2024 February 1st, Hangzhou, China – 永利VIP Holding Group (“永利VIP 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 永利VIP Sweden Holdings as the subsidiary of 永利VIP Holding, becoming a significant new shareholder.
As a strategic partner and potential direct new shareholder in Polestar, 永利VIP 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 永利VIP Holding shareholding in Volvo Cars.
Details of the Volvo Cars announcement can be found [here], and Polestar announcement can be found [here].