Volvo stops funding Polestar, hands stake to Chinese-owned Geely

Funding and control of Polestar is shifting. On Thursday Volvo announced it is shifting “full operational and financial support” of its Polestar subsidiary to Chinese-owned Geely. Volvo itself is a subsidiary of Geely, which snapped up the Swedish automaker from Ford in 2010. Volvo and Geely never fully merged, but Geely owns a 78.7% stake in…