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”).
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Polestar's China headquarters in
Shanghai. Polestar's global headquarters are located in Gothenburg.
(Photo: Business Wire)
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.
Thomas Ingenlath, Polestar CEO, says: “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.”
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.
Ziyu Shen, Xingji Meizu Chairman, says: “The future of our
industry will be enabled by integrated devices and platforms that
deliver an immersive experience for end users. With the support of
the progressive technology of Xingji Meizu, Polestar will take the
lead in the field of smart mobility. By working closely together,
we will create even better products and offer users a seamless
experience across a multitude of devices.”
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.
Polestar 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.
About Polestar
Polestar (Nasdaq: PSNY) is the Swedish electric performance car
brand determined to improve society by using design and technology
to accelerate the shift to sustainable mobility. Headquartered in
Gothenburg, Sweden, its cars are available online in 27 markets
globally across North America, Europe and Asia Pacific.
Polestar plans to have a line-up of five performance EVs by
2026. Polestar 2, the electric performance fastback, launched in
2019. Polestar 3, the SUV for the electric age, launched in late
2022. Polestar 4, the SUV coupé transformed, is launching in phases
through 2023 and into 2024. Polestar 5, an electric four-door GT
and Polestar 6, an electric roadster, are coming soon.
The Polestar 0 project is the company’s ambitious goal of
creating a truly climate-neutral production car by 2030. The
research initiative also aims to create a sense of urgency to act
on the climate crisis, by challenging employees, suppliers and the
wider automotive industry, to drive towards zero.
Forward-Looking Statements These forward-looking
statements are based upon estimates and assumptions that, while
considered reasonable by Polestar and its management, as the case
may be, are inherently uncertain. Factors that may cause actual
results to differ materially from current expectations include, but
are not limited to: (1) Polestar’s ability to maintain agreements
or partnerships with its strategic partners, such as Volvo Cars,
Geely or Xingji Meizu Group, and to develop new agreements or
partnerships; (2) Polestar’s ability to maintain relationships with
its existing suppliers, and source new suppliers for its critical
components, and to complete building out its supply chain, while
effectively managing the risks due to such relationships; (3)
Polestar’s reliance on its partnerships with vehicle charging
networks to provide charging solutions for its vehicles and its
reliance on strategic partners for servicing its vehicles and their
integrated software; (4) Polestar’s reliance on its partners, some
of which may have limited experience with electric vehicles, to
manufacture vehicles at a high volume or develop devices, products,
apps or operating systems for Polestar, and on the allocation of
sufficient production capacity or resources to Polestar by its
partners in order for Polestar to be able to increase its vehicle
production capacities and product offerings; (5) competition, the
ability of Polestar to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (6) Polestar’s estimates of expenses
and profitability; (7) increases in costs, disruption of supply or
shortage of materials, in particular for lithium-ion cells or
semiconductors; (8) the possibility that Polestar may be adversely
affected by other economic, business, and/or competitive factors;
(9) the effects of competition and the high barriers to entry in
the automotive industry, and the pace and depth of electric vehicle
adoption generally on Polestar’s future business; (10) changes in
regulatory requirements, governmental incentives and fuel and
energy prices; (11) the outcome of any legal proceedings that may
be instituted against Polestar or others; (12) the ability to meet
stock exchange listing standards; (13) risks associated with
changes in applicable laws or regulations and with Polestar’s
international operations; (14) Polestar’s ability to establish its
brand and capture additional market share, and the risks associated
with negative press or reputational harm, including from
lithium-ion battery cells catching fire or venting smoke; (15)
delays in the design, development, manufacture, launch and
financing of Polestar’s vehicles and other product offerings, and
Polestar’s reliance on a limited number of vehicle models to
generate revenues; (16) Polestar’s ability to continuously and
rapidly innovate, develop and market new products; (17) risks
related to future market adoption of Polestar’s offerings; (18)
risks related to Polestar’s distribution model; (19) the impact of
the global COVID-19 pandemic, inflation, interest rate changes, the
ongoing conflict between Ukraine and Russia, supply chain
disruptions and logistical constraints on Polestar, Polestar’s
projected results of operations, financial performance or other
financial and operational metrics, or on any of the foregoing
risks; and (20) other risks and uncertainties set forth in the
sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in Polestar’s Form 20-F, and other
documents filed, or to be filed, with the SEC by Polestar. There
may be additional risks that Polestar presently does not know or
that Polestar currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements.
Nothing in this Press Release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Polestar assumes no
obligation to update these forward-looking statements, even if new
information becomes available in the future.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230619321855/en/
Theo Kjellberg Head of Corporate PR
theo.kjellberg@polestar.com
Tanya Ridd Global Head of Communications & PR
tanya.ridd@polestar.com
Bojana Flint Head of Investor Relations
bojana.flint@polestar.com
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