The Swedish automotive brand Polestar announced that the company signed a strategic cooperation framework agreement with Industrial Bank Co., Ltd. in its Shanghai branch, per the press release by Polestar.
The company will leverage Fuzhou, the Fujian-based Bank’s resources in the financial sector, to work in credit financing, international business on a global scale, and retail lending.
It is also worth noting that Polestar previously had some cooperation with the Bank.
According to CnEVPost, Polestar signed a few working capital loan agreements with the Bank’s Shanghai branch since its US listing in June, as of September 30.
The automotive brand was co-founded by Geely and Volvo in 2017. The company presented its first product, Polestar 1, in the same year. However, the model was available for limited quantities only.
Furthermore, the Polestar 2 started deliveries in 2020 and is the brand’s first real production model on sale.
It also announced its O2 electric roadster concept named Polestar 6, which will be mass-produced and expected to be available by 2026. In addition, on October 12, Polestar’s first SUV, Polestar 3, was revealed and will be the company’s first fully-electric model to be produced in China and the US.
Polestar vehicles are available across China, the Asia Pacific, Europe, and North America. It plans to be in 30 global markets by next year.
With Polestar and the Industrial Bank, the two parties see sustainability as one of their core values. Launching the Polestar 0 project, the brand aims to produce a climate-neutral car by 2030.
As a green credit advocate, Industrial Bank is the first Chinese Bank to adopt Equator Principles.
Notably, this strategic collaboration reflects the parties’ social accountability and sustainability commitments.
