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Volvo thins out its stake in Polestar.

The Swedish automaker said it would distribute 62.7 percent of its stake in Polestar to its shareholders, following through on its promise to dial back its funding for the performance EV brand. When all is said and done, Volvo will retain an 18 percent stake in Polestar, and Geely (Volvo and Polestar’s parent company) will be in the driver seat.

“At the same time as this transaction allows us to welcome new shareholders, our relationship with Volvo Cars remains,” Polestar CEO Thomas Ingenlath said. “Our customers will continue to benefit from our existing collaboration, including across commercial and after sales – providing piece of mind and consistency.”

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Volvo and Polestar drift a little farther apart.

The Volvo / Polestar relationship has always been complicated — as Volvo CEO Jim Rowan explained to me on Decoder last year, Volvo owns 48 percent of EV maker Polestar, Rowan sits on Polestar’s board, and both companies share tech and platforms with Volvo’s majority owner Geely — but it’s getting a little simpler, as Volvo announced it won’t be funding Polestar directly anymore. (Geely says it will, though. So, still complicated.)

The WSJ frames this as EV market noise, but Volvo is just about to start delivery of the new EX30 EV which seems like a hit, and Polestar just announced the 4, so maybe it’s just sibling rivalry. After all, Polestar CEO Thomas Ingenlath told me in 2021 that “we will always be some kind of family, but of course we will develop our own life.”

Volvo CEO Jim Rowan thinks dropping Apple CarPlay is a mistake

As cars become computers on wheels, the former BlackBerry and Dyson executive is approaching Volvo’s EV transformation with a consumer electronics mindset.

Volvo’s gone cluster-less.

Remember the jeers Tesla got for having no instrument cluster or HUD in the Model 3? Now Volvo’s getting in on a similar design with the new EX30.

People worried about Model 3’s spartan design, revealed in 2016. And when it was finalized, people complained to CEO Elon Musk. He tweeted “you won’t care.” Now he’s got a world’s best selling car to prove his point.

A close-up of the steering and vertical infotainment screen in a Volvo EX30.
Volvo’s EX30 EV has a Model Y-like instrument cluster-free interior, but with a vertical screen.
Image: Volvo