Volvo plans to distribute Polestar shares to Geely

The board of directors of Volvo Cars has proposed that the company's 62.7% stake in Polestar be allocated to Geely Auto, a move designed to enable Volvo Cars to focus its resources on the next stage of its transformation. Geely Holding has expressed support for the allocation and will vote in favor at the 2024 Annual General Meeting of Shareholders.