The most leased car brand in Denmark is now changing hands. This has happened after Volvo announced earlier this month that it will no longer spend money on Polestar.
Volvo has gotten rid of the problem child Polestar. And yet, for the Swedish-Chinese brand, not everyone has ties to Polestar.
But Volvo's share goes from 49.5 percent to 18 percent. This is stated by the Danish Polestar importer in a press release.
According to Henrik Bang, who is managing director of Polestar Denmark, the change of ownership is part of the brand's growth strategy. Something that also means that the model range grows from one to 3 cars. Among other things. one completely without a rear window. Read more about it here .
Polestar's new owner will be a Swedish subsidiary of Chinese Geely, Geely Sweden Holding, which already owns 78.7 percent of the shares in Volvo Cars AB.
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So the kinship does not disappear completely. But according to Polestar's Danish branch, the new ownership structure means that Polestar is considered independent.
– On an equal footing with other brands such as Lotus, Volvo Cars, Proton and Smart, reads the press release.
What will happen to Polestar's billion-dollar debt to Volvo is not clear from the car brand's press release. The Polestar share is also still bleeding.
On Thursday this week, the brand's stock – similar to those of Rivian and Fisker Inc. – bottom record. This is what industry analyst Rene Tonder writes on his Linkedin profile .
