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.
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.
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.