关闭最后一家门店，极星高端梦难圆

Core Viewpoint - Polestar, once seen as a promising electric vehicle brand backed by Geely and Volvo, is facing significant challenges in the Chinese market, leading to the closure of its last direct store in Shanghai and a strategic shift towards online sales [2][3][4]. Group 1: Financial Performance - Polestar has incurred over $5.1 billion in losses from 2020 to 2024, with a projected loss of $2 billion in 2024 alone [4]. - As of the end of 2024, Polestar's total assets were $4.054 billion, while total liabilities reached $7.383 billion, indicating insolvency [4]. - In the first half of 2025, Polestar's net loss increased from $544 million in the same period last year to $1.193 billion [4]. Group 2: Market Presence - Global sales for Polestar in 2024 were 44,900 units, a 15% decline year-on-year, with only 3,120 units sold in China [4]. - In the first half of 2025, Polestar's sales in China plummeted to just 69 units [4]. Group 3: Stock Performance - Polestar went public on NASDAQ in June 2022 with an opening price of $12.98 per share and a market capitalization of $27 billion, but has since seen its stock price drop over 90% [5]. - As of October 14, 2023, Polestar's stock price was $0.87 per share, with a market capitalization of $2.04 billion [5]. Group 4: Strategic Challenges - Volvo announced in early 2024 that it would cease financial support for Polestar, leading to a significant drop in Polestar's stock price [7]. - Polestar's product pricing strategy has been inconsistent, with prices fluctuating significantly, making it difficult for consumers to understand the brand's value [7]. - Frequent changes in product positioning and management instability, with seven CEOs in eight years, have contributed to a lack of coherent strategy [8]. Group 5: Future Outlook - Polestar's new CEO has indicated that the company will require more time to achieve profitability, pushing back the timeline for positive cash flow from 2025 to 2027 [8]. - The company is shifting focus to a light-asset model and online sales, but faces intense competition in the European market from established brands like Tesla and Volkswagen [8].