In 2017, after an announcement from Volvo and its parent company, Geely Holdings, Polestar changed from being Volvo's performance brand to a standalone Battery Electric Vehicle (BEV) manufacturer, receiving an investment of EUR 640 million to kick-start their BEV production in China. Last year, in June 2022, Polestar went public on NASDAQ, being traded under the ticker PSNY, and it raised $890 million to further invest in its BEV lineup.