A Polestar Roadster concept electric vehicle during the Singapore Motorshow in Singapore, on Thursday, Jan. 11, 2024.
Photographer: Lionel Ng/Bloomberg via Getty ImagesShares of Volvo Cars dipped on Friday, after the company said it would dilute its stake in electric vehicle maker Polestar by distributing 62.7% of its holdings to its shareholders.
If approved during the company's annual general meeting of March 2024, Volvo would retain around 18% of Polestar's shares.
The announcement comes after the company said earlier this month that it would stop funding ailing brand Polestar and is considering adjusting its holdings in the electrical vehicle maker.
Rowan at the time said that the changes were part of a "natural evolution" in the relationship between the automakers.
Persons:
Lionel Ng, Polestar, Jim Rowan, Rowan
Organizations:
Bloomberg, Getty, Volvo
Locations:
Singapore, Jan, London, Polestar