2024 February 1st, Hangzhou, China – Geely Holding Group (“Geely Holding”), China’s leading privately-controlled automotive technology group, welcomes Volvo Cars decision to focus their resources on the company’s transformational journey and evaluate a potential adjustment to their shareholdings in Polestar, which may result in Geely Sweden Holdings as the subsidiary of Geely Holding, becoming a significant new shareholder.​​

​As a strategic partner and potential direct new shareholder in Polestar, Geely Holding will continue to provide full operational and financial support to the independent exclusive brand going forward. This support will not require a reduction of Geely Holding shareholding in Volvo Cars.