Core Viewpoint - Polestar Automotive is experiencing a significant decline in sales in the Chinese market, raising concerns about its future operations in the region [1][2]. Group 1: Sales Performance - In June, Polestar's retail sales dropped to single digits, with only 6 vehicles sold, and cumulative sales for the first half of the year were less than 70 vehicles [1]. - The company's sales in China from 2021 to 2023 were 2,048 vehicles, 1,717 vehicles, and 1,100 vehicles respectively, indicating a downward trend [2]. - Global retail sales for Polestar in the first half of the year reached 30,300 vehicles, a 51% year-on-year increase, with second-quarter sales at 18,000 vehicles, up 38% [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 [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 announced a shift in its sales strategy in China, with plans to complete adjustments by the fourth quarter of this year [1]. - The company has terminated its joint venture with Xingji Meizu, which was aimed at enhancing local operations in China, and will reclaim distribution rights in the market [1][2]. Group 4: Stock Performance - As of the latest report, Polestar's stock price is $1.09, with a market capitalization of only $2.3 billion, which is less than one-tenth of its value at the time of its IPO in June 2022 [3].
一个月仅卖出6辆，极星汽车中国市场业务几近停摆