Volvo shares jump 26% on higher sales, plans to stop Polestar funding
Publishing timestamp: 2024-02-01 11:28:08
Summary
Volvo Cars announced that it may hand stewardship of luxury car brand Polestar over to majority shareholder Geely Holding. Volvo Cars CEO Jim Rowan stated that this is a natural evolution in the relationship between the two carmakers. Volvo Cars shares surged after the announcement. Volvo Cars holds a 44% stake in Polestar and is looking to reduce its shareholding to focus on its own growth journey. Polestar welcomed Geely Sweden Holding as a potential new shareholder and stated that Volvo Cars will remain a strategic partner. Volvo Cars also reported a rise in fourth-quarter operating income.
Sentiment: NEUTRAL
Tickers: PSNY, 175-HK, 0AAK-GB,
Keywords: geely automobile holdings ltd, volvo car ab, markets, earnings, transportation, breaking news: markets, business news, investment strategy, breaking news: investing, breaking news: business, autos,