By Greg Gao
(JW Insights) Sep 25 -- China’s textile products manufacturer Shandong Weiqiao Pioneering Group(魏桥创业集团) officially announced a strategic investment of $1 billion in Chinese EV startup ROX Motor(洛轲智能) on September 22.
This substantial fund is earmarked for research and development in all-aluminum vehicle bodies, integrated die-casting technology, and a streamlined intelligent manufacturing factory project.
Concurrently, Polestones(极石汽车), an EV brand founded by ROX Motor, Weiqiao Pioneering Group, and BAIC Group, has inaugurated its first national showroom and delivery service center in Shanghai.
Polestones plans to establish 17 showrooms, 11 delivery centers, and 11 service centers in 17 cities across China by the end of this year. Furthermore, it is embarking on the construction of 62 authorized sheet metal and painting service centers in 55 cities.
Polestones launched its first vehicle, Polestones 01, a mid-sized intelligent luxury SUV for families tailored to long-distance trips. Notably, Polestones does not possess direct production qualifications but is primarily a collaborative effort between ROX Motor and BAIC Group. ROX Motor is responsible for providing intelligent solutions and designs, while BAIC takes charge of the manufacturing processes.
Weiqiao Pioneering Group is also the parent company of one of the world’s largest aluminum production enterprises, China Hongqiao Group. It has a comprehensive business covering the entire aluminum production and refined processing industry chain. The group is now accelerating its expansion into the passenger vehicle market downstream from the aluminum industry.