Polestar aims to accelerate growth in China with new JV
The Swedish electric performance car brand is entering into a strategic joint venture for the Chinese market with technology company Xingji Meizu Group.
The Swedish company states in a press release that the JV is aimed at strengthen Polestar’s offering on the Chinese EV market. This will be reached by bringing together Polestar’s capabilities within design and performance with the software and consumer electronics hardware development expertise of Xingji Meizu.
“China is one of the fastest growing EV markets in the world. It’s also a market with very specific consumer trends, including increasing levels of integration between consumer electronics devices and vehicles. By partnering with a company that has a strong complementary competence to our own, we will be able to offer the locally tailored user experience that both drivers and passengers expect,” says Thomas Ingenlath, Polestar CEO, in the press release.
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 says that it 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 two companies.
Xingji Meizu is a technology company with around 2,600 employees focused on developing a portfolio of mobile devices, and wearable smart devices that utilise extended reality technologies. Xingji Meizu’s founder is Eric (Shufu) Li, the chairman of Geely Holding Group and the ultimate beneficial owner of Polestar.
Polestar says that it continues to embrace its close collaboration with Google. Polestar cars in the rest of the world will still feature infotainment systems powered by Android Automotive OS.