February 1, Beijing time,According to foreign media reports on Thursday, Swedish automaker Volvo will cease funding from Polestar and hand over the luxury car brand to China's Geely Holding.Volvo Car Group, which is listed in Sweden, owns about 48% of the Polestar brand, but just this Thursday Volvo Cars said it was considering handing over Polestar shares to Volvo's shareholder (Geely), which would make Geely the direct owner of the brand.

Geely said in a statement that it welcomed Volvo's decision and expressed its willingness to adopt the Polestar brand., said: "Geely Holding will continue to provide comprehensive operational and financial support for this independent and exclusive brand."

It is reported that Swedish electric car manufacturer Polestar said last week that under the "challenging market environment", the company plans to lay off about 450 people worldwide, accounting for about 15% of its total employees.

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The market value has shrunk by 80%, and 15% of employees have been laid off. Jiexing, who does not believe in evil, is still aloof.