极星汽车（Polestar），这个曾被冠以"车圈顶级富二代"之名的品牌，三年前背靠吉利和沃尔沃在纳斯达克成功上市，如今却在中国节节败退。 近日，有消息传出，极星已关闭了其在中国仅剩的最后一家直营门店，该店位于上海前滩L+Plaza。对此，极星中国方面回应道，极星正在战略性地 调整在华业务模式，以更好地契合中国市场多样化、快速变化的消费需求。今年上半年，极星陆续关闭了其在北京、广州、杭州等城市的直营门店。 ■巨额亏损，资不抵债 "虽然暂时关闭了上海的门店，但极星在中国的其他业务均不受影响，车主的权益也不会受到任何影响。"极星中国方面强调。此外，极星的 线上销售暂时不受影响。 极星官方客服也表示，"目前极星汽车主要采取线上销售模式"。线下仅保留少量"服务中心"，提供试驾预约、车辆交付与售后维修等服务。极星用户 可登录官方APP或小程序，完成车型配置、价格查询、订单支付等操作。 另外，极星于2022年6月在纳斯达克上市，开盘价为12.98美元/股，上市当日市值高达270亿美元。不过，之后极星股价一路走低，市值蒸发9成以 上。2024年极星曾因股价连续30个工作日低于1美元/股，一度遭到纳斯达克退市警告。最新数据显示 ...

值得注意的是，门店关闭的同时，极星汽车中国区的管理层也经历了大规模的离职潮，包括极星中国区 总经理吴慧静在内的多位管理层人员均已离职。 极星汽车（下称"极星"）在中国市场的最后一家直营店"倒下"了。 门店快速关闭根本原因在于销量恶化。 10月13日，极星已关闭了其国内仅剩的最后一家直营门店，该店位于上海前滩L+Plaza。 对此，极星方面表示，公司正在战略性地调整在华业务模式，以更好地契合中国市场多样化、快速变化 的消费需求。"虽然暂时关闭了上海的门店，但极星在中国的其他业务均不受影响，车主的权益也不会 受到任何影响"。 极星汽车官方服务热线工作人员向记者表示，目前主要采取线上销售模式。但《国际金融报》记者此前 注意到，在线购车系统已悄然关闭，消费者若想试驾，需通过电话预约，随着最后一家直营店的关闭， 极星在中国市场的销售似乎也开始停滞。 事实上，2024年极星对于门店的扩张还持有较大期待，如今门店的渠道现状与此前规划显然背道而驰。 2023年年底前，极星在中国拥有的门店数量已达到55家，至2024年年底，这一数字计划将翻倍至约120 家，在2025年将超180家，将覆盖全国主要的一二线城市，计划将按功能不同 ...

Core Viewpoint - Polestar, a joint venture between Geely and Volvo aiming to compete with Tesla, is experiencing a significant decline in sales in China, with rumors of a potential exit from the market intensifying [2][5]. Sales Performance - In July, Polestar sold only 5 vehicles in China, with cumulative sales for the first seven months of the year being less than 100 units [3][4]. - Since entering the Chinese market in 2017, Polestar's sales have consistently deteriorated, with figures of 2048 units in 2021, 1717 in 2022, and 1100 in 2023, while only 69 units were sold in the first half of 2025 [5]. Market Positioning - Polestar's unclear market positioning has contributed to its declining sales, with a wide price range for its products. The first model, Polestar 1, was priced at 1.45 million yuan, targeting the ultra-luxury segment, while subsequent models fluctuated between 299,800 yuan and 1.68 million yuan [5][6]. - The inconsistent product launch strategy has failed to establish a premium advantage in the high-end market and has led to internal competition with brands like Zeekr [6]. Operational Challenges - Polestar's online car purchasing system has been closed, and the company has significantly reduced its physical presence, with only one operational store remaining in Shanghai [8][9]. - The management team in China has faced a wave of departures, including the regional general manager, indicating operational instability [9]. Global Market Performance - Despite challenges in China, Polestar has seen strong performance globally, with 30,000 units sold in the first half of the year, a 51% increase year-on-year, particularly in the European market [9]. - Polestar is building an ecosystem in Europe through services like charging packages and battery subscriptions, enhancing customer loyalty [9]. Regulatory Challenges - Polestar faces significant regulatory hurdles in its global expansion, particularly in Europe, where anti-dumping tariffs of 18.8% on Chinese electric vehicles have been imposed, increasing cost pressures [10]. - The U.S. market presents even stricter limitations, with a 100% tariff on Chinese vehicles and plans to ban all vehicles produced by manufacturers with Chinese or Russian ownership by 2027 [10].

Core Viewpoint - The global electric vehicle market is entering a highly competitive phase, with Polestar receiving a significant $200 million investment from PSD Investment, which will support its product development, technological innovation, and market expansion [1][3]. Investment Details - Polestar has sold approximately 190.5 million new Class A American Depositary Shares (ADS) at $1.05 per share to PSD Investment, which is controlled by Li Shufu and already a shareholder of Polestar [1][3]. - After the transaction, Li Shufu will hold 66% of Polestar through PSD Investment and Geely's Swedish subsidiary, while Volvo's stake will decrease from 18% to 16% [3]. Market Positioning - Polestar aims to establish itself as a high-end electric vehicle brand focused on performance and design, differentiating itself from competitors that emphasize technology or cost-effectiveness [3][5]. - The brand faces intense competition from Tesla, traditional luxury brands like BMW and Mercedes, and domestic Chinese electric vehicle manufacturers [5][6]. Competitive Challenges - Tesla's Model 3 and Model Y dominate the market with strong brand loyalty and cost advantages, while traditional luxury brands are accelerating their electric transitions [5][6]. - Polestar's close relationship with Volvo may blur its brand identity, making it crucial to communicate its unique value proposition effectively [6][9]. Financial Health - Polestar's financial situation is concerning, with a projected global retail sales decline from 54,600 units in 2023 to 44,458 units in 2024, representing an 18% decrease [8]. - Revenue for the first three quarters of 2024 is expected to be $1.457 billion, down 21% from $1.846 billion in the same period of 2023, with a net loss of $863 million [8][9]. Strategic Importance of Funding - The $200 million funding is critical for Polestar to enhance brand awareness, strengthen marketing communication, and support the launch of new models like Polestar 3 and Polestar 4 [6][9]. - This financing is seen as a lifeline rather than a long-term solution, as Polestar must quickly improve its cash flow and gross margins to avoid a cycle of continuous fundraising [9][10]. Product Strategy - Polestar's product strategy includes a comprehensive lineup from the now-discontinued Polestar 1 to the upcoming Polestar 3 and Polestar 4, but it currently lacks a competitive edge in core electric vehicle technologies [12][13]. - The brand's reliance on the Polestar 2 model has made it vulnerable, especially in the Chinese market where it struggles to gain traction [12][13]. Market Environment - The global electric vehicle market is experiencing a slowdown in growth, with a shift from policy-driven to product-driven demand, leading to increased competition and price wars [13][15]. - Polestar is sensitive to global trade dynamics, including EU investigations into Chinese electric vehicles and US-China trade tensions, which could impact its global strategy [15][16]. Conclusion - The $200 million investment is a crucial step for Polestar, providing necessary resources to navigate a challenging market landscape, but it is not a guarantee of success [16].