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The Contrarian

(87 posts)
Fri Feb 2, 2024, 09:46 AM Feb 2024

Why Volvo has pulled the plug on its electric car brand

To hear him speak, you would think Volvo Cars’ Scottish chief executive Jim Rowan is very much an electric vehicle crusader. Standing beside the company’s new EX30 as he unveiled the Swedish carmaker’s full-year results on Thursday, Rowan said Volvo was leading “a paradigm shift for us and for our entire industry”, boasting that only Tesla had stronger profit margins on sales of electric cars.

But that enthusiasm apparently no longer extends to Polestar, Volvo’s dedicated electric marque.

On Thursday, Volvo said it would no longer provide financial support to Polestar and would look at offloading some of its 48pc stake in the company to other shareholders, including China’s Geely. (Most of the rest of Polestar is already owned by Geely chairman Eric Li.)

The news is the latest blow to Polestar, an early mover in electric cars that has struggled to keep up with premium rivals such as Tesla and which remains heavily loss-making despite its cars receiving critical acclaim.

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Why Volvo has pulled the plug on its electric car brand (Original Post) The Contrarian Feb 2024 OP
Who could afford a Polestar? sinkingfeeling Feb 2024 #1
Volvo has several EV vehicles under the Volvo brand. TwilightZone Feb 2024 #2
Link, since it wasn't provided in the OP: TwilightZone Feb 2024 #3
Sounds like normal market forces Johnny2X2X Feb 2024 #4
Volvo is actually Geely and is selling the Chinese made EX line. Voltaire2 Feb 2024 #5
Volvo still had several EV/hybrids under the Volvo badge obamanut2012 Feb 2024 #6

Voltaire2

(15,206 posts)
5. Volvo is actually Geely and is selling the Chinese made EX line.
Fri Feb 2, 2024, 10:11 AM
Feb 2024

Polestar was doomed anyway, this is just the official death certificate.

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