Core Insights - Polestar, once considered a strong competitor to Tesla, has closed its last direct sales store in China, located in Shanghai, as part of a strategic adjustment to better align with the rapidly changing consumer demands in the Chinese market [1][2] - The company's stock price has plummeted over 90% since its initial public offering, with a current market capitalization of approximately $1.867 billion, down from a peak of $27.629 billion [2][4] Company Performance - Polestar's sales in China have been dismal, with only 69 vehicles sold in the first half of 2025, and zero deliveries in April and May [6] - In contrast, Polestar has seen significant growth in other global markets, with total global sales exceeding 30,000 units in the first half of 2025, representing a year-on-year increase of 51.1% [7] Strategic Adjustments - The company is shifting to an online sales model, allowing consumers to access product information and complete purchases through digital channels [1] - Polestar has undergone significant management changes, with a complete overhaul of its global executive team, including the CEO, CFO, and COO [6] Product and Market Challenges - Polestar's product offerings have faced criticism for lacking competitive advantages and a dedicated electric vehicle platform, relying instead on Volvo's electric vehicle development [3] - The company has struggled with inconsistent pricing strategies, exemplified by the drastic price cuts of the Polestar 2, which left consumers with a negative perception [4]