By Gary S. Vasilash

Volvo Cars CEO Jim Rowan said on CNBC this morning about Polestar, the EV brand that it has some 44% of the shares of:

“They’ve have got a very exciting future ahead of them, they’ve moved from being a one-car company to a three-car company, they’ve got two brand-new cars coming out very shortly, in fact in the first half of this year, and that’s going to take them to a new growth trajectory.”

Sounds good, right?

But then there’s the fact that the reason Rowan was interviewed on CNBC is because Volvo Cars has announced it is going to reduce its holdings in Polestar.

Volvo Cars and Geely Holding essentially own Polestar.

In a press release from Polestar it says, in part,

“Volvo Cars is evaluating a potential adjustment to its shareholding in Polestar including a distribution of shares to its shareholders, with Geely Sweden Holding being the primary recipient. Volvo Cars will remain a strategic partner in areas across R&D, manufacturing, after sales and commercial.”

Which one could read as:

Geely China and Geely Sweden are going to own the majority of Polestar. So it is Geely, pure and straightforward.

Given that Geely owns Volvo Cars, there are probably just some bookkeeping adjustments being performed in Hangzhou. In Gothenburg the books are getting some line items removed so there can be an increased focus on its vehicles.

One wonders: Is this a further sign that the EV slowdown is having some consequences, especially on new OEMs trying to grow up?