跌光1873亿，网红汽车炸雷了

Core Viewpoint - The article discusses the severe challenges faced by Polestar, a once-promising electric vehicle company, highlighting its financial struggles, declining market presence, and the risk of delisting from NASDAQ due to stock price issues [4][20]. Financial Performance - Polestar reported over 30,000 vehicle sales in the first half of 2025, generating revenue of $1.423 billion, but incurred a net loss of $1.193 billion, marking a 119.4% increase in losses [4][19]. - As of June 2025, Polestar's total liabilities reached $7.909 billion, with total assets of $3.643 billion, resulting in a staggering debt-to-asset ratio of 217% [5][19]. - The company's market capitalization plummeted from a peak of $28 billion to approximately $1.689 billion, a loss of over $26.3 billion [4][20]. Market Strategy and Operations - Polestar initially aimed to compete globally with Tesla, leveraging its partnerships with Volvo and Geely to establish a strong market presence [6][7]. - The company has shifted its sales strategy in China from physical stores to online sales, closing its last direct store in Shanghai [4][19]. - Despite its efforts, Polestar's sales in China have dwindled, with only 69 vehicles sold in the first half of 2025, placing it at the bottom of various sales rankings [19]. Challenges and Future Outlook - Polestar faces a delisting warning from NASDAQ due to its stock price remaining below $1 for an extended period, with a potential 180-day compliance period to rectify the situation [20]. - The company has plans to expand into seven new global markets by 2025, but its ability to execute this strategy remains uncertain given its current financial instability [16][19]. - Geely's recent capital injection of approximately $200 million aims to stabilize Polestar, but the effectiveness of this support in reversing the company's fortunes is yet to be seen [5][17].