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STOCKHOLM : The shakeout in the global electric-vehicle industry is picking up speed.Chinese automaker Geely's move on Thursday to take over funding of struggling EV maker Polestar from Volvo Cars is the latest consolidation among EV brands since Tesla Inc's historic financial surge in the early 2020s.

The shakeout in the global electric-vehicle industry is picking up speed. Chinese automaker Geely's move on Thursday to take over funding of struggling EV maker Polestar from Volvo Cars...

Chinese automaker Geely's move on Thursday to take over funding of struggling EV maker Polestar from Volvo Cars is the latest consolidation among EV brands since Tesla Inc's historic financial surge in the early 2020s. Tesla rode cheap capital, technological breakthroughs and Elon Musk's outsized persona to a $1-trillion valuation - but only after years of heavy spending before turning a profit. Now legacy automakers, startups and investors that bet more than $1.2 trillion on EVs face increasingly tough decisions to cut losses.