Volvo ditching most of its stake in Polestar

Volvo on Friday said it planned to reduce its stake in Polestar by 62%, and cease funding the electric vehicle startup as it focuses funding its own transformation into a fully electric brand. The shares in Polestar will be distributed to Volvo’s own shareholders, the biggest of which is Zhejiang Geely which owns 79.5% of the company. The move…