STOCKHOLM (Reuters) -Swedish automaker Volvo Cars said on Thursday it would stop providing funding to Polestar as it reported a slightly bigger than expected rise in fourth-quarter operating earnings.
Volvo said full operational and financial support to Swedish luxury carmaker Polestar would in the future come from Geely, Polestar’s co-owner.
Volvo Cars operating income excluding joint ventures and associates rose to 6.7 billion Swedish crowns ($643.83 million)in the quarter from a year-ago 3.9 billion.
Analysts polled by LSEG had expected an adjusted/ earnings before tax and interest (EBIT) of 6.5 billion.
($1 = 10.4065 Swedish crowns)
(Reporting by Marie Mannes, editing by Essi Lehto)
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