李书福5个月浮亏超40%

Core Viewpoint - Polestar Automotive, controlled by Geely Holding Group's chairman Li Shufu, has seen a significant decline in stock price, dropping 16.25% on November 12 and 5.97% on November 13, reaching a new low since its SPAC listing in June 2022 [3][4]. Group 1: Stock Performance and Market Position - Since its listing, Polestar's stock has decreased by 94.4% over the past three and a half years [4]. - Polestar, which originated from Volvo's high-performance division, has struggled in the rapidly expanding electric vehicle market, particularly in China, where it has faced significant sales challenges [4]. - Sales figures from 2021 to 2024 show global sales of 29,000, 51,500, 54,626, and 44,851 vehicles, respectively, with China sales plummeting from 2,048 to just 1,864 vehicles in the same period [4]. Group 2: Financial Health - Polestar has reported cumulative losses of nearly $6 billion (approximately 42.4 billion RMB) from 2021 to the first half of this year, with losses continuing to widen [4]. - As of the first half of this year, Polestar's total assets were $3.643 billion, while total liabilities reached $7.909 billion, indicating a state of insolvency [4]. Group 3: Investment and Strategic Moves - Volvo has been reducing its stake in Polestar since last year, while Geely has increased its investment, becoming the largest shareholder [5]. - In June, Polestar secured a $200 million equity investment from PSD Investment Limited, controlled by Li Shufu, who acquired 19 million A-class American Depositary Shares (ADS) at $1.05 each [5][6]. - Despite the investment, Li Shufu has experienced a paper loss of over 40% within five months due to the declining stock price [6]. Group 4: Future Challenges - Polestar's global sales exceeded 30,000 units in the first half of this year, a 51% year-on-year increase, but still far from breakeven [7]. - Geely's ongoing financial support for Polestar raises questions about its sustainability until Polestar can achieve self-sufficiency [7]. - Polestar faces a delisting risk due to its stock price remaining below $1, needing to meet compliance by April 29, 2026, with a closing price of at least $1 for ten consecutive trading days [8].