One Chinese brand owes the other SEK 20 billion. And now the box is closed.
On Thursday this week, the share in the Chinese brand Volvo Cars rose by more than 27 percent. The drastic increase comes on top of quite surprising news.
In connection with the publication of Volvo Cars' annual accounts, the management has announced that they will stop financing the ailing Polestar.
This is written by the financial media Bloomberg .
The media also writes that Volvo is currently evaluating whether to hand over control of Polestar to the joint owner of the car brands – Chinese Geely Holding.
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The decision, if it is taken, will be a natural part of the development of both car brands, notes Volvo Cars CEO Jim Rowan.
– We separated Polestar as an independent brand a long time ago. Since then, we have worked with Polestar for a number of years, says the director.
Polestar currently owes Volvo 20 billion Swedish kroner for cars that Volvo has built on behalf of Polestar, because Polestar does not have its own factory.
The fact that Volvo is considering completely getting rid of Polestar is not the only new thing in this regard. Earlier this month, it emerged that the Swedish major bank SEB considers Polestar to be a devalued car brand.
Conversely, Bloomberg continues to write today that Geely Holding still has the opportunity to keep a hand on the brand's finances. And all the while keeping the relatively new car brand fresh.
