Volvo seeks investors for its Polestar electric car brand
Swedish carmaker courts Chinese financiers and US tech investors
Stockholm — Volvo Cars is talking to Chinese investors as well as US tech investors as the company seeks external finance for its Polestar performance electric car brand, the Swedish carmaker’s CEO says. Carmakers are having to strike partnerships to cut the burden and cost of building new electric and autonomous vehicles, while also grappling with the challenges of Washington’s trade war with China and sales delays due to new emissions regulations. Volvo and Chinese parent Geely have each held a 50% stake in Polestar since 2017, when they agreed to jointly invest 5-billion Chinese yuan renminbi ($736m) to fund its initial development as a luxury electric car. “There’s a big interest now to invest in the future of mobility and electrification and autonomous drive. So I think we have a very strong story with Polestar which is attractive to many,” Volvo CEO Hakan Samuelsson told journalists. “We’re looking of course in Asia, China but also some known tech investors on the West Coast,”...
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