Big Step From Polestar to Accelerate Growth in Chinese EV Market

19/06/2023 - 16:46 | Electric vehicles,   | IAB Team

A subsidiary of Polestar Automotive Holding UK PLC (“Polestar” or the “Company,” Nasdaq: PSNY), is entering into a strategic joint venture for the China market with the technology company Xingji Meizu Group (“Xingji Meizu”).

Polestar China Headquarters

The joint venture is expected to strengthen Polestar’s offer in the Chinese EV market by bringing together Polestar’s capabilities within design and performance with the software and consumer electronics hardware development expertise of Xingji Meizu.

The joint venture will develop Xingji Meizu’s existing technology platform, Flyme Auto, into a seamless operating system for Polestar cars sold in China, including in-car apps, streaming services, and intelligent vehicle software. This will be complemented by mobile and augmented reality devices and customer apps, creating a seamless digital ecosystem. Polestar expects to transfer around 130 commercial staff in China to the new company, which will be the sole authorised Polestar sales and service entity in China.

Polestar China Headquarters Inside

Polestar will own 49% of the joint venture company equity, with the remaining 51% to be owned by Xingji Meizu, who will be taking responsibility for arranging the joint venture’s future financing beyond the initial capital provided by Polestar and Xingji Meizu.

Xingji Meizu is a premium technology company committed to developing products that focus on user experience and leading technologies. The company has around 2,600 employees focused on developing a portfolio of mobile devices, and wearable smart devices that utilise extended reality technologies. Their Flyme Auto operating system will be in use in several electric vehicles, including the Lynk & Co 08. Xingji Meizu’s founder is Eric (Shufu) Li, the chairman of Geely Holding Group, one of China’s largest automakers, and the ultimate beneficial owner of Polestar.

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