Sumitomo Mitsui Reports New 7.1% Stake in Polestar Automotive (PSNY)

Sumitomo Mitsui Banking Corporation (SMBC) and its parent company, Sumitomo Mitsui Financial Group, Inc. (SMFG), have filed a Schedule 13G indicating a new substantial position in Polestar Automotive Holding UK PLC (PSNY). As of the event date on February 5, 2026, the filers report beneficial ownership of 10,341,261 Class A American Depositary Shares (ADSs), which represents approximately 7.1% of the class. Each ADS represents 30 Class A ordinary shares. SMBC is a direct, wholly-owned subsidiary of SMFG, leading to shared voting and dispositive power over the reported securities. The filing specifies that these shares were acquired in the ordinary course of business and not for the purpose of influencing or changing the control of the issuer. This initial disclosure marks a significant entry by the Japanese financial institution into the electric vehicle manufacturer's equity structure, based on outstanding share data from Polestar's 2025 Annual Report.