Previously shining in the European market, Polestar Motors is now also making significant efforts in the Chinese market.
Recently, the Polestar 4 has officially launched nationwide mass delivery, which is also the first heavyweight model of Polestar Automobile after a comprehensive reform in the Chinese market with internal competition. As a pure electric mid size SUV, the Polestar 4 has a 0-100 km/h acceleration of 3.8 seconds, a 0-100 km/h braking distance of 34 meters, and a transient lateral acceleration of 1.49G. Its price ranges from 299900 yuan to 399900 yuan.
Polestar is a global high-performance electric vehicle brand jointly developed by Volvo and Geely in 2017. It has been selling well in the European market in the past, but has not caused much stir in the fiercely competitive Chinese market. Public information shows that in 2021, the sales of Polestar in the global market were 29000 units, and in 2022, the sales were 51500 units, with most of the sales coming from the European market.
But as the world's largest new energy vehicle market, the Chinese market has a market share of over two-thirds globally. Moreover, the high-end pure electric vehicle market in China is still in a blue ocean. According to data from the China Association of Automobile Manufacturers, the proportion of pure electric vehicle models in the market between 300000 and 400000 yuan continues to increase, reaching 8.4% in 2020, 20% in 2021, 31.6% in 2022, and 32.6% by 2023.
For the rapidly growing high-end pure electric market in China, Jixing Motors will definitely not give up. As is well known, consumers both domestically and internationally have vastly different preferences for new energy vehicles. In order to expand into the Chinese market, in June last year, Xingji Meizu and Jixing Automobile, which were actually controlled by Li Shufu, the Chairman of Geely Holding Group, announced the establishment of a new joint venture company in China - Jixing Technology, with a shareholding ratio of 51% and 49% respectively.
Previously, Shen Ziyu, Chairman and CEO of Polestar Technology, publicly stated that for a car company, only by winning the Chinese market can it become a leader in the global new energy vehicle field. The balance between design and technology is the key to success in the Chinese market.
In this regard, the new joint venture will not only be responsible for the sales, services and channels of Polar Star cars in the Chinese Mainland market, but also will create a car machine system to meet the intelligent needs of domestic consumers and a variety of terminal products other than electric cars, such as smart phones.
Since the establishment of a joint venture in China last year, Jixing Motors has been expanding its presence in the Chinese market at an increasingly fast pace.
In addition to building the heavyweight model of the Polestar 4, Polestar Motors is also constantly striving in channels, energy replenishment, and delivery. As of now, Jixing Automobile has built 55 Jixing spaces nationwide and plans to increase to 120 by the end of 2024, including three types: Jixing brand center stores, brand space stores, and brand experience centers. In terms of energy replenishment, Polestar Motors plans to complete 60 self built charging stations and connect over 550000 charging station resources in the first quarter of this year. In terms of after-sales service, Jixing Automobile will establish a self operated high-end after-sales service center in the core city, and will also continue to cooperate with Volvo.
At the same time, Polar Star Technology also experienced significant personnel changes in January of this year. Chen Siying has officially joined Jixing Technology as the Chief Operating Officer (COO) of the company, fully responsible for the marketing sector. Public information shows that Chen Siying has rich marketing experience. In 2019, he served as the Deputy General Manager of Lynk&Co Auto Sales Company, during which Lynk&Co achieved three consecutive years of positive sales growth; In early 2023, he joined Great Wall Motors as CEO of Wei brand and General Manager of Tank brand marketing, during which he successfully launched the Blue Mountain model.
This year, Polestar 3 and Polestar smartphones will also be launched one after another. The reporter learned that after taking multiple measures, Jixing Motors aims to become one of the top three luxury electric vehicle brands in the global sales in the Chinese market.
However, as new energy vehicles gradually enter the "deep water zone", the industry competition in 2024 will only become more "bloody", especially in the pure electric market of over 200000 yuan this year. Nowadays, independent brands, new forces in car manufacturing, cross-border Huawei Xiaomi, and traditional luxury brands are all targeting this market, and their new products are constantly "rolling" their battery life, "rolling" their acceleration, "rolling" their prices, and "rolling" their intelligence. Even with two cards of design and technology in hand, the pressure for Polestar Motors to break through is not small.