Volvo shares jumped over 20% after it announced plans to stop funding subsidiary Polestar Automotive. Volvo may hand stewardship of Polestar to majority shareholder Geely Holding, which owns 78.65% of Volvo. Volvo's CFO said this allows both companies to fully focus on growth as Polestar moves to a new trajectory. Volvo Cars announced a significant increase in fourth-quarter operating income to $639 million, surpassing expectations and showing growth from $372 million in the same period the previous year.
Category
🗞
NewsTranscript
00:00 It's Benzinga and here's what's on the block.
00:02 Volvo shares jumped over 20% after it announced plans to stop funding subsidiary Polestar
00:07 Automotive. Volvo may hand stewardship of Polestar to majority shareholder Geely Holding,
00:13 which owns 78.65% of Volvo. Volvo's CFO said this allows both companies to fully focus on growth as
00:20 Polestar moves to a new trajectory. Volvo cars announced a significant increase in fourth
00:25 quarter operating income to $639 million, surpassing expectations and showing growth
00:31 from $372 million in the same period the previous year. Volvo's CEO said stopping
00:36 Polestar funding was a natural evolution as it spins off further. For all things money visit
00:41 Benzinga.com