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 significant financial losses, leading to potential delisting from NASDAQ [2][4][10] Financial Performance - As of the latest report, Polestar's revenue for 2025 was $1.423 billion, with a net loss of $1.193 billion, representing a year-on-year decline of 119.37% [2][8] - The company's debt-to-asset ratio stands at 217.11%, indicating insolvency [2][8] - Cumulatively, Polestar has incurred nearly $6 billion in net losses from 2021 to the first half of 2023 [8] Market Presence - Polestar's stock price has dropped from $13 at its IPO in June 2022 to approximately $0.5, a total decline of 94.4% [2][4] - The company has struggled with sales, with global sales figures of 29,000, 51,500, 54,626, and 44,851 units from 2021 to 2024, and only 163 units sold in China in the first ten months of 2025 [4][6] Strategic Adjustments - In October 2023, Polestar closed its last physical store in China, shifting to an online sales model to adapt to changing consumer demands [6] - The company has announced cost management measures, including hiring freezes and layoffs, to address its financial difficulties [7] Product Offering - Currently, Polestar only has the Polestar 4 model available for sale, while the Polestar 2 has been discontinued and the Polestar 3 is not yet launched [6] - The pricing for the Polestar 4 starts at 339,900 RMB for the single motor version and 399,900 RMB for the dual motor version [6] Investor Support - Geely Holding Group has injected $200 million into Polestar to stabilize its operations, although this investment has already seen a loss of over 50% in value within five months [2][10] - Geely views Polestar as a strategic asset for its global expansion, contributing to 13% of the group's total exports with 40,000 units sold [10]