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 crisis as its stock price plummets, leading to potential delisting from NASDAQ due to prolonged trading below $1, with significant financial losses and operational challenges ahead [1][3][5]. Financial Performance - As of the latest report, Polestar's revenue for 2025 was $1.423 billion, with a net loss of $1.193 billion, marking a year-on-year decline of 119.37% [1][5]. - The company's debt-to-asset ratio stands at 217.11%, indicating it is insolvent [1][5]. - Since its NASDAQ debut in June 2022, Polestar's stock has dropped from $13 to approximately $0.5, a cumulative decline of 94.4% [1]. Market Presence and Sales - Polestar's sales figures from 2021 to 2024 were 29,000, 51,500, 54,626, and 44,851 vehicles respectively, with the highest annual sales in China being only 2,048 units [4]. - In 2025, domestic sales have nearly halted, with only 163 vehicles sold in the first ten months [4]. Strategic Adjustments - The company has closed its last physical store in China, shifting to an online sales model, while maintaining that this does not signify an exit from the Chinese market [4][5]. - Polestar currently offers only the Polestar 4 model, with the Polestar 2 discontinued and the Polestar 3 not yet launched [4]. Operational Challenges - Customer service issues have been reported, including limited authorized service centers and complaints about vehicle quality and repair services [4]. - The company has been undergoing significant cost management measures, including hiring freezes and layoffs, to address its financial difficulties [5]. Investment and 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 [1][6]. - Polestar is viewed as a strategic asset for Geely's global expansion, contributing to approximately 13% of Geely's total exports [6].