Core Viewpoint - Polestar Automotive is undergoing a strategic adjustment in its China operations, with significant management turnover and a potential exit from the Chinese market by the end of the year [1][4]. Sales Performance - In the first half of the year, Polestar sold only 69 vehicles in China, with monthly sales figures showing a drastic decline: 56 in January, 6 in February, 6 in June, 1 in March, and no sales in April and May [3][4]. - In contrast, Polestar's global sales reached 30,300 vehicles in the same period, marking a 51% increase year-over-year, with Q2 sales alone hitting 18,000 vehicles, a 38% increase [3]. Company Structure and Financials - Polestar Technology, a joint venture aimed at enhancing local operations, ceased operations in April 2023, and several key management personnel, including the China regional manager, have left the company [1][4]. - As of the end of 2024, Polestar's total assets are valued at $4.054 billion, with liabilities at $7.383 billion, resulting in a negative net asset of $3.329 billion [5]. - The company has incurred cumulative losses exceeding $5.1 billion from 2020 to 2024, with a projected net loss of $2 billion for 2024 alone [5]. Investment and Ownership Changes - In June 2023, Geely's major investor, PSD Investment Limited, injected $200 million into Polestar, raising its ownership stake to 44%, while Geely and its subsidiaries collectively hold 66% [5]. - Following this investment, Volvo's stake in Polestar decreased from 18% to 16% [5]. Future Outlook - Polestar aims for an annual retail sales growth of 30% to 35% from 2025 to 2027 and targets profitability by 2025 [6]. - Since its IPO in 2022, Polestar's stock price has plummeted by 90%, and it received a compliance notice from Nasdaq due to its stock price falling below $1 [6].
消息称极星汽车上半年在华销量69辆，或将于今年底退出中国市场