Polestar(US:PSNY) Mei Ri Jing Ji Xin Wen·2025-10-14 13:43Core Viewpoint - Polestar, once considered a strong competitor to Tesla, is undergoing significant strategic adjustments in China, including the closure of its last physical store in Shanghai, while shifting to an online sales model to adapt to the rapidly changing consumer demands in the market [1][2]. Group 1: Company Overview - Polestar is a Swedish electric vehicle brand founded in 2017 by Volvo and Geely, initially seen as a formidable rival to Tesla [2]. - The company went public in June 2022 through a merger with SPAC Gores Guggenheim, achieving a peak market capitalization of $27.629 billion [5][6]. Group 2: Market Performance - Polestar's stock price has plummeted over 90% since its IPO, currently trading at less than $1, with a market cap reduced to approximately $1.867 billion [7]. - The company has struggled with product positioning and pricing strategies, leading to poor sales performance, particularly in China, where only 69 vehicles were sold in the first half of 2023 [9][12]. Group 3: Strategic Adjustments - In response to ongoing challenges, Polestar has implemented cost management measures, including a hiring freeze and a 10% workforce reduction [9]. - The management team has experienced significant turnover, with seven different leaders in the China region over eight years and a complete overhaul of the global executive team [11]. Group 4: Global Sales Performance - Despite challenges in the Chinese market, Polestar has seen growth in other global markets, with a 51.1% year-over-year increase in global sales, totaling over 30,000 vehicles in the first half of 2023 [12]. - The cumulative global sales of Polestar 2 reached approximately 373,000 units, while Polestar 4 exceeded 231,000 units [12].