Volvo, an early Electric Car adopter, cuts off funding for its EV affiliate.

STOCKHOLM—Volvo Car said it won’t provide further funding to Polestar, the electric-car maker it created with Volvo’s Chinese owner Geely—the latest EV retrenchment by the global auto industry. The announcement sent the Swedish automaker's stock up more than 30% at market open. The automaker said earlier this month that it had missed its already-reduced delivery targets for 2023.
Polestar's shares are down just over 83% since it went public in June 2022 via a merger with a special purpose acquisition company, or SPAC. Polestar last week said it planned to cut around 450 jobs globally, or about 15% of its workforce, amid "challenging market conditions".
The auto industry’s pivot to electric vehicles has been rocked by setbacks this year, just as a flood of new battery-powered models is hitting showrooms.
Earlier this week, French automaker Renault said it has decided to cancel the initial public offering of its electric-car unit Ampere. Ford, meanwhile, has slashed production of its electric F-150 Lightning, a pickup truck that has generated major buzz since its launch. Rental-car firm Hertz has said it was dumping about one-third of its EV rental car fleet, replacing the cars with gas-engine vehicles.

https://www.msn.com/en-ca/money/topstories/volvo-cars-to-stop-funding-polestar-may-hand-stake-to-geely/ar-BB1hAW5A