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li shufu, chairman of geely holding group, said at the "shufu open class" in taizhou: geely used to follow the path of strategic expansion, but now it has to enter the strategic focus, that is, strategic integration. some businesses need to be closed, shut down, and transferred. enterprises must be stable and seek progress in stability. everyone must face the challenges, continue to lay the foundation and practice internal skills.

polestar, a high-end pure electric vehicle brand under geely holding group, entered the domestic market in july 2020. its annual sales in china in 2020-2023 were 365, 1,229, 1,717 and 992 respectively. although there was an increase in the first eight months of this year, only 2,229 vehicles were sold.

from 2021 to the first half of 2024, polestar’s cumulative net losses exceeded us$3.2 billion (approximately rmb 22.58 billion).

li shufu, chairman of geely holding group

as polestar has been unable to get rid of its huge losses, volvo has stopped providing it with funds and transferred the vast majority of its shares to geely.