Polestar has built a reputation quickly—sleek Scandinavian styling, pared-down interiors, and a sustainability pitch that resonates with anyone tired of gas-guzzling vehicles. But behind the polished branding, the question of who actually owns Polestar isn’t quite as straightforward as the marketing suggests. Its roots are in Sweden, its muscle comes from China, and its stock now trades in New York. The ownership structure tells a bigger story about how the global car industry really works.

The simplest answer? Polestar is listed on the NASDAQ (ticker symbol: PSNY), but the real control sits firmly with Geely, the Chinese automotive group headed by billionaire Li Shufu. Volvo Cars—once Polestar’s closest relative—has stepped back, trimming its shareholding to a minority stake.

From Racing Heritage to an EV Powerhouse

Polestar didn’t begin life as a polished EV maker. Back in 1996, it was a scrappy Swedish racing outfit, building high-performance versions of Volvos. For fans, “Polestar” was shorthand for a souped-up Volvo, not an eco-friendly car brand.

That changed in 2015 when Volvo Cars bought Polestar’s performance division outright. The move was pitched as Volvo’s answer to Mercedes-AMG or BMW’s M division. For a while, Polestar was essentially the “fast badge” you slapped on a Volvo S60.

The big pivot came in 2017. Under Volvo’s new Chinese parent, Geely, Polestar was spun into a standalone electric brand. It was a clever corporate play: Volvo provided the design and engineering chops, while Geely brought deep pockets and Chinese production capacity. The two companies initially shared ownership in a joint venture, though it was always clear Geely had the longer game in mind.

The Public Listing and a Major Shift in Control

In 2022, Polestar took the SPAC route to go public in the U.S.—raising nearly $900 million. Investors liked the global story: Scandinavian design, Chinese scale, and EV hype. But the stock didn’t exactly take off, and Polestar’s valuation has wobbled since.

For a while, Volvo Cars held almost half the shares, giving the impression that Polestar was effectively its EV side project. Analysts questioned whether Volvo could afford that level of commitment, especially with its own electrification plans to fund.

By early 2024, Volvo pulled the plug on majority ownership. It distributed much of its stake to its own shareholders, leaving itself with only about 18%. That decision shifted control decisively toward Geely and, by extension, Li Shufu. Between Geely Holding and Li’s private investment arm, PSD Investment, they now command roughly two-thirds of Polestar.

A Global Operation with Swedish Roots and Chinese Might

On paper, Polestar still calls Gothenburg home. Its design and engineering base is there, close to Volvo. But the actual cars roll off production lines in China, with some expansion in the U.S. to come.

This split setup—Scandinavian brains, Chinese brawn—may look pragmatic. Polestar doesn’t have to sink billions into building its own factories, but it also ties its fate closely to Geely’s global strategy. Whether that’s a strength or a limitation probably depends on how you feel about Chinese dominance in the EV supply chain.

Key Figures in Polestar’s Structure

• Ultimate Owner: Zhejiang Geely Holding Group.
• Controlling Individual: Li Shufu, Geely’s founder, who holds additional shares personally.
• Key Partner: Volvo Cars, reduced to a minority but still useful for tech and credibility.
• CEO: Michael Lohscheller, formerly of Opel and Volkswagen, brought in to steer Polestar through its next growth phase.

Conclusion: The Best of Both Worlds – or an Uneasy Mix?

Polestar’s ownership is less romantic than its minimalist ads suggest. It’s a joint creation: Sweden gave it a name and a design language, China gave it money and factories. Public shareholders can now buy in, but make no mistake—control sits with Geely and Li Shufu.

Whether that mix turns out to be the “best of both worlds” or a case of divided loyalties will play out over the next decade. What’s clear is that Polestar is not just a Swedish EV darling. It’s a product of global deal-making, corporate manoeuvring, and the uneasy marriage of European heritage with Chinese industrial scale.