Swedish-Chinese electric car manufacturer Polestar has had a tough time in recent years. A lot of borrowed capital has been taken in to keep them alive and now it is clear that their China flop is so infinitely depressing, because in their flagship store in Shanghai they only managed to sell a measly 69 cars, all-in-all.
The company's share is now only 88 cents and they risk being thrown out of Nasdaq at the same time as 100 engineers were laid off from the Gothenburg factory last week. The reason why Polestar's cars are no longer sold in China is spelled out tough competition where many domestic manufacturers offer better cars at half the price.
Polestar's sales in China:
2023: 1100 cars
2024: 3120 cars
2025: 69 cars
Carnewschina.com:
"Polestar officially closed its final direct sales store in the Chinese market. The store was located at L+Plaza in Qiantan, Shanghai, according to Auto-home. The company stated that this move is part of a strategic adjustment to its China business model. It emphasized that other operations in the country, as well as customer rights, remain unaffected. Polestar now primarily sells its vehicles through online channels."