Is Polestar basically Volvo?
Polestar was originally the performance division of Volvo, like AMG is to Mercedes, but its ownership structure has evolved significantly over the years. Nowadays, Polestar is no longer fully owned by Volvo and became an independent electric vehicle Volvo spin-off brand in 2017. FAQs about Tesla and Polestar Polestar began as Volvo’s performance division but is now an independent EV brand. It was created by Volvo and Geely, with Geely now owning the majority stake.Volvo ceased funding Polestar in 2024 and cut its stake to 17% from around 48%; Li directly and indirectly controls more than 80% of Polestar; he also controls 79% of Volvo. As a fully electric brand, Polestar is suffering from the slow uptake of EVs in the US, which has cut tax credits for battery powered vehicles.Volvo and Polestar are brands majority-owned and controlled by Chinese automaker Geely, putting the Swedish marques in a vortex of difficulty in the U. S. Volvo Cars has had great success evolving from the wagons it was long known for into crossovers combining utility and driving smoothness.