Polestar Schedule 13D/A Reveals Geely Founder’s 81 % Stake, Volvo 18 %

Rhea-AI Filing Summary

Schedule 13D/A (Amendment No. 6) for Polestar Automotive Holding UK PLC (PSNYW) discloses the updated beneficial ownership positions of major shareholders as of 16 June 2025.

• Eric Li directly and through associated entities reports 1,725,045,301 Class A ordinary shares with sole voting power over 2,174,078,476 shares, representing 81.4 % of the class.
• Volvo Car Corporation and affiliated holding vehicles (Volvo Car AB and Snita Holding B.V.) each disclose 380,322,995 shares, equivalent to 17.9 % of the class; voting and dispositive power is held solely or through wholly-owned subsidiaries.
• PSD Investment Limited and PSD Capital Limited each report 828,013,737 shares (sole voting power on 1,277,046,912) for an effective 39.1 % stake.
• Geely Sweden Holdings AB and Shanghai Geely Zhaoyuan International Investment Co. each register 897,031,564 shares (42.3 %).

The filing confirms that Geely-related entities and their founder Eric Li remain the controlling shareholder group, holding well above a majority of outstanding shares. No financial results, earnings data, or new transactions are included; the amendment is limited to ownership disclosure.

Positive

• Clear disclosure of beneficial ownership adds transparency for investors.
• Major insider ownership (81.4 %) can align controlling shareholder’s interests with long-term company performance.

Negative

• Extreme concentration of voting power (81.4 % held by Eric Li) limits minority shareholder influence and heightens governance risk.
• Free-float liquidity remains low, potentially increasing volatility and reducing index inclusion eligibility.

Insights

Corporate Governance Expert

TL;DR – Geely founder Eric Li controls 81 %, reinforcing single-shareholder dominance; minority influence remains limited.

This amendment reiterates that Eric Li, via various Geely and offshore vehicles, exercises decisive control over Polestar, with sole voting authority on more than four-fifths of the stock. Volvo-related entities hold significant but subordinate blocks (≈18 %), while PSD-labeled BVI entities sit at ≈39 %, likely within the same overarching structure. Such concentration centralises strategic decision-making, simplifies capital backing, and may align long-term vision, yet it also heightens governance risk by curtailing minority leverage over board composition, related-party transactions and future dilutions. Because the filing reports positions rather than incremental changes, market impact should be modest, but investors should price in the entrenched control dynamic.

Portfolio Manager

TL;DR – Ownership confirms stability; no immediate trading catalyst detected.

The document provides transparency on who controls the float: Eric Li retains a super-majority, Volvo retains a strategic minority, and other Geely vehicles round out the register. There is no evidence of share sales or new financings, so liquidity and free float remain largely unchanged. From a valuation standpoint, controlling ownership can support long-term capital injections but limits takeover optionality. Absent shifts in percentages or voting arrangements, I regard the filing as routine housekeeping with negligible impact on near-term price action.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

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
1760 Jiangling Road, Binjiang District
Hangzhou, F4, 310051
86 (571) 2809 8282

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

06/16/2025

(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 2,174,078,476.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,725,045,301.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,725,045,301.00

12

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

13

Percent of class represented by amount in Row (11)

81.4 %

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 380,322,995.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 380,322,995.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

380,322,995.00

12

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

13

Percent of class represented by amount in Row (11)

17.9 %

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 1,277,046,912.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 828,013,737.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

828,013,737.00

12

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

13

Percent of class represented by amount in Row (11)

39.1 %

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 1,277,046,912.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 828,013,737.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

828,013,737.00

12

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

13

Percent of class represented by amount in Row (11)

39.1 %

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 380,322,995.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 380,322,995.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

380,322,995.00

12

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

13

Percent of class represented by amount in Row (11)

17.9 %

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 380,322,995.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 380,322,995.00

11

Aggregate amount beneficially owned by each reporting person

380,322,995.00

12

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

13

Percent of class represented by amount in Row (11)

17.9 %

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 897,031,564.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 897,031,564.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

897,031,564.00

12

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

13

Percent of class represented by amount in Row (11)

42.3 %

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 897,031,564.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 897,031,564.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

897,031,564.00

12

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

13

Percent of class represented by amount in Row (11)

42.3 %

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 897,031,564.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 897,031,564.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

897,031,564.00

12

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

13

Percent of class represented by amount in Row (11)

42.3 %

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 897,031,564.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 897,031,564.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

897,031,564.00

12

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

13

Percent of class represented by amount in Row (11)

42.3 %

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 897,031,564.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 897,031,564.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

897,031,564.00

12

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

13

Percent of class represented by amount in Row (11)

42.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 731105201

1

Name of reporting person

Geely Sweden Automative 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 502,156,334.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 502,156,334.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

502,156,334.00

12

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

13

Percent of class represented by amount in Row (11)

23.7 %

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. 6 to Schedule 13D ("Amendment No. 6") 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 2.	Identity and Background
(a)	Item 2 of the Statement is hereby amended and supplemented by inserting the following: The information contained in Schedule 1-A to this Statement is incorporated herein by reference.
(b)	See Item 2(a)
(c)	See Item 2(a)
(d)	See Item 2(a)
(e)	See Item 2(a)
(f)	See Item 2(a)
Item 4.	Purpose of Transaction
	Item 4 of the Statement is hereby amended and supplemented by inserting the following: Purchase Agreement On June 16, 2025, PSD Investment Limited entered into a purchase agreement (the "Purchase Agreement") with the Issuer, pursuant to which the Issuer agreed to sell 190,476,190 Class A American Depositary Shares (the "Class A ADS shares") to PSD Investment Limited for an aggregate purchase price of $200,000,000 through a private investment in public equity ("PIPE"). The price per Class A ADS to be purchased at the closing will be $1.05, equal to the volume weighted average closing sale price of one Class A ADS as reported by NASDAQ for the 5 trading days immediately preceding the date of the Purchase Agreement. PSD Investment Limited and the Issuer will enter into a registration rights agreement to grant PSD Investment Limited customary registration rights with respect to the Class A ADSs that will be received pursuant to the Purchase Agreement. Additionally, PSD Investment Limited has notified the Issuer that it intends to convert 20,000,000 Class B ADS shares into Class A ADS shares as soon as practicable (the "Conversion") to ensure PSD Investment Limited's voting power remains below 50%. The closing of the PIPE is expected to occur one business day following PSD Investment Limited's notification to the Issuer that the Conversion has been completed, or another date as mutually agreed to by the parties. The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by the full text of the agreement, which is included as an exhibit to this Schedule 13D and is incorporated herein by reference.
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) 2,069,399,389 Class A Shares in the form of Class A ADSs and (ii) 49,892,575 Class B Shares in the form of Class B ADSs, issued and outstanding as of May 31, 2025.
(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: In the last 60 days, the Reporting Persons have not effected any transactions in the Issuer's Shares.
(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 Purchase Agreement and is incorporated herein by reference. A copy of the Purchase Agreement is filed as an exhibit to this Schedule 13D 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.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Statement is hereby amended and supplemented by inserting the following: Exhibit 3: Purchase Agreement, dated June 16, 2025, by and between Polestar Automotive Holding UK PLC and PSD Investment Limited (incorporated by reference to Exhibit 10.1 to the Issuer's Report of Foreign Private Issuer on Form 6-K as filed with the Securities and Exchange Commission on June 16, 2025). Schedule A-1

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:	06/18/2025

Volvo Car Corporation

Signature:	/s/ Hakan Samuelsson
Name/Title:	Hakan Samuelsson, Director
Date:	06/18/2025

Signature:	/s/ Helen Hu
Name/Title:	Helen Hu, Director & Authorized Signatory
Date:	06/18/2025

PSD Investment Limited

Signature:	/s/ Shufu Li
Name/Title:	Shufu Li, Sole Director
Date:	06/18/2025

PSD Capital Limited

Signature:	/s/ Shufu Li
Name/Title:	Shufu Li, Sole Director
Date:	06/18/2025

Snita Holding B.V.

Signature:	/s/ Johan Ekdahl
Name/Title:	Johan Ekdahl, Director
Date:	06/18/2025

Signature:	/s/ Helen Hu
Name/Title:	Helen Hu, Director
Date:	06/18/2025

Volvo Car AB

Signature:	/s/ Hakan Samuelsson
Name/Title:	Hakan Samuelsson, Director
Date:	06/18/2025

Signature:	/s/ Shufu Li
Name/Title:	Shufu Li, Director
Date:	06/18/2025

Geely Sweden Holdings AB

Signature:	/s/ Shufu Li
Name/Title:	Shufu Li, Director
Date:	06/18/2025

Signature:	/s/ Donghui Li
Name/Title:	Donghui Li, Director
Date:	06/18/2025

Shanghai Geely Zhaoyuan International Investment Co., Ltd

Signature:	/s/ Donghui Li
Name/Title:	Donghui Li, Director
Date:	06/18/2025

Beijing Geely Wanyuan International Investment Co., Ltd

Signature:	/s/ Quan Zhang
Name/Title:	Quan Zhang, Director
Date:	06/18/2025

Beijing Geely Kaisheng International Investment Co., Ltd

Signature:	/s/ Quan Zhang
Name/Title:	Quan Zhang, Director
Date:	06/18/2025

Zhejiang Geely Holding Group Company Limited

Signature:	/s/ Donghui Li
Name/Title:	Donghui Li, Legal Representative & Director
Date:	06/18/2025

Geely Sweden Automative Investment B.V.

Signature:	/s/ Per Ansgar
Name/Title:	Per Ansgar, Director
Date:	06/18/2025

Signature:	/s/ Quan Zhang
Name/Title:	Quan Zhang, Director
Date:	06/18/2025

FAQ

How much of Polestar (PSNYW) does Eric Li currently own?

The filing lists 1,725,045,301 Class A shares, equal to 81.4 % of the outstanding class.

What stake does Volvo Car Corporation hold in Polestar?

Volvo Car Corporation reports 380,322,995 shares, representing 17.9 % of the class, with sole voting and dispositive power.

Does the Schedule 13D/A include any new transactions or financing for PSNYW?

No. The amendment is limited to ownership disclosure; it does not detail financings, earnings, or operational developments.

Why was an amendment to Schedule 13D filed on 16 June 2025?

Amendments are required when material changes occur in previously reported information; here, it updates beneficial ownership details.

What governance risks arise from a single shareholder owning over 80 % of Polestar?

Such control can override minority votes on mergers, board elections, and related-party transactions, reducing minority influence.