跌光1873亿，网红汽车炸雷了

Core Viewpoint - Polestar, once a prominent player in the Chinese electric vehicle market, is now facing severe challenges, including a warning from NASDAQ regarding potential delisting due to its stock price falling below $1 for an extended period [5][26]. Financial Performance - In the first half of 2025, Polestar sold over 30,000 vehicles, generating revenue of $1.423 billion, but incurred a net loss of $1.193 billion, marking a 119.4% increase in losses compared to the previous period [5][25]. - As of June 2025, Polestar's total liabilities reached $7.909 billion, with total assets of $3.643 billion, resulting in an alarming debt-to-asset ratio of 217% [10][25]. Market Position and Strategy - Polestar's market capitalization has plummeted from a peak of $28 billion to approximately $1.7 billion, indicating a loss of over $26.3 billion in value [7][26]. - The company has shifted its sales strategy in China from physical stores to online sales, closing its last direct store in Shanghai [5][25]. Historical Context - Polestar was established in 2017 as a collaboration between Volvo and Geely, aiming to create a global electric vehicle brand that could compete with Tesla [11][15]. - Initially, Polestar was seen as a strong contender in the electric vehicle market, with high expectations for its global expansion [11][15]. Recent Developments - In 2024, Polestar's performance deteriorated significantly, with a 40% drop in delivery volume in the first quarter and a revenue decline of 36% year-on-year [24]. - The company has faced criticism for its management structure, which has been described as disconnected from the Chinese market, leading to operational inefficiencies [18][20]. Future Outlook - Polestar is currently under pressure to comply with NASDAQ regulations within 180 days to avoid delisting, while also attempting to expand its presence in the U.S. market [26][28]. - The company is exploring new strategies to adapt to the rapidly changing consumer demands in China, despite the challenges it faces [25][28].