Wohin steuert Polestar nach einer Finanzierung in Höhe von 200 Millionen US - Dollar?

In the summer of 2025, the competition in the global electric vehicle market had reached a white - hot stage. In this elimination race, every decision and every round of financing could determine the future of a brand.

Today, Polestar officially received an equity investment of up to $200 million from PSD Investment, an affiliated party of Geely. PSD Investment, which is controlled by Li Shufu, is already a shareholder of Polestar. According to the news, this investment was made through a Private Investment in Public Equity (PIPE) transaction, in which approximately 190.5 million newly issued Class A American Depositary Shares were sold to PSD Investment at a price of $1.05 per share.

This capital injection undoubtedly gave a much - needed boost to Polestar's continuous product development, technological innovation, and market expansion in the highly competitive environment.

After the transaction was completed, Li Shufu would hold 66% of Polestar's shares through PSD Investment and Geely's Swedish subsidiary, while Volvo Cars' stake in Polestar would decrease from 18% to 16%. PSD Investment also planned to convert its 20 million Class B ADSs into Class A ADSs to keep its total voting rights in Polestar below 50%.

Since its inception, Polestar has set a clear and unique market positioning for itself: a global high - end electric vehicle brand originating from the racetrack, focusing on performance and design. This "Design - driven" concept has enabled it to stand out among numerous competitors that emphasize "technology" or "cost - effectiveness", attracting a specific consumer group that values aesthetics, driving experience, and environmental protection concepts.

However, a clear positioning does not necessarily translate into a stable market position. Polestar is facing unprecedentedly fierce competition, and its living space is being squeezed from all directions.

Firstly, there is direct competition from Tesla, the industry benchmark. Tesla's Model 3 and Model Y have dominated the same - class market globally, thanks to their strong brand influence, cost advantages, and intelligent driving experience. Although Polestar 2 has a more traditional luxury brand charm in terms of design, workmanship, and driving feel, it does not have an overwhelming advantage over Tesla, which is constantly reducing prices, in terms of three - electric technology, intelligent level, and price.

Secondly, traditional luxury brands are staging a strong counter - attack. German giants such as BMW, Mercedes - Benz, and Audi are accelerating their electrification transformation. These brands have profound brand heritage, loyal customer bases, and well - established dealer networks. Once they complete their transformation, they will pose a huge threat to "newcomers" like Polestar. When choosing high - end electric vehicles, consumers often hesitate between the "familiar stranger" (such as BMW i3) and the "new and unfamiliar friend" (such as Polestar 2).

Thirdly, and most subtly, there is competition and brand differentiation challenges from "sister brands". Polestar belongs to the Geely Holding Group, along with Volvo, Geely, Lotus, and Zeekr. This relationship is a double - edged sword. On the one hand, Polestar can leverage the group's mature supply chain system, engineering technology, and production facilities (such as the SPA2 platform and the Haohan architecture) to achieve "asset - light" operation, significantly reducing the threshold and cost of vehicle manufacturing.

On the other hand, the overly close relationship with Volvo may lead to brand image blurring. Many potential consumers regard Polestar as "the electric performance version of Volvo". While this perception helps to build trust in product quality in the initial stage, it is not conducive to supporting its independent brand premium in the long run. How to clearly convey the image of "Polestar is Polestar, not Volvo" to the market is the core issue in its brand building.

Finally, in China, the world's largest new - energy vehicle market, the challenges Polestar faces are particularly severe. Here, in addition to all the aforementioned international competitors, there are also a large number of domestic new - energy vehicle startups such as NIO, XPeng, Li Auto, IM Motors, and Avatr, which have strong product - defining capabilities, rapid iteration speeds, and flexible marketing strategies.

The innovations of domestic brands in intelligent cockpits, intelligent assisted driving, and user operation have profoundly changed the market landscape. Polestar's relatively "calm and restrained" Nordic style seems out of place in the Chinese market, which pursues a sense of "technology" and "luxury".

Therefore, this $200 million financing is crucial for market expansion. It needs to be precisely used to enhance brand awareness, strengthen marketing communication of core advantages, and most importantly, support the successful launch of new products (especially Polestar 3 and Polestar 4) into the mainstream market, proving its value with excellent product strength and thus carving out its own niche in this crowded "red ocean".

For any growing new - energy vehicle startup, financial health is the foundation for its long - term stability. To be frank, Polestar's current financial situation is not optimistic.

In 2024, Polestar's global retail sales were 44,458 units, a year - on - year decrease of approximately 18% compared to 54,600 units in 2023. Looking at its financial report, its revenue in the first three quarters of 2024 was $1.457 billion, a year - on - year decrease of 21% compared to $1.846 billion in the same period of 2023. The net loss was $863 million, an increase from the loss of $516 million in the same period of 2023.

Continuous losses and high operating costs have led to huge cash consumption. Looking through its financial report, high R & D investment, administrative expenses, and sales costs have made the company's "cash - burning" rate astonishing.

During the period when the delivery of Polestar 3 was postponed due to software issues, with only Polestar 2 as the main model for sale, the financial pressure of maintaining a global operation team and preparing for the launch of new models was imaginable.

Based on its past cash - consumption rate, the $200 million obtained from this financing can only support its operation for a limited period. This once again confirms the previous judgment: this is money for "survival" and "getting through difficulties", rather than capital that can solve all problems once and for all.

The deeper challenge lies in the establishment of its profit model. Although Polestar's "asset - light" model saves a large amount of factory construction costs, its gross profit margin has been under pressure.

On the one hand, it has to share platform and production costs with sister companies such as Volvo. On the other hand, in the face of the market price war, its pricing strategy flexibility is limited. If it cannot effectively increase the gross profit per vehicle and spread fixed costs through large - scale production, the curse of "the more it sells, the more it loses" will be difficult to break.

Volvo previously announced that it would gradually reduce its stake in Polestar and stop providing subsequent financial support, shifting more of the "nurturing" responsibility to Geely Holding. On the one hand, this makes Polestar's equity structure and strategic ownership clearer. On the other hand, it means that Polestar must accelerate its independent development. With the "blood - transfusion" pipeline from Volvo becoming thinner, Polestar must quickly enhance its own "blood - making" ability.

From this perspective, the strategic significance of this financing is to provide Polestar with a critical window period. During this period, the company must go all out to successfully launch Polestar 3 and Polestar 4, two high - value and high - gross - profit - potential new models, into the market and achieve stable mass production.

Only when the sales revenue of new models can significantly improve the company's cash flow and gross profit margin can Polestar truly start to talk about "profitability". Otherwise, it may fall into the cycle of "financing - cash - burning - refinancing" until the capital loses patience.

Putting aside the noise of capital and the market, ultimately, it is the product itself that determines the fate of an automobile brand. This is also the most anticipated and least - forgivable aspect for Polestar.

Polestar's product strategy is clear and ambitious. From the now - discontinued plug - in hybrid GT sports car Polestar 1, which serves as the brand's totem, to the main - selling model Polestar 2, and then to the upcoming Polestar 3 and Polestar 4, as well as the planned Polestar 5 and Polestar 6, a complete product line covering sedans, SUVs, and sports cars is gradually taking shape.

However, in the two core competitive areas of electric vehicles, namely the three - electric system (battery, motor, and electronic control) and intelligent driving, Polestar has not yet shown a "unique skill" comparable to the industry's top level. It mainly relies on and integrates the technical resources within the group.

In addition, the company has relied too much on the single model of Polestar 2 for a long time, resulting in a relatively thin product line and weak risk - resistance ability. Although this model has received a good response in Europe, its sales in the Chinese market are far from sufficient to support Polestar's brand influence.

Finally, any analysis of an enterprise cannot be separated from its historical context. Currently, the global electric vehicle industry is undergoing a profound structural adjustment, and the external environment Polestar faces is full of challenges.

After several years of explosive growth, the growth rate of electric vehicle sales in major global markets has begun to slow down. The withdrawal of government subsidy policies in various countries and the high - interest - rate environment have suppressed consumer demand. The market has shifted from being "policy - driven" to "product - strength - driven", and the competition has entered the second half.

The global price war has severely squeezed the profit margins of all participants. For a brand like Polestar, which is positioned at the high - end and pursues reasonable profits, whether to follow the price cut is a difficult choice: not cutting prices may lead to a loss of market share, while cutting prices will damage the brand image and profitability.

As a brand that manufactures in China and sells globally, Polestar is highly sensitive to changes in the global trade environment. For example, the EU's anti - subsidy investigation into Chinese electric vehicles and the trade frictions between China and the United States may bring uncertainties to its global strategy.

The enthusiasm of the global capital market for new - energy vehicle startups has cooled significantly, and the difficulty and cost of subsequent financing will be much higher than in previous years.

The $200 million equity investment Polestar received is a crucial and timely financing, but it is more like a ticket to the next stage of the race, rather than a boost for a final sprint.

Polestar's future is at a delicate balance. On one side of the scale are its unique brand charm, the powerful product portfolio about to be launched, and the systemic advantages of being backed by the Geely Group. On the other side are the fierce market competition, fragile financial situation, the pressure of product delivery without any room for error, and the uncertain macro - environment.

The road ahead is long and full of challenges. The story of Polestar is far from over for celebration. This $200 million is a supply for the battle, not a medal of victory.

This article is from the WeChat official account "Cheyun" (ID: cheyunwang), author: Miao Zheng, published by 36Kr with authorization.