Electric vehicle maker Polestar announced it has received a $200 million equity investment from PSD Investment, a company controlled by Geely Holding founder Li Shufu. The deal involves the sale of over 190 million Class A American depositary shares, raising PSD Investment’s stake in Polestar to 44%. Combined with Geely’s Swedish subsidiary, Li Shufu will hold a total of 66% in the company. The investment comes as Polestar faces weak market demand and increasing competition. It follows earlier bank loans and marks the first major financial backing from Geely and Li after Volvo Cars cut its support in 2023. As part of the transaction, Volvo’s stake will drop to 16%.