DeZwarteRidder schreef op 1 februari 2024 11:04:
Volvo Cars
shares surged more than 24% Thursday after the Swedish automaker announced that it will stop funding subsidiary Polestar Automotive.
Volvo earlier in the day reported a 10% year-on-year increase in fourth-quarter net sales to 148.1 billion Swedish krona ($14.16 billion), bringing its full-year 2023 total to 552.8 billion krona. Adjusted operating income jumped to 18.38 million krona from 12.17 million for the same period in 2022.
The group announced that it may hand stewardship of ailing luxury car brand Polestar over to majority Volvo shareholder Geely Holding
In its full-year report, Volvo said Polestar is “entering the next exciting phase of its journey with a strengthened business plan and cost actions, but that the parent company’s focus is on developing Volvo Cars and concentrating its resources accordingly.
“We are therefore evaluating a potential adjustment to Volvo Cars’ shareholding in Polestar, including a distribution of shares to Volvo Cars’ shareholders. This may result in Geely Sweden Holdings becoming a significant new shareholder,” the company added.