Polestar, the Swedish electric vehicle (EV) maker, has faced recent turbulence with rumors suggesting parent company Volvo’s potential withdrawal as a majority stakeholder. However, Polestar CEO Thomas Ingenlath has shed light on a new shareholder structure with Volvo and fellow stakeholder Geely, coinciding with the launch of several new EVs.
In February, Volvo hinted at relinquishing its Polestar shares to Geely, just ahead of the production start of the Polestar 3 in China.
In a LinkedIn post on Monday, Ingenlath revealed details of the EV maker’s new ownership structure, stating that Geely Sweden Holding will become the company’s second-largest shareholder. Volvo, on the other hand, will retain an 18 percent stake in Polestar, down from around 48 percent, as Volvo starts trading convertible shares internally.
“This strengthens and clarifies our ownership structure within the Geely ecosystem, as well as providing us with a wider shareholder base and increased free float, something we have aimed for since our NASDAQ listing in 2022,” Ingenlath explained.
In addition to securing $950 million in external funding from international banks, Ingenlath expressed optimism about Polestar’s future. He highlighted the availability of the Polestar 2 in multiple markets and anticipated the final prototype development for the Polestar 5, a four-seat grand-tourer, later this year.
The restructuring follows Polestar’s reduction of approximately 15 percent of its global workforce in January and a swift recall of the Polestar 4 in China last month.
