首页 News 正文

Polar Star Motors, which is on the brink of delisting, lost 150000 yuan per car sold last year

六月清晨搅
233 0 0

Since its spin off from Volvo two years ago and listing on the US stock market, Polestar has lost nearly 95% of its value. This seven year old startup electric vehicle company is on the brink of delisting, and its financial performance is still deteriorating.
On June 28th, Polar Star Motors released its 2023 full year performance. This annual report was originally scheduled to be released a month ago. The reason given by Jixing Motors for the delay is that more time is needed to complete the correction reports for accounting errors in 2021 and 2022.
According to financial report data, sales of Polestar Motors increased by 6% to 54600 units in 2023, but revenue actually fell by $67.3 million. The announcement stated that the decline in performance was due to the increase in discounts and the decrease in carbon emission quota sales.
Due to the impairment of intangible assets, property, plant and equipment impairment, and inventory increase issues of Jixing 2, Jixing Automobile's gross profit decreased by $513 million last year, and its operating loss expanded to $1.459 billion.
In 2023, the sales gross profit margin of Jixing Automobile changed from positive to negative, dropping to -17.44%, and its net loss increased from 481 million yuan in 2022 to 1.173 billion yuan. Based on this calculation, last year, Jixing Automobile suffered a loss of $21500 per car sold, equivalent to approximately RMB 150000.
This independently operated enterprise has not yet generated positive cash flow. As of December 31, 2023, the cash and cash equivalents of Polestar Motors decreased to $769 million. During this year, Jixing Automobile also received a total of 2.095 billion yuan in financing, including long-term related party loans from Geely and Volvo, working capital financing, and short-term green trade revolving credit financing.
Due to long-term losses and the need for electrification transformation, Volvo has decided to stop "blood transfusion" to Polestar. In February this year, Volvo announced that it would no longer provide further financial support to Polestar. Subsequently, Volvo transferred 62.7% of its approximately 48% stake in Polestar to Geely Sweden Holdings, which became the largest shareholder of Polestar.
Citibank has rated the stock of Polestar Motors as "neutral/high-risk", with a target price of only $1.7. At the beginning of the year, Swedish Nordic Bank (SEB) directly lowered the valuation of Polestar from 18 billion kroner to 0 kroner, becoming literally worthless.
This week, the closing price of Wujixing Motors was $0.7, with a cumulative decline of 65% so far this year. Since the closing price fell to $0.95 on May 21st, the stock price of Jixing Motors has been below $1 for 27 consecutive trading days.
According to NASDAQ market regulations, companies whose stocks fall below $1 for 30 consecutive trading days will receive a delisting warning. If no corresponding measures are taken to save oneself and increase the stock price within 90 days after the warning is issued, stock trading will be announced as suspended. If Jixing Automobile is unable to raise its stock price in the next three trading days, the possibility of delisting is one step closer.
At present, the main models sold by Polestar Motors worldwide are Polestar 2 and Polestar 4, and the delivery of Polestar 3 has recently been launched. This new car made its debut six months earlier than the Polestar 4, which had already been delivered. However, due to Volvo needing more time to improve the software for the new production platform, the production plan for the Polestar 3 on the same platform has been repeatedly postponed.
In its early years, Jixing Motors focused on overseas markets, attempting to leverage China's low-cost electric vehicle industry chain and international brand influence to sell electric vehicles in multiple countries. But after the EU and North America imposed tariffs on China's production of electric vehicles, Polestar could only shift its production base overseas, which to some extent increased its production and manufacturing costs.
Citibank analysts mentioned in a research report that the Polestar 3 will start production in South Carolina this summer, the Polestar 4 will be produced in South Korea, and Polestar is also considering increasing its production base in Europe in the future.
At a time of sluggish global pure electric vehicle consumption, Polestar Motors is turning its attention to China, the largest market in the world for new energy vehicles. In 2023, a joint venture company named Jixing Technology was established between Jixing Automobile and Geely Holding Company Xingji Meizu, taking over the development of Jixing Automobile's business in China.
Shen Ziyu, CEO of Jixing Technology, pointed out in an interview with Interface News and other media at the Beijing Auto Show that Jixing Motors needs to take additional courses on brand, sales, and intelligence. In the future, its sales in the Chinese market will account for more than 30% or even 40%.
Xingji Meizu has now applied the Flyme Auto intelligent cockpit operating system to the Polestar 4, but the stimulating effect on brand sales is not significant. According to third-party data, the sales of the Polar Star 4 in China in the first five months of this year were only 884 units.
A senior industry analyst told Interface News that the core R&D and product definition rights of Jixing Automobile are still in Northern Europe, and the main sales market is also overseas. It is difficult to make concessions for the Chinese market and change the model definition. Moreover, the coordination between the research, production, supply, and marketing stages of Jixing Automobile has not yet been fully established, and its final sales situation will depend on multiple factors such as the number of offline store layouts, the sales team's ability to convert leads, supply chain coordination, and factory production capacity.
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
您需要登录后才可以回帖 登录 | 立即注册

本版积分规则

  •   知名做空机构香橼研究(Citron Research)周四(11月21日)在社交媒体平台X上发布消息称,该公司已决定做空“比特币大户”微策略(Microstrategy)这家公司,并认为该公司已经将自己变身成为一家比特币投资基金 ...
    caffycat
    昨天 11:18
    支持
    反对
    回复
    收藏
  •   每经AI快讯,11月20日,文远知行宣布旗下自动驾驶环卫车S6与无人扫路机S1分别在新加坡滨海湾海岸大道与滨海艺术中心正式投入运营。据介绍,这是新加坡首个商业化运营的自动驾驶环卫项目。 ...
    star8699
    3 天前
    支持
    反对
    回复
    收藏
  •   上证报中国证券网讯(记者王子霖)11月20日,斗鱼发布2024年第三季度未经审计的财务报告。本季度斗鱼依托丰富的游戏内容生态,充分发挥主播资源和新业务潜力,持续为用户提供高质量的直播内容及游戏服务,进一步 ...
    goodfriendboy
    3 天前
    支持
    反对
    回复
    收藏
  •   人民网北京11月22日电 (记者栗翘楚、任妍)2024广州车展,在新能源汽车占据“半壁江山”的同时,正加速向智能网联新能源汽车全面过渡,随着“端到端”成为新宠,智能驾驶解决方案成为本届广州车展各大车企竞 ...
    3233340
    昨天 17:06
    支持
    反对
    回复
    收藏
六月清晨搅 注册会员
  • 粉丝

    0

  • 关注

    0

  • 主题

    30