Polestar(US:PSNY) Di Yi Cai Jing Zi Xun·2025-11-14 08:44Core Viewpoint - Polestar Automotive, controlled by Geely Holding Group's chairman Li Shufu, has seen a significant decline in stock price, dropping 16.25% on November 12 and 5.97% on November 13, reaching a new low since its SPAC listing in June 2022 [2][3]. Group 1: Stock Performance - Since its listing, Polestar's stock has decreased by 94.4% over the past three and a half years [3]. - The stock price reached a low of $0.6264 on November 13, 2023, marking a significant decline [2]. Group 2: Sales Performance - Polestar's global sales from 2021 to 2024 were 29,000, 51,500, 54,626, and 44,851 vehicles, respectively, while sales in China were 2,048, 1,717, 1,100, and 1,864 vehicles [3]. - Since 2025, Polestar's domestic operations have nearly ceased, with only 163 vehicles sold in the first ten months of this year, and the last direct store in China has been closed [3]. Group 3: Financial Health - Polestar has incurred a cumulative net loss of nearly $6 billion (approximately 42.4 billion RMB) from 2021 to the first half of this year, with losses continuing to expand [3]. - As of mid-2023, Polestar's total assets were $3.643 billion, while total liabilities reached $7.909 billion, indicating insolvency [3]. Group 4: Investment and Strategy - Volvo has been reducing its stake in Polestar since last year, while Geely has increased its investment, becoming the largest shareholder [4]. - In June 2023, Polestar secured a $200 million equity investment from PSD Investment Limited, controlled by Li Shufu, with a purchase of 19 million A-class American Depositary Shares (ADS) at $1.05 each [4]. - Despite a 51% year-on-year increase in global sales in the first half of this year, Polestar's sales volume remains low, and the path to profitability is uncertain [6]. Group 5: Compliance and Risks - Polestar faces a delisting risk due to its stock price being below $1 for an extended period, needing to maintain a price above $1 for at least ten consecutive trading days by April 29, 2026, to regain compliance with NASDAQ [6].