for Polestar, indicating a strategic shift within the electric vehicle sector.
Chinese automaker Geely is poised to rescue struggling Swedish auto brand Polestar in a move illustrating the Chinese automotive industry's growing power in the global EV landscape. https://t.co/JgD75t1P8f
the "inevitable" EV transition hits another wall Volvo, An Early Electric Car Adopter, Cuts Off Funding For Its EV Affiliate https://t.co/MRevg1JxT0
Volvo stock surges on strong sales and EV deliveries; will no longer fund Polestar https://t.co/pOqoYhCRwk by @Pras_S
Volvo, An Early Electric Car Adopter, Cuts Off Funding For Its EV Affiliate https://t.co/V9RoakEVZg via @WSJ
Volvo's Polestar troubles signal 'shakeout time' for EV industry https://t.co/jzDEi2fetw https://t.co/DizF38MSUT
Latin American countries are eager to supply lithium and other minerals -- but the transition to electric cars is suffering big setbacks in past year. Tesla, Ford, Renault and now Volvo are significantly scaling back ambitions https://t.co/fKn3qQmqfE
⚠️ ANALYSIS-VOLVO'S POLESTAR TROUBLES SIGNAL 'SHAKEOUT TIME' FOR EV INDUSTRY (Reuters) The shakeout in the global electric-vehicle industry is picking up speed. Chinese automaker Geely's move on Thursday to take over funding of struggling EV maker Polestar from Volvo Cars is… https://t.co/y8VY1poRIU
Volvo calls it quits with a unique, luxurious Tesla competitor. https://t.co/awyxPeQs5M
$PSNY Volvo stock surges 20% on announcing they are gonna let polestar die tells you even more than you need to know Smart of cfo for resigning before this POS goes BK https://t.co/dmfiPlXYHs
More EV disaster: China-owned @volvocars to stop funding struggling EV maker @PolestarCars. https://t.co/UdjN9KKLyh https://t.co/YHlQkzcg5d
Volvo Car is swerving to avoid a car crash at its electric-vehicle offshoot Polestar, @chrismbryant writes https://t.co/5qFpZqDe3L via @opinion
"Natural Evolution": Volvo Shares Soar On Plans To Stop Funding Cash-Burning Polestar https://t.co/1ZxppDXWGj
$PSNY (-7.8% pre) Volvo Cars to stop funding Polestar, may hand stake to Geely https://t.co/aa6PFWpU9r
German beer sales decline 4.5%, continuing long-term downward trend https://t.co/44IxoXaIqx https://t.co/rSvsCisCil
Volvo breaks up with Polestar and sees its stock soar https://t.co/HStZlIyNcz
Volvo Car is swerving to avoid a car crash at its electric-vehicle offshoot Polestar, @chrismbryant writes https://t.co/9jHaVhFaHv
Volvo Cars to stop funding Polestar electric sports car business https://t.co/YmnthJd5gO
Major car brand to lose funding after electric vehicle sales slump with Chinese firm set to take control https://t.co/tSWkBfsGpt
Volvo Cars experienced a notable surge in shares, exceeding 24% on Thursday. This increase followed the announcement by the Swedish automaker regarding its decision to cease funding subsidiary Polestar Automotive. Earlier on the same day, Volvo reported a noteworthy 10%…
Volvo Car shares surge as it’ll stop funding Polestar in deal with parent Geely https://t.co/AS53Ljnk3Y
#Volvo Car will no longer extend funding to loss-making EV-maker Polestar and may distribute shares to other shareholders to focus on Volvo’s own ambitions https://t.co/hpUlUl6GOj by @rafaelalindeber
Volvo Cars to stop funding Polestar, may hand stake to Geely https://t.co/KTtjsNRsg9 https://t.co/m2M8nrDq5j
Volvo Car will no longer extend funding to loss-making EV-maker Polestar and may distribute shares to other shareholders to focus on Volvo’s own ambitions https://t.co/oq8bbqCWG2
Electric vehicle companies warned of 'Darwinian struggle for EV viability' as shares could tumble https://t.co/bU9maqTDUC
This EV startup, once valued at $13b, is on the verge of total collapse https://t.co/HIFCkdmd6p
Europe’s biggest EV market is about to hit a perfect storm of problems https://t.co/HnPLZdvIfd
German electric car sales expected to drop by 14% https://t.co/a9RyJmB9jf https://t.co/9tMKx6Ar3H
Miner IGO is freezing a nickel project, and it’s also having trouble selling lithium. Falling commodity prices and slowing EV growth are proving problematic for many, says @AntonyMCurrie https://t.co/S6OtbDpwNb https://t.co/lBgH8JOZLi