Core Viewpoint - Polestar, the electric vehicle maker, has reported a significant increase in fourth-quarter vehicle sales, attributed to its strategic focus on the European market [1] Group 1 - The company experienced a sharp rise in vehicle sales during the fourth quarter [1] - The recent strategy of concentrating efforts on Europe has positively impacted sales performance [1]

股 票 研 究 股票研究 /[Table_Date] 2026.01.03 汽车"以旧换新"政策延续，按比补贴利好中高端车型 [Table_Industry] 汽车 汽车行业周报（2025/12/29-2026/1/2） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 卢雨涵(研究助理) | 010-83939828 | luyuhan@gtht.com | S0880125100008 | 本报告导读： 近一周，申万汽车指数上涨 1%，新能源整车指数相对持平，汽车零部件指数上涨 2%，商用车指数上涨 1%。汽车"以旧换新"政策延续，按比补贴利好中高端车型。 投资要点： [Table_Invest] 评级： 增持 [Table_Report] 相关报告 告 跟 踪 报 告 证 券 研 究 请务必阅读正文之后的免责条款部分 行 业 报 [[Table_Summary] 投资策略与建议：我们维持行业 ...

U.S. stocks were higher, with the Dow Jones index gaining around 200 points on Wednesday.Shares of Dynavax Technologies Corp (NASDAQ:DVAX) rose sharply during Wednesday's session after Sanofi SA (NASDAQ:SNY) agreed to acquire the company for $15.50 per share in cash, reflecting a total equity value of approximately $2.2 billion.The acquisition augments Sanofi's presence in adult immunization.Dynavax shares jumped 38.6% to $15.44 on Wednesday.Here are some other big stocks recording gains in today’s session. ...

Following the closing of the transaction, no single financial institution in this equity financing transaction will own more than 10% of Polestar's outstanding equity. The price per Class A ADS to be purchased at the closing will be USD 19.34, equal to the volume-weighted average price of one Class A ADS for the last three months immediately preceding the date of the definitive agreement, rounded up to the nearest cent. The financial institutions will not have any restrictions on the sale of the Class A ADS ...

在欧洲汽车产业电动化推进不及预期、竞争压力持续加大的背景下，欧盟委员会日前提议放宽2035 年"禁售燃油车"相关要求，将新车"零排放"目标调整为"减排90%"。这意味着，部分燃油车届时在特定 条件下仍可进入市场。汽车工业作为欧洲核心产业，其转型直接关联巨额投资与数十万就业岗位。在多 方交织的声音中，欧盟的减排目标仍旧任重而道远。 减排量降至90% 欧盟此次汽车减排政策的重大调整，并非一时兴起。回溯政策演变过程，不难看出欧洲汽车产业的挣扎 与妥协。 2021年，欧盟委员会首次提出2035年全面禁售燃油新车的激进目标，试图以政策倒逼汽车产业向电动化 转型，引发全球汽车产业震动。2023年2月，欧洲议会以340票赞成、279票反对、21票弃权的结果通过 零排放协议，明确2035年新售汽车需实现零排放；同年3月，在德国、意大利等传统汽车工业强国的施 压下，欧盟做出首次妥协，通过修订案为使用合成燃料的内燃机汽车开辟豁免通道。 欧洲汽车制造商协会称，当前时刻堪称欧洲汽车行业的"生死关头"。清洁运输倡导组织运输与环境 （T&E）的执行董事威廉·托茨（William Todts）称，欧盟在拖延时间，而中国则在加速前进："依赖 ...

GOTHENBURG, Sweden--(BUSINESS WIRE)--Polestar (Nasdaq: PSNY), as borrower, entered into a credit agreement with a wholly owned subsidiary, as lender, of Geely Sweden Holdings AB in relation to a subordinated term loan facility of up to USD 600 million, of which the last USD 300 million would require lender consent based on Polestar's future liquidity needs. The term loan facility is available to Polestar for general corporate purposes. Forward-looking statements Certain statements in this press release ("Pr ...

极星汽车的技术性操作带来戏剧性反转。 12月第二周，随着国内外多项重磅宏观政策集中落地，对全球市场情绪与资金流向构成显著影响。 其中，国内中央经济工作会议定调与金融改革、海外美联储降息决议是主导市场的核心事件。 12月10日-11日召开的中央经济工作会议，为2026年经济工作定调，强调"坚持内需主导"，并释放灵活运用降准降息等积极信号，有助稳定市场预期。 金融改革同步推进，下调险资投资股票风险因子，有望为A股引入千亿级长期资金，巩固市场中长期基础。 国际层面，美联储如期降息25个基点。然而，决议出现近六年来首次3张反对票，且"点阵图"暗示2026年降息节奏可能放缓。这一分歧削弱了市场的乐观 情绪，增加了政策不确定性。 整体而言，国内积极政策定调与资金面利好形成支撑，但受外围科技股暴跌等情绪传导，主要指数涨跌不一，呈现明显的结构性分化。 01 在此背景下，中国三大股指涨跌不一，深证成指上涨0.84%，上证指数、恒生指数分别下跌0.34%、0.42%。 聚焦到汽车行业，《汽车K线》统计的120只中国汽车股，第48周涨少跌多，但在极星汽车的强势拉动下，平均股价涨幅17.96%，让人哭笑不得。 与此同时，乘用车板块也 ...

Core Viewpoint - The article discusses the ongoing debate in Europe regarding the potential withdrawal of the EU's ambitious green agenda, particularly the ban on the sale of new internal combustion engine vehicles starting in 2035, which has implications for both traditional and electric vehicle manufacturers [4][5][6]. Group 1: Industry Challenges and Opportunities - European automakers are struggling to transition to zero-emission driving but may receive a reprieve from stringent regulations, which could impact the future direction of the transportation sector [5][6]. - The proposed delay in the ban is a result of lobbying from major companies like Stellantis and Mercedes-Benz, aiming to avoid potential fines exceeding €1 billion (approximately $1.2 billion) in the coming years [5][11]. - The automotive industry, contributing about €1 trillion (approximately $1.2 trillion) to the economy, may welcome this flexibility, but it risks slowing technological advancement and widening the gap with competitors like Tesla and Chinese manufacturers [5][6]. Group 2: Political and Regulatory Dynamics - Six EU leaders, including Italy's Prime Minister Giorgia Meloni, have called for a relaxation of vehicle emission rules to prevent the effective ban on internal combustion engines in the mid-2030s [8][10]. - The letter to the EU Commission emphasizes the need for a balanced approach to climate goals without compromising competitiveness, highlighting the importance of technological neutrality [10][11]. - The review of current regulations has been expedited due to slower-than-expected electric vehicle adoption, with an announcement expected soon [10][11]. Group 3: Market Trends and Consumer Preferences - Data from the European Automobile Manufacturers Association (ACEA) indicates that from January to October 2025, electric vehicles accounted for 16.4% of the EU market, up from 13.2% in the same period of 2024 [18]. - Hybrid vehicles remain the preferred choice for EU consumers, with a registration share of 34.6%, while plug-in hybrids accounted for 9.1%, an increase from 7% year-on-year [18]. - The combined market share of gasoline and diesel vehicles has decreased to 36.6%, down from 46.3% in 2024, indicating a shift in consumer preferences [18]. Group 4: Industry Perspectives on Policy Changes - Executives from companies like Volvo and Lucid Motors express concerns that delaying the transition to electric vehicles could undermine industry confidence and increase costs in achieving climate goals [12][19]. - The commitment to the 2035 target is seen as crucial for maintaining investor confidence and ensuring that substantial investments in infrastructure and technology are not jeopardized [18][19]. - The debate over extending the lifespan of fossil fuel-based vehicles is viewed as detrimental to long-term industry efficiency and innovation [19].

Market Overview - The three major U.S. stock indices closed lower, with the Dow Jones down 0.51%, the Nasdaq down 1.69%, and the S&P 500 down 1.07% [1] - Popular tech stocks experienced declines, with Broadcom falling over 11%, Nvidia down over 3%, and Google, Microsoft, Meta, and Amazon all dropping over 1%. Tesla, however, saw an increase of over 2% [1] Sector Performance - The storage sector, cryptocurrency mining companies, and semiconductor stocks faced significant declines, with Corning down nearly 8%, Quantum down over 7%, and Micron Technology, Dell Technologies, and Logitech all dropping over 6%. AMD fell nearly 5%, Intel was down over 4%, and HP dropped over 2% [1] - The automotive manufacturing sector saw gains, with Polestar rising over 19%, Rivian up over 12%, and Toyota increasing by over 2% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.30%. Among popular Chinese stocks, Pony.ai dropped 5.6%, WeRide fell 3.2%, and Baidu and NIO both declined over 2%. XPeng was down 1.1%, Alibaba fell 0.9%, and Pinduoduo remained flat. However, Li Auto rose 0.3%, Yum China increased by 1.8%, and New Oriental and NetEase both gained 2.1% [1]

This once-hyped electric vehicle stock is down over 95% from its all-time highs.Shares of Polestar Automotive (PSNY +21.36%) crashed 19% this week, according to data from S&P Global Market Intelligence. The company is struggling to generate a profit and has seen a crashing stock price, recently having to perform a reverse stock split in order to have a high enough stock price to be listed on the Nasdaq exchange. Electric vehicles have gone through a boom and bust cycle, with Polestar struggling to generate ...