Eric Li group updates Polestar (PSNY) ownership after PIPE closing

Rhea-AI Filing Summary

Polestar Automotive Holding UK PLC’s major shareholders filed Amendment No. 11 to their Schedule 13D to update ownership and recent arrangements. Eric Li is reported to beneficially own 63,831,976 shares, representing 56.4% of the class.

Affiliated entities including Volvo Car Corporation, PSD Investment Limited, Geely Sweden Holdings and Geely Sweden Automotive Investment B.V. report stakes ranging from 11.2% to 30.0%. The filing notes that a previously disclosed PIPE transaction closed on February 5, 2026, and that PSD Investment Limited entered into two put option arrangements with GSAI on the same date. The ownership percentages are based on 112,203,357 Class A ADSs and 996,419 Class B ADSs outstanding as of February 5, 2026.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

Polestar Automotive Holding UK PLC

(Name of Issuer)

Class A American Depositary Shares, Class A Ordinary Shares, par value $0.01 each

(Title of Class of Securities)

731105201

(CUSIP Number)

Zhejiang Geely Holding Group
No. 1760 Jiangling Road,, Binjiang District
Hangzhou, F4, 3100 51
86-571-2809-8282

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

02/05/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Eric Li

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 72,799,747.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 63,831,976.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

63,831,976.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

56.4 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Volvo Car Corporation

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SWEDEN

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 12,677,431.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 12,677,431.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

12,677,431.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.2 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

PSD Investment Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 42,917,431.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 33,949,660.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

33,949,660.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

30.0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

PSD Capital Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 42,917,431.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 33,949,660.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

33,949,660.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

30.0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Snita Holding B.V.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NETHERLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 12,677,431.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 12,677,431.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

12,677,431.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.2 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Volvo Car AB

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SWEDEN

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 12,677,431.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,677,431.00

11

Aggregate amount beneficially owned by each reporting person

12,677,431.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.2 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Geely Sweden Holdings AB

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SWEDEN

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 29,882,316.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 29,882,316.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

29,882,316.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

26.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Shanghai Geely Zhaoyuan International Investment Co., Ltd

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 29,882,316.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 29,882,316.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

29,882,316.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

26.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Beijing Geely Wanyuan International Investment Co., Ltd

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 29,882,316.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 29,882,316.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

29,882,316.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

26.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Beijing Geely Kaisheng International Investment Co., Ltd

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 29,882,316.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 29,882,316.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

29,882,316.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

26.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Zhejiang Geely Holding Group Company Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 29,882,316.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 29,882,316.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

29,882,316.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

26.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Geely Sweden Automotive Investment B.V.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NETHERLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 16,738,542.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 16,738,542.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

16,738,542.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.8 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A American Depositary Shares, Class A Ordinary Shares, par value $0.01 each
(b)	Name of Issuer: Polestar Automotive Holding UK PLC
(c)	Address of Issuer's Principal Executive Offices: Assar Gabrielssons Vag 9, Gothenburg, SWEDEN , 405 31.
Item 1 Comment: This Amendment No. 11 to Schedule 13D ("Amendment No. 11") amends and supplements the Statement on Schedule 13D filed with the United States Securities and Exchange Commission on July 7, 2022 (as amended to date, the "Statement"), relating to Class A ordinary shares, par value $0.01 per share (the "Class A Shares"), of Polestar Automotive Holding UK PLC, a limited company incorporated under the laws of England and Wales (the "Issuer"). Capitalized terms used herein without definition shall have the meaning set forth in the Statement.
Item 4.	Purpose of Transaction
	Item 4 of the Statement is hereby amended and supplemented by inserting the following: CLOSING OF PIPE On February 5, 2026, the previously disclosed PIPE transaction closed. PUT OPTIONS On February 5, 2026, PSD Investment Limited entered into two put option arrangements (collectively, the "Relevant Put Options") with GSAI, on terms substantially similar to the previously disclosed Put Options respectively.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Statement is hereby amended and restated in its entirety as follows: The information contained on the cover pages to this Statement is incorporated herein by reference. The percentages of beneficial ownership set forth herein are based on (i) 112,203,357 Class A ADSs and (ii) 996,419 Class B ADSs, issued and outstanding as of February 5, 2026.
(b)	Item 5(b) of the Statement is hereby amended and restated in its entirety as follows: The information contained on the cover pages to this Statement is incorporated herein by reference.
(c)	Item 5(c) of the Statement is hereby amended and supplemented as follows: The Reporting Persons have not effected any transactions in the Issuer's Shares since Amendment No. 10.
(d)	None.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Statement is hereby amended and supplemented by inserting the following: Item 4 above summarizes certain provisions of the Relevant Put Options and is incorporated herein by reference. A copy of the form of a substantially similar agreement was previously filed as an exhibit to Amendment No. 8 and incorporated herein by reference. Except as set forth herein, none of the Reporting Persons has any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Issuer, including, but not limited to, any contracts, arrangements, understandings or relationships concerning the transfer or voting of such securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Eric Li

Signature:	/s/ Eric Li
Name/Title:	Eric Li (Shufu Li)
Date:	02/06/2026

Volvo Car Corporation

Signature:	/s/ Hakan Samuelsson
Name/Title:	Hakan Samuelsson, Director
Date:	02/06/2026

Signature:	/s/ Helen Hu
Name/Title:	Helen Hu, Director & Authorized Signatory
Date:	02/06/2026

PSD Investment Limited

Signature:	/s/ Shufu Li
Name/Title:	Shufu Li, Sole Director
Date:	02/06/2026

PSD Capital Limited

Signature:	/s/ Shufu Li
Name/Title:	Shufu Li, Sole Director
Date:	02/06/2026

Snita Holding B.V.

Signature:	/s/ Fredrik Hansson
Name/Title:	Fredrik Hansson, Authorized Signatory
Date:	02/06/2026

Signature:	/s/ Helen Hu
Name/Title:	Helen Hu, Director
Date:	02/06/2026

Volvo Car AB

Signature:	/s/ Hakan Samuelsson
Name/Title:	Hakan Samuelsson, Director
Date:	02/06/2026

Signature:	/s/ Helen Hu
Name/Title:	Helen Hu, Director
Date:	02/06/2026

Geely Sweden Holdings AB

Signature:	/s/ Shufu Li
Name/Title:	Shufu Li, Director
Date:	02/06/2026

Signature:	/s/ Donghui Li
Name/Title:	Donghui Li, Director
Date:	02/06/2026

Shanghai Geely Zhaoyuan International Investment Co., Ltd

Signature:	/s/ Quang Zhang
Name/Title:	Quan Zhang, Director
Date:	02/06/2026

Beijing Geely Wanyuan International Investment Co., Ltd

Signature:	/s/ Quan Zhang
Name/Title:	Quan Zhang, Director
Date:	02/06/2026

Beijing Geely Kaisheng International Investment Co., Ltd

Signature:	/s/ Quan Zhang
Name/Title:	Quan Zhang, Director
Date:	02/06/2026

Zhejiang Geely Holding Group Company Limited

Signature:	/s/ Conghui An
Name/Title:	Conghui An, Legal Representative & Director
Date:	02/06/2026

Geely Sweden Automotive Investment B.V.

Signature:	/s/ Per Ansgar
Name/Title:	Per Ansgar, Director
Date:	02/06/2026

Signature:	/s/ Quan Zhang
Name/Title:	Quan Zhang, Director
Date:	02/06/2026

FAQ

What does Polestar (PSNY) Schedule 13D/A Amendment No. 11 disclose?

Amendment No. 11 updates major shareholders’ ownership and recent arrangements in Polestar. It details stakes held by Eric Li and affiliated entities, confirms closing of a previously disclosed PIPE on February 5, 2026, and notes new put option arrangements entered into by PSD Investment Limited with GSAI.

How much of Polestar (PSNY) does Eric Li beneficially own?

Eric Li is reported to beneficially own 63,831,976 Polestar shares, representing 56.4% of the class. The percentage is calculated using 112,203,357 Class A ADSs and 996,419 Class B ADSs outstanding as of February 5, 2026, as stated in the filing.

Which other major entities report significant ownership in Polestar (PSNY)?

The filing shows several major holders. PSD Investment Limited reports 33,949,660 shares (30.0%), Geely Sweden Holdings reports 29,882,316 shares (26.4%), Geely Sweden Automotive Investment B.V. reports 16,738,542 shares (14.8%), and Volvo Car Corporation and related entities report 12,677,431 shares (11.2%).

What PIPE transaction is referenced in Polestar (PSNY) Amendment No. 11?

The document states that a previously disclosed PIPE transaction closed on February 5, 2026. While terms are not restated here, the amendment records that closing as part of updating the ownership disclosure and related arrangements of the reporting persons in Polestar.

What put option arrangements are described in the Polestar (PSNY) filing?

On February 5, 2026, PSD Investment Limited entered into two put option arrangements with GSAI, collectively called the Relevant Put Options. The filing notes these are on terms substantially similar to previously disclosed put options, with a prior form agreement incorporated by reference.

Have the reporting persons traded Polestar (PSNY) shares since the prior amendment?

The amendment states that the reporting persons have not effected any transactions in Polestar shares since Amendment No. 10. Ownership changes reflected here relate to updated calculations and referenced transactions rather than new share dealings by the reporting group.

What Polestar ADS amounts underpin the ownership percentages in Amendment No. 11?

Ownership percentages are based on 112,203,357 Class A American Depositary Shares and 996,419 Class B ADSs issued and outstanding as of February 5, 2026. These figures are used in the filing to calculate each reporting person’s percentage of the relevant Polestar class.