From CNBC:

Volvo Cars’ shares surged 26% after announcing plans to stop funding luxury car brand Polestar and potentially adjusting Volvo Cars’ shareholding in Polestar, including a distribution of shares to Volvo Cars’ shareholders and making Geely Sweden Holdings a significant new shareholder, removing Polestar as a drag on Volvo’s resources.

Volvo Cars reported a sharper-than-expected rise in fourth-quarter operating income and an increase in revenue for both the fourth quarter and 2023 as a whole, showing strong financial performance separate from the Polestar decision.



Read more: Volvo shares jump 26% on higher sales, plans to stop Polestar funding