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2025-07-29 19:34:19
Polestar Automotive faces a severe financial crisis as sales in China plummet to single digits. (1) Latest data shows that Polestar Automotive sold only 6 vehicles in China in June, just 1 in March, and fewer than 70 vehicles in the first half of the year. Currently, operations in China are nearly halted, with only one directly-operated store remaining in Shanghai. (2) The company stated that it will continue sales in China but will adjust its sales model, with the transition expected to be complete in the fourth quarter. In April, it terminated operations of its joint venture with Xingji Meizu and reclaimed distribution rights. (3) Sales in China are projected to continue declining from 2021 to 2023 (2,048 vehicles → 1,717 vehicles → 1,100 vehicles), reaching just 1,864 vehicles for the full year 2024. (4) Globally, sales reached 30,300 vehicles in the first half of the year (up 51% year-on-year), but accumulated losses from 2020 to 2024 exceeded $5.1 billion, leaving the company insolvent by the end of 2024 (total liabilities $7.383 billion vs. total assets $4.054 billion). ⑸Recently, Polestar Auto’s US stock price is $1.09, with a market value of $2.3 billion, which has shrunk by more than 90% from when it went public in 2022.
