Polestar sets up wholly-owned subsidiary in Shanghai

Shanghai (Gasgoo)- Polestar, an automotive brand jointly owned by Volvo Car Group and its parent company Zhejiang Geely Holding Group (Geely Holding), on March 11 registered a wholly-owned subsidiary in Shanghai, according to Tianyancha, a business data searching platform.

Dubbed Jixing Automobile (Shanghai) Co.,Ltd.—“Jixing” is the Chinese brand name of Polestar, the new company involves a registered capital of RMB2.055 billion, which is wholly subscribed by Beichen Automobile (Shanghai) Co., Ltd., a 50/50 joint venture between Geely Holding and Volvo Cars (China) Investment Co., Ltd., and the operator behind Polestar.

Tianyancha shows that the newborn company's businesses include the wholesale and retail of vehicles and auto parts.

Polestar was founded in 1996 under the name Flash Engineering, by racing driver Jan ”Flash” Nilsson. The mission was to run the factory Volvo team in the inaugural Swedish Touring Car Championship season. Volvo Cars purchased the performance division of Polestar in July 2015, making it the new performance brand of Volvo Cars.

In October 2017, Polestar announced its future as a standalone electric performance brand. Meanwhile, it also unveiled the 600hp Polestar 1, the brand's first car designed to be a two-door hybrid sports car, which has been put into mass production at its Chengdu plant, Polestar’s first dedicated manufacturing base that kicked off operation in last October.

In last December, Geely's Luqiao plant began producing the prototype of the second model Polestar 2.

The premium brand announced in early March that Gao Hong, a former senior executive at Volkswagen, would act as the president of Polestar China from March 16, directly reporting to Thomas Ingenlath, CEO of Polestar.

In the new capacity, Mr. Gao would be entirely accountable for Polestar's China businesses. His participation is expected to help the brand further strengthen the branding construction, speed up the network spread of Polestar Space, and build the marketing and customer service system under the direct-sale business model, in a bid to make the products well-prepared for delivery in 2020 (photo source: Polestar).