淡出中国押注欧洲 获2亿美元融资的极星汽车依然“钱紧”

Core Viewpoint - Polestar has received a $200 million equity investment from PSD Investment, which is expected to be insufficient for the company's operational needs, as it has a monthly cash burn of $100 million to $200 million, indicating reliance on financing until cash flow turns positive in 2027 [1][16]. Investment and Financial Overview - On June 16, Polestar announced the $200 million equity investment from PSD Investment, controlled by Geely's chairman Eric Li, leading to a 4.85% increase in stock price to $1.08, with a market capitalization of approximately $2.3 billion [2]. - The investment involves the sale of 190 million newly issued Class A American Depositary Shares (ADS) at a price of $1.05 per share [2]. - Following this transaction, Volvo will reduce its stake in Polestar from 30% to 18%, while Geely will become the second-largest shareholder with a combined stake of 66% [2]. Company Background and Performance - Polestar, headquartered in Gothenburg, Sweden, focuses on high-performance electric vehicles and has faced challenges since its inception, with total global sales of 145,300 vehicles from 2020 to 2023 and cumulative losses of $2.016 billion from 2021 to 2023 [6][12]. - The company's stock has declined by 90% since its IPO, and it has faced Nasdaq delisting warnings due to stock prices falling below $1 [6][12]. Market Strategy and Challenges - Initially targeting the high-end market to compete with Tesla, Polestar shifted towards a more mainstream approach, leading to inconsistent brand positioning and lower market presence compared to competitors [7][8]. - The company has struggled in the European market, with sales growth lagging behind industry averages, and has faced challenges in the Chinese market due to insufficient investment in product planning and localization [9][10][12]. Future Plans and Projections - Polestar aims for an annual retail sales growth of 30% to 35% from 2025 to 2027, with a goal of achieving profitability by 2025 [13]. - The company plans to launch the Polestar 5, a high-performance vehicle based on its own aluminum platform, and will transition to a single architecture for vehicle production to reduce complexity and costs [13]. - Polestar is also reducing its presence in China, with plans to close 14 out of 36 stores and terminate its joint venture in the region [13][16]. Market Focus and Production - Europe is currently Polestar's most important market, expected to account for 75% of total sales in 2024, with key markets including the UK, Switzerland, Germany, and Norway [14]. - The company is changing its sales model to double its global network to 300 locations by 2026, leveraging Volvo's service network [15]. Financial Constraints - Polestar's cash flow is a critical constraint, with expectations of turning free cash flow positive only by 2027, while total debt has risen to approximately $4.4 billion [16].