李书福被坑惨了：14亿“输血”极星浮亏50%，吉利全球化梦碎？

Core Viewpoint - Polestar Automotive is facing a severe crisis, with its stock price plummeting and a potential delisting from NASDAQ due to prolonged trading below $1, alongside significant financial losses and operational challenges [2][4][9]. Financial Performance - As of the latest report, Polestar's revenue for the first half of 2025 was $1.423 billion, with a net loss of $1.193 billion, marking a year-on-year decline of 119.37% [2][7]. - The company's debt-to-asset ratio stands at 217.11%, indicating insolvency [7]. - Cumulatively, Polestar has incurred nearly $6 billion in net losses from 2021 to mid-2023 [7]. Market Presence - Polestar's vehicle sales have been underwhelming, with global sales figures of 29,000 in 2021, 51,500 in 2022, 54,626 in 2023, and a projected 44,851 in 2024. In China, the highest annual sales were only 2,048 vehicles [4][6]. - In the first ten months of 2025, Polestar sold only 163 vehicles in China, indicating a near halt in domestic operations [4]. Strategic Adjustments - The company has closed its last physical store in China and is shifting to an online sales model, claiming this is a strategic adjustment rather than an exit from the market [6][9]. - Polestar currently offers only the Polestar 4 model, with the Polestar 2 discontinued and the Polestar 3 not yet launched [6]. Investment and Support - Geely Holding Group has injected $200 million into Polestar to stabilize its operations, but this investment has already seen a loss of over 50% in value within five months [2][9]. - Geely views Polestar as a critical component of its global expansion strategy, contributing to 13% of the group's total exports [9].