Polestar(US:PSNY) Di Yi Cai Jing·2025-07-29 09:52Core Viewpoint - Polestar's operations in China are facing significant challenges, with a drastic decline in sales and a potential market exit being discussed, although the company plans to continue sales with a new strategy adjustment expected by Q4 2023 [1][2]. Group 1: Sales Performance - In June 2023, Polestar's sales in China dropped to just 6 units, with total retail sales for the first half of the year being less than 70 units [1]. - Polestar's sales figures from 2021 to 2023 were 2,048 units, 1,717 units, and 1,100 units respectively, indicating a consistent decline [2]. - Global retail sales for Polestar in the first half of 2023 reached 30,300 units, a 51% year-on-year increase, with Q2 sales at 18,000 units, up 38% year-on-year [2]. Group 2: Financial Situation - Polestar has accumulated a net loss of over $5.1 billion (approximately 366 billion RMB) from 2020 to 2024, with a projected net loss exceeding $2 billion (over 147 billion RMB) for 2024 alone [2]. - As of the end of 2024, Polestar's total assets are valued at $4.054 billion, while total liabilities stand at $7.383 billion, indicating insolvency [2]. Group 3: Market Strategy - Polestar has terminated its joint venture with Xingji Meizu, ending the operations of Polestar Technology (China) Co., Ltd., and will reclaim distribution rights in the Chinese market [1][2]. - The company is currently transitioning its sales model in China, with a complete adjustment expected by the fourth quarter of 2023 [1]. Group 4: Stock Performance - As of the latest report, Polestar's stock price is $1.09, with a market capitalization of $2.3 billion, which is less than one-tenth of its value at the time of its IPO in June 2022 [3].