2023-06-19 04:53:22 ET
- Polestar Automotive ( NASDAQ: PSNY ) said Monday its unit is entering into a joint venture for the China market with technology firm Xingji Meizu.
- The JV is will bring together Polestar's ( PSNY ) capabilities within design and performance with Xingji Meizu's software and consumer electronics hardware development expertise.
- The JV will develop Xingji Meizu's existing tech platform Flyme Auto into an operating system for Polestar ( PSNY ) 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.
- Polestar ( PSNY ) expects to transfer around 130 commercial staff in China to the new company, which will be the sole authorized Polestar sales and service entity in China.
- The company will own 49% of the JV, with the remaining 51% to be owned by Xingji Meizu, which will also be responsible for the JV's future financing beyond the initial capital provided by the two firms.
- Earlier, Polestar's price target was clipped at Deutsche Bank due to product delay and macro backdrop .
For further details see:
Polestar Automotive announces JV for China market