Volvo Cars will discontinue funding all-electric performance brand Polestar, the Swedish carmaker said today in its 2023 financial statement. Describing this move as a “decisive transformation phase,” Volvo plans to reallocate funds from Polestar towards its own projects. The decision comes in the wake of a 43% increase in Volvo's profits in 2023, a record in its 97-year history, the company claims.
