Polestar(US:PSNY) 第一财经·2025-07-29 11:00Core Viewpoint - Polestar Automotive is experiencing significant challenges in the Chinese market, with sales plummeting and a potential shift in its business model to adapt to the local market conditions [1][2]. Group 1: Sales Performance - In June, Polestar's sales in China dropped to just 6 units, with total sales for the first half of the year being less than 70 units [1]. - The company's sales figures from 2021 to 2023 were 2,048 units, 1,717 units, and 1,100 units respectively, indicating a declining trend [2]. - Globally, Polestar's retail sales reached 30,300 units in the first half of the year, a 51% year-on-year increase, with Q2 sales at 18,000 units, up 38% [3]. Group 2: Business Operations - Polestar has ceased operations of its joint venture, Polestar Technology (China) Co., Ltd., and will reclaim distribution rights in China [2]. - The company is transitioning its sales model in China, with expectations to complete adjustments by Q4 of this year [2]. Group 3: Financial Situation - Polestar has accumulated losses exceeding $5.1 billion (approximately 366 billion RMB) from 2020 to 2024, with a projected net loss of over $2 billion (over 147 billion RMB) for 2024 [3]. - As of the end of 2024, Polestar's total assets were valued at $4.054 billion, while total liabilities reached $7.383 billion, indicating insolvency [3]. Group 4: Market Valuation - Polestar's stock price is currently at $1.09, with a market capitalization of only $2.3 billion, which is less than one-tenth of its valuation at the time of its IPO in June 2022 [4].