经济观察网 摩根士丹利下调北极星目标价，坎托・菲茨杰拉德下调另一家同名公司评级。 机构观点 摩根士丹利于2026年2月18日发布报告，维持北极星（PII.N）持有评级，但将目标价从81美元下调至74 美元，理由包括交付预期下调、额外融资需求及自动驾驶战略不清晰等因素。同期，坎托・菲茨杰拉德 于2月20日将北极星（PSNY）评级从中性下调至低配，但需注意PSNY为另一家公司（Polestar），与北 极星（PII）主体不同。 股票近期走势 近期北极星股价震荡上行。截至2026年2月20日，最新收盘价为66.37美元，较前日上涨1.55%；近5日累 计涨幅0.42%，但近20日跌幅达6.42%。交易活跃度方面，2月20日成交量为66.47万股，成交金额约4403 万美元，当日振幅为4.15%。板块层面，所属汽车板块同期上涨1.21%，略高于个股表现。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - Polestar has announced its most significant product offensive, highlighting a successful year in 2025 with strong sales growth and a solid foundation for future expansion [1][2]. Group 1: Company Performance - In 2025, Polestar achieved its best sales year ever, marking a year of dedicated execution and growth [1]. - The company experienced a global sales growth of 34%, with over 50% growth in its home market of Europe [2]. - Polestar operates with a small team of less than 2,000 employees across 28 markets, positioning itself as a competitive player in the automotive industry [2]. Group 2: Market Position - Polestar is recognized as Europe's only pure electric vehicle (EV) player, focusing on delivering electric performance cars [1]. - The company views itself as the "David" in the automotive industry, competing against larger "Goliath" companies [2].

Polestar Automotive (NasdaqGM:PSNY) Update / briefing February 18, 2026 07:00 AM ET Company ParticipantsAnna Gavrilova - Head of Investor RelationsFredrika Klarén - Head of SustainabilityGiacomo Reghelin - Equity Research Senior AssociateMichael Lohscheller - CEOPhilipp Römers - Head of DesignStephanie Johansson - HostNone - Video NarratorConference Call ParticipantsAndres Sheppard - Managing Director and Senior Equity AnalystCamille Obeid - Equity Research AnalystStephanie JohanssonHello, everyone, and wel ...

Electric vehicle maker Polestar will roll out refreshed versions of its top-selling Polestar 2 and 4 models over the next year to support European sales, it said on Wednesday, choosing quick, lower-co... ...

极星股价在2025年经历了显著下跌，与2025年年初相比下跌约57%，相较于2021年上市时的高点跌幅超 过95%。由于股价长期低于1美元，公司已收到纳斯达克的退市警告。 以上内容基于公开资料整理，不构成投资建议。 近期事件 经济观察网 根据截至2025年12月24日的公开信息，极星（Polestar，股票代码：PSNY）有以下值得关 注的事件： 资金动向 股票近期走势 尽管面临挑战，其重要股东吉利控股集团仍在持续提供资金支持。例如，在2025年6月，极星获得了来 自李书福旗下投资平台的2亿美元融资，显示了吉利对其长期发展的信心。 为应对退市风险，极星在2025年12月初采取了"反向拆股"措施，将美国存托凭证（ADS）的比例从1:1 调整为1:30。此举旨在提升每股价格，使其重新符合纳斯达克的上市规则。按拆股前换算，当时股价约 为0.47美元。 ...

Core Thesis - Polestar Automotive Holding UK PLC is viewed positively despite market pessimism, with a significant disconnect between its fundamentals and market perception in the electric vehicle (EV) sector [2][3] Company Overview - Polestar specializes in the research, development, marketing, commercialization, and sale of battery electric vehicles and related technology solutions [2] - The company has delivered over 44,000 vehicles in the first nine months of 2025, generating over $2.17 billion in revenue [2] Financial Position - As of Q3 2025, Polestar had approximately $995 million in cash, with quarterly cash burn rates between $250 million and $300 million, providing operational runway into mid-to-late 2026 [4] - The current market valuation does not reflect the company's revenue base, treating it as if operations are at risk of cessation [4] Strategic Support - Polestar's operations are backed by Geely Holding, which has shown commitment through a $200 million capital injection in June 2025, indicating the brand's strategic importance within the group [3] - The potential for a take-private transaction is considered realistic, allowing Geely to streamline operations away from public scrutiny [3] Market Challenges - The company faces challenges including cash burn, tariff pressures, and compliance issues, which contribute to market pessimism [3][5] - Efforts are underway to mitigate risks associated with U.S. and EU tariffs due to China-based manufacturing, although margin relief will take time [5]

Funding and Financial Health - Polestar Automotive Holding UK PLC has secured over $400 million in funding through a Special Purpose Vehicle (SPV) with investments of $200 million each from Sumimoto Mitsui Banking Corp. and Standard Chartered Bank Ltd. [1][2] - The financial institutions will purchase Class A American Depositary Shares at $19.34 per share, which could enhance Polestar's financial health [2]. - Polestar has entered into a put option agreement with the investors, allowing them to sell their shares within three years with certain returns [2]. Strategic Moves and Market Position - Geely, the parent company of Polestar, is considering entering the U.S. market within the next 2-3 years, with a production facility already established in South Carolina [3]. - Polestar's current performance metrics indicate poor scores on the Momentum metric and an unfavorable price trend in the short, medium, and long term [3]. Stock Performance - Following the funding announcement, Polestar's stock (PSNY) surged 2.51% to $15.51 during pre-market trading [3].

Core Insights - Electric vehicle maker Polestar has secured a $400 million equity investment from Feathertop Funding Limited, a special purpose entity consolidated by Sumitomo Mitsui Banking Corporation [1] Company Summary - The investment will support Polestar's growth and expansion plans in the electric vehicle market [1] - This funding is part of Polestar's strategy to enhance its production capabilities and accelerate the development of new models [1] Industry Summary - The electric vehicle industry continues to attract significant investments, indicating strong investor confidence in the sector's growth potential [1] - The partnership with Sumitomo Mitsui Banking Corporation highlights the increasing involvement of financial institutions in supporting electric vehicle manufacturers [1]

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]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][21]. Core Insights - The continuation of the "old-for-new" vehicle policy is expected to benefit mid-to-high-end models, with subsidies adjusted based on vehicle price ratios [2][18][19]. - Polestar, a high-end electric vehicle company, secured $300 million in financing, indicating strong interest in the European electric vehicle market [20]. - The report emphasizes the importance of differentiating vehicle models in a competitive market, particularly as the effects of the "old-for-new" policy diminish [21]. Summary by Sections Industry Weekly Market Review - The automotive index rose by 1% in the past week, while the new energy vehicle index remained flat. The automotive parts index increased by 2%, and the commercial vehicle index also rose by 1% [11][12]. - In the past month, the automotive index increased by 5%, with the automotive parts index up by 7% [11][12]. "Old-for-New" Vehicle Policy Continuation - The policy will continue into 2026, with subsidies for scrapping and replacing vehicles adjusted to a percentage of the vehicle price, benefiting mid-to-high-end models [18][19]. Financing for High-End Electric Vehicle Companies - Polestar announced a $300 million investment from Bilbao Bizkaia Kutxa and NATIXIS, highlighting the growing interest in electric vehicles in Europe [20]. Investment Strategy and Recommendations - The report suggests focusing on companies with high cost-performance ratios and emerging technologies, recommending leading firms such as 德昌电机控股 and 豪能股份 [21]. - It also highlights the importance of differentiation in vehicle models, recommending 长城汽车, 上汽集团, and 零跑汽车 [21]. - The report identifies opportunities in the data center power supply sector, recommending 潍柴动力 and 玉柴国际 [21]. - In the automotive parts sector, it suggests investing in耐世特 and 亚太股份 due to their growth potential [21].