February 23, 2024

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Volvo shares jump 24% as sales rise, and plans to stop financing Polestar

Volvo shares jump 24% as sales rise, and plans to stop financing Polestar

The Volvo C40 Recharge electric SUV is displayed during Volvo's “A New Era of Volvo Cars” press conference at the Shilla Seoul Hotel on March 14, 2023 in Seoul, South Korea.

Han Myung Go wire photo | Getty Images

Shares of Volvo Cars rose more than 24% on Thursday after the Swedish automaker announced it would stop financing its subsidiary Polestar Automotive.

Volvo earlier today announced a 10% year-over-year increase in fourth-quarter net sales to 148.1 billion Swedish krona ($14.16 billion), bringing the full-year 2023 total to 552.8 billion kroner. Adjusted operating income jumped to 18.38 million kroner from 12.17 million for the same period in 2022.