The private placement of newly issued shares marks the first time the 3-year-old Volvo subsidiary has gotten the backing of external investors.

The Polestar O project seeks to create a climate-neutral vehicle by 2030.

With the Polestar 0 project, the EV maker aims to cut carbon emissions by re-thinking the entire development process as well as shaking up the value chain.

Volvo's policy will give employees with at least one year of service a total of 24 weeks of leave at 80 percent of their base pay. In the U.S., Volvo employees were previously offered six weeks of parental leave at 100 percent of their salary.

A new, scalable infotainment platform will be shared with Volvo sister brands Polestar and Geely Auto as well as third parties.

Vitesco CEO Andreas Wolf thinks the U.S. might get on the same electrification track as Europe and China.

Volvo aims to be an electric-only brand in less than a decade and plans to sell all its EVs exclusively via its online store. When asked what this means to Volvo's global retail network, Lex Kerssemakers, head of global commercial operations, said no closures are planned.

Volvo's and Geely's positive momentum would have been negatively affected had the sister brands decided to merge, said Volvo CEO Hakan Samuelsson. He explained why in an interview with Automotive News Europe.

Volvo Cars is poised to start breaking its annual global sales record again after the pandemic ended a six-year streak of new all-time highs.

The automaker increased its operating profit by 8.2 percent in the second half as growing demand for electrified cars and rising interest in online vehicle sales helped it rebound from the pandemic.

Nvidia's CEO envisions a new order, where autos sell for near cost and manufacturers make their money on software upgrades.

The automaker says the new model will be sleeker than its CMA platform mate, the XC40 Recharge.

The automaker's Skovde factory will supply e-motors to its vehicle assembly plants in Europe, a Volvo spokeswoman said, adding that it may also provide the component to the automaker's facilities in the U.S. and China.

Volvo is prepared to be EV-only within 10 years and is unafraid of markets banning the sale of internal combustion engines.

The automaker has previously stated that it wants half of its global sales to be full-electric models by 2025, but it had not set a deadline for when it would stop making vehicles with combustion engines.