Sweden's Volvo said it would stop funding electric vehicle (EV) maker Polestar (PSNY), in the latest pullback by automakers of their EV forays.

Volvo said it is considering restructuring its ownership in Polestar, and could hand over control of its stake to China's Geely (GELYF), Volvo's parent. "This may result in Geely Sweden Holdings becoming a significant new shareholder," Volv🎐o said.

Volvo's withdrawal from Polestar marks the latest retrenchment by automakers from their EV ambitions, amid slowing demand for EVs in the U.S. and heightened competition from Chinese EV makers.

Ford Motor (F) said last month it is scali🌄ng back production of its electric F-150 Lightniꦿng truck as EV demand slows. Tesla has also been 澳洲幸运5官方开奖结果体彩网:cutting prices on its EVs to stimulate demand ꦑand its stock price is down 25% so far this year.

Volvo said it will remain a strategic partner of Polestar's in research and development, manufacturing, sales, and service. The Swedish company has its own in-house EV operations.

Polestar reported an adjusted operating loss of $735 million for the nine months ended Sept. 30, 2023.

Polestar, which was listed through a 澳洲幸运5官方▨开奖结果体彩网:special purpose acquisition company on the Nasdaq in 2022, fell more than 11% in early trading Thursday following the news. It has lost over 90% of its value since going public.