关掉最后一家直营店！原价39.8万元的车，现价22.9万元大甩卖

Core Insights - Polestar has closed its last direct store in Shanghai, marking a strategic shift in its business model in China to better align with the rapidly changing consumer demands [1][5] - The company is transitioning to an online sales model, with a focus on digital channels for product information and purchasing [2][5] - Despite poor sales performance in China, Polestar has established the country as its primary production base, exporting vehicles globally [5][6] Sales Performance - In the first half of the year, Polestar sold only 69 vehicles in China, while globally, it sold 30,300 vehicles, a 51% increase year-on-year [6] - For Q3 2025, Polestar's global retail sales reached 14,192 units, a 13% increase, with a total of approximately 44,482 units sold in the first nine months, marking a 36% growth [5][6] Financial Status - As of the end of 2024, Polestar's total assets were $40.54 billion, with liabilities of $73.83 billion, resulting in a negative net asset of $33.29 billion [6] - The company has accumulated losses exceeding $5.1 billion from 2020 to 2024, with a projected net loss of $2 billion for 2024 [6] Management Changes - Polestar has experienced frequent changes in its management team, with seven leaders in the China region over eight years [7][10] - The company plans to achieve an annual retail sales growth of 30% to 35% from 2025 to 2027 and aims for profitability by 2025 [7][10] Market Challenges - Since its IPO in 2022, Polestar's stock price has dropped by 90%, and it received a compliance notice from NASDAQ due to its stock price falling below $1 [10]