Core Insights - Polestar has closed its last direct retail store in Shanghai, marking a strategic shift in its business model in China to better align with the rapidly changing consumer demands [1][4] - The company is transitioning to an online sales model, with a focus on digital channels for product information and purchasing, although the online purchasing system has been temporarily closed [2][4] - Despite poor sales performance in China, Polestar has established the country as its most important production base, with models being produced for global markets [4] Sales Performance - In the first half of 2023, Polestar sold only 69 vehicles in China, while globally, it sold 30,300 vehicles, a 51% increase year-on-year [5] - For the third quarter of 2025, Polestar's global retail sales reached 14,192 units, a 13% increase, with total sales for the first nine months of approximately 44,482 units, a 36% increase [4] Financial Status - As of the end of 2024, Polestar's total assets were $40.54 billion, liabilities were $73.83 billion, and net assets were negative $33.29 billion, indicating a state of insolvency [5] - Cumulatively, Polestar has incurred losses exceeding $5.1 billion from 2020 to 2024, with a projected net loss of $2 billion for 2024 alone [5] Management and Strategy Changes - Polestar has been undergoing significant organizational changes, including a 10% workforce reduction and a focus on cost management since May 2023 [6][8] - The company has experienced frequent changes in its management team, with seven leaders in the China region over eight years, and a recent overhaul of its global management team [8] Market Challenges - 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 [9] - The competitive landscape in the global electric vehicle market poses significant challenges for Polestar to achieve its goal of profitability by 2025 [9]
极星汽车在华“大撤退”：关闭最后一家门店，现车五折“甩卖”，中国成其生产基地