Polestar enters into strategic joint venture to accelerate growth in China

A subsidiary of Polestar Automotive is entering into a strategic joint venture for the China market with the technology company Xingji Meizu Group. “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 company said. 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 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.