By Kate Yuan

(JW Insights) Jun 20 -- Swedish EV maker Polestar has formed a joint venture with Xingji Meizu (星纪魅族), the smartphone arm of Chinese auto giant Geely in Shanghai on June 19, to jointly build an operating system for Polestar cars sold in China, JW Insights learned.

Polestar will provide users with intelligent EVs, smartphones, and other smart devices under the Polestar brand leveraging the ecosystem of Xingji Meizu. The joint venture will also become the sole authorized entity for sales of Polestar automobiles on the Chinese mainland.

Polestar will own 49% of the joint venture and Xingji Meizu 51%, and the latter will be responsible for raising further financing according to the company's future needs.

Goteborg-based Polestar is an EV brand jointly owned by Volvo Car Group and Geely. In 2022, the company delivered 51,000 vehicles worldwide, and the number is expected to reach 60,000 to 70,000 in 2023.