Polestar(US:PSNY) Mei Ri Jing Ji Xin Wen·2025-10-14 16:56Core Insights - Polestar, once considered a strong competitor to Tesla, has closed its last physical store in China, located in Shanghai, as part of a strategic adjustment to better align with the rapidly changing consumer demands in the Chinese market [2][3] - The company's stock price has plummeted over 90% since its initial public offering, with a current market capitalization of approximately $1.87 billion [5][6] Company Strategy - Polestar is shifting to an online sales model, allowing consumers to access product information and complete purchases through digital channels [2] - The company has faced significant management turnover, with seven different leaders in the China region over eight years, and a complete overhaul of its global management team [6] Market Performance - In the first half of 2023, Polestar's sales in China were dismal, with only 69 vehicles sold, and zero deliveries in April and May [6] - In contrast, 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 [6] Product Offering and Pricing - Polestar's pricing strategy has been inconsistent, with significant price reductions on models like the Polestar 2, which saw its price cut from 418,000 yuan to 298,000 yuan shortly after launch [4] - The latest model, Polestar 4, is priced starting at 299,900 yuan but lacks advanced features like lidar, leading to concerns about its market viability [5]