Volvo Cars said it planned to distribute 62.7% of its stake in Polestar.

The stake distribution would be made as a 2:1 share split.

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Polestar was founded in 2017 as a joint venture by Volvo Cars and Geely. Volvo owns 48% worth SKR9.5bn (US$920.17m) and would retain an 18% stake after distribution.

The automaker had earlier signalled a “potential adjustment” to its Polestar shareholding.

Volvo Cars chief Jim Rowan said: “As we have significant operational collaborations with Polestar and a financial relationship, it is logical for us to retain influence through a smaller 18% stake.”

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Geely Sweden Holdings is a majority owner of Volvo Cars with 78.7% of shares. It would continue to provide operational and financial support to Polestar.

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The Chinese automaker said it intended to vote in favour of the distribution at Volvo’s 2024 AGM in March where the final proposal would be presented.