FRANKFURT/STOCKHOLM: Volvo Cars, which is owned by China’s Geely, could in future seek external investors for its Polestar electric car brand and list the unit on the stock market but has no immediate plans to do so, the company said on Thursday.
Germany’s Capital magazine had earlier quoted Volvo CEO Hakan Samuelsson as saying that Polestar could tap financial investors to help stem the costs of developing new electric powertrains as a precursor to listing Polestar one day.
However, a spokesman for the Swedish carmaker said that while Samuelsson had “discussed the benefits of making it possible for external investors to enter Polestar in the future,” he had not confirmed any plans in that direction.
“[There are] no plans and no timeline for this; it was only a discussion around future possibilities,” he said.
Carmakers are having to strike partnerships and seek alliances to cut the burden and cost of building new electric and autonomous powertrains, even as they grapple with challenges stemming from Washington’s trade war with China and new emission regulations.
Volvo has not only had to spend cash to retool its global factories to limit the negative tariff impact but also had to abandon plans to list itself for a valuation of between $20 billion and $30 billion in September due to trade tensions and an auto industry downturn.
The company and parent Geely each have a 50 percent stake in Polestar, having in October 2017 agreed to jointly invest 5 billion Chinese yuan renminbi ($736 million) in the brand to fund the initial development of electric cars. ($1 = ¥6.7919 Chinese yuan renminbi)
Volvo says electric car unit Polestar could list one day
Volvo says electric car unit Polestar could list one day
- Polestar could tap financial investors to help stem the costs of developing new electric powertrains as a precursor to listing Polestar one day
- Volvo and parent Geely each have a 50 percent stake in Polestar
King Abdulaziz Airport among world’s busiest after record-breaking 2025
RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.
This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.
The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights.
This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience.
For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years.
He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co.
He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030.
The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.
