From Dow Jones & Company:

Volvo Cars shares surged 23% as it announced it will stop funding EV startup Polestar to focus on its own investment. Geely will become a significant new shareholder in Polestar, with Volvo Cars holding a 48% stake and Geely holding 79% of Volvo. Volvo and Polestar will still collaborate in research, development, and manufacturing. Volvo also plans to boost investments in electrification, software, core computing architectures, advanced connectivity, data capture and analytics, and more, with a goal of an 8% EBIT margin by 2026 on revenue between 550 billion and 600 billion Swedish kronor.



Read more: Volvo Car shares surge as it’ll stop funding Polestar in deal with parent Geely