<p>近期，<strong>极星汽车</strong>（PSNY -1.70%）的股价一路飙升，自 8 月初以来暴涨 108%，因为公司重组了管理团队，并重新符合了 <strong>纳斯达克</strong> 的上市要求。</p>
<p>然而，该公司面临生产延迟、需求减缓等问题，股价仍比 2022 年上市时的价格低 88%。在新管理团队的领导下，极星股价低于 2.50 美元时是否值得买入？</p>
<h2>极星汽车面临多重挑战</h2>
<p>极星汽车总部位于瑞典，由 <strong>沃尔沃汽车</strong> 和中国的 <strong>吉利汽车控股</strong> 共同拥有。该公司生产高端豪华电动汽车（EV），与 <strong>特斯拉</strong> 和 <strong>Lucid</strong> 等品牌竞争。</p>
<p>极星汽车没有自己的工厂。相反，该公司利用与沃尔沃和吉利的合作关系，在它们的工厂生产汽车，使其拥有轻资产业务，并专注于开发和设计。</p>
<p>该公司近年来面临着挑战。去年，由于软件问题，推迟了推出极星 3 SUV，不得不将推迟一年。</p>
<p>除此之外，消费者对电动汽车的需求一直在下降。去年，该公司交付了 54,600 辆汽车，低于其最初目标的 80,000 辆。今年上半年交付速度较慢，极星的 20,371 辆车辆交付量比去年下降了 27%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM0NDAvbWFuLWNoYXJnaW5nLWV2LWVsZWN0cmljLXZlaGljbGUtY2hhcmdlLXN0YXRpb24uanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM0NDAvbWFuLWNoYXJnaW5nLWV2LWVsZWN0cmljLXZlaGljbGUtY2hhcmdlLXN0YXRpb24uanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>对中国制造的汽车征收关税给极星的计划带来了另一个变数。该公司所有的电动汽车都是在中国制造的，但现在计划今年将极星 3 的生产转移到美国，将极星 4 的生产转移到 2025 年下半年的韩国。在那之前，它面临着向欧盟进口征收 20% 的关税，向美国交付则超过 100% 的关税。</p>
<p>极星面临的另一个问题是符合纳斯达克上市规则。该公司未能按时提交 2023 年和 2024 年第一季度报告。</p>
<p>7 月 5 日，纳斯达克通知该公司，由于其股价连续 30 个交易日低于 1 美元，未符合最低竞价要求。8 月，它提交了年度 20F 表格报告，并最近满足了最低竞价要求以重新符合规定。</p>
<h2>极星的未来展望</h2>
<p>极星投资者经历了一段坎坷的时期，公司在遭遇重大困难后进行了管理重组。在过去几个月里，公司引入了新的首席执行官、首席财务官、设计负责人和全球传播负责人。新任首席执行官迈克尔·洛舍勒此前曾领导过另外两家陷入困境的电动汽车制造商 <strong>Nikola</strong> 和 <strong>VinFast Auto</strong>。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6f3d797ed7afc5c203ede6b3cc9a6dce.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6f3d797ed7afc5c203ede6b3cc9a6dce.png"/></p>
<p>PSNY 营收（TTM）数据来源：YCharts；TTM = 滚动 12 个月。</p>
<p>一个关键的数据是极星的现金流。过去一年，它赚取了约 20 亿美元，但净亏损达 14 亿美元。在第二季度末，公司的现金及现金等价物约为 6.69 亿美元。</p>
<p>8 月，它从一家银行获得了 3 亿美元的资金，今年已经获得了 13 亿美元的外部融资。尽管这些资金有助于延长资金周转时间，但 “远远不够全面资助”，坎特菲茨杰拉尔德分析师安德烈斯·谢泼德告诉路透社。</p>
<p>极星预计年后半段将更加强劲，第四季度尤为强劲。它将继续寻找降低成本的途径，明年希望交付 15.5 万辆汽车，并在现金流上实现盈亏平衡。</p>
<h2>极星值得购买吗？</h2>
<p>极星最近的资本筹集是一个积极的发展，延长了其资金周转时间。然而，这家高端电动汽车制造商仍在亏损，并需要努力实现正现金流。该公司也经历了大规模的变革，新管理团队面临着艰巨的任务。</p>
<p>如果你对极星感兴趣，可以将其加入观察列表，并监控其交付进展，更重要的是，关注其营运利润率和利润。亏损公司的股票容易进一步下跌，而它尚未证明能够实现盈利。</p>
<p>在那之前，投资极星今天是有风险的，大多数投资者现在可以暂时避开这支股票。</p>

极星汽车

<p>极星汽车的股价自 8 月以来上涨了 108%，但仍比其 2022 年 IPO 价格低 88%。该公司面临生产延迟、电动汽车需求下降和关税挑战。尽管进行了管理重组并最近遵守了纳斯达克的规定，极星报告显示净亏损 14 亿美元，并且现金储备有限。分析师建议在投资之前监控其进展，因为该公司尚未盈利，仍然是一项风险投资</p>

<p>The stock of <strong>Polestar</strong> <strong>Automotive</strong>(PSNY -1.70%) has been on a tear recently, surging 108% since early August as it overhauled its management team and reestablished compliance with <strong>Nasdaq</strong> listing requirements.</p>
<div class="lb-trans"><p>近期，<strong>极星汽车</strong>（PSNY -1.70%）的股价一路飙升，自 8 月初以来暴涨 108%，因为公司重组了管理团队，并重新符合了 <strong>纳斯达克</strong> 的上市要求。</p>
</div><p>However, the company has struggled with production delays, slower demand, and other factors, and the stock remains 88% below its price since going public in 2022. With its new management, is Polestar a good buy while the stock is below $2.50?</p>
<div class="lb-trans"><p>然而，该公司面临生产延迟、需求减缓等问题，股价仍比 2022 年上市时的价格低 88%。在新管理团队的领导下，极星股价低于 2.50 美元时是否值得买入？</p>
</div><h2>Polestar has faced several challenges</h2>
<div class="lb-trans"><h2>极星汽车面临多重挑战</h2>
</div><p>Polestar is headquartered in Sweden, jointly owned by <strong>Volvo Cars</strong> and China's <strong>Geely Automobile Holdings</strong>. The company produces high-end premium electric vehicles (EVs) that compete with the likes of <strong>Tesla</strong> and <strong>Lucid</strong>.</p>
<div class="lb-trans"><p>极星汽车总部位于瑞典，由 <strong>沃尔沃汽车</strong> 和中国的 <strong>吉利汽车控股</strong> 共同拥有。该公司生产高端豪华电动汽车（EV），与 <strong>特斯拉</strong> 和 <strong>Lucid</strong> 等品牌竞争。</p>
</div><p>It doesn't have its own factory. Instead, the company uses its partnerships with Volvo and Geely to produce its vehicles at their factories, giving it an asset-light business and allowing it to focus specifically on development and design.</p>
<div class="lb-trans"><p>极星汽车没有自己的工厂。相反，该公司利用与沃尔沃和吉利的合作关系，在它们的工厂生产汽车，使其拥有轻资产业务，并专注于开发和设计。</p>
</div><p>The company has faced challenges in recent years. Last year, it had delays in launching its Polestar 3 SUV, which it had to push back one year due to software issues.</p>
<div class="lb-trans"><p>该公司近年来面临着挑战。去年，由于软件问题，推迟了推出极星 3 SUV，不得不将推迟一年。</p>
</div><p>On top of that, consumer demand for EVs has been waning. Last year, the company delivered 54,600 cars, short of its initial goal of 80,000. Slower deliveries continued in the first half of this year, with Polestar's 20,371 vehicle deliveries down 27% from last year.</p>
<div class="lb-trans"><p>除此之外，消费者对电动汽车的需求一直在下降。去年，该公司交付了 54,600 辆汽车，低于其最初目标的 80,000 辆。今年上半年交付速度较慢，极星的 20,371 辆车辆交付量比去年下降了 27%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM0NDAvbWFuLWNoYXJnaW5nLWV2LWVsZWN0cmljLXZlaGljbGUtY2hhcmdlLXN0YXRpb24uanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F793440%2Fman-charging-ev-electric-vehicle-charge-station.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Tariffs on Chinese-made vehicles have thrown another wrinkle into Polestar's plans. The company has made all of its EVs in China but is now shifting production of its Polestar 3 to the United States this year and its Polestar 4 production to South Korea in the second half of 2025. Until then, it faces tariffs of 20% for imports to the European Union and more than 100% for United States deliveries.</p>
<div class="lb-trans"><p>对中国制造的汽车征收关税给极星的计划带来了另一个变数。该公司所有的电动汽车都是在中国制造的，但现在计划今年将极星 3 的生产转移到美国，将极星 4 的生产转移到 2025 年下半年的韩国。在那之前，它面临着向欧盟进口征收 20% 的关税，向美国交付则超过 100% 的关税。</p>
</div><p>Another issue for Polestar has been its compliance with Nasdaq listing rules. The company failed to meet deadlines for its 2023 and first-quarter 2024 reports.</p>
<div class="lb-trans"><p>极星面临的另一个问题是符合纳斯达克上市规则。该公司未能按时提交 2023 年和 2024 年第一季度报告。</p>
</div><p>On July 5, Nasdaq notified the company that it did not comply with the minimum bid-price requirements because its shares had closed below $1 for 30 consecutive trading days. In August, it filed its annual report on Form 20F and recently met the minimum bid requirements to get back into compliance.</p>
<div class="lb-trans"><p>7 月 5 日，纳斯达克通知该公司，由于其股价连续 30 个交易日低于 1 美元，未符合最低竞价要求。8 月，它提交了年度 20F 表格报告，并最近满足了最低竞价要求以重新符合规定。</p>
</div><h2>What's next for Polestar</h2>
<div class="lb-trans"><h2>极星的未来展望</h2>
</div><p>Polestar investors have had a bumpy ride, and the company has overhauled its management after its significant struggles. Over the past few months, it has brought in a new CEO, chief financial officer, head of design, and head of global communications. The new CEO, Michael Lohscheller, previously led two other struggling EV makers, <strong>Nikola</strong> and <strong>VinFast Auto</strong>.</p>
<div class="lb-trans"><p>极星投资者经历了一段坎坷的时期，公司在遭遇重大困难后进行了管理重组。在过去几个月里，公司引入了新的首席执行官、首席财务官、设计负责人和全球传播负责人。新任首席执行官迈克尔·洛舍勒此前曾领导过另外两家陷入困境的电动汽车制造商 <strong>Nikola</strong> 和 <strong>VinFast Auto</strong>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6f3d797ed7afc5c203ede6b3cc9a6dce.png" alt="" original-src="https://media.ycharts.com/charts/6f3d797ed7afc5c203ede6b3cc9a6dce.png"/></p>
<p>PSNY revenue (TTM) data by YCharts; TTM = trailing 12 months.</p>
<div class="lb-trans"><p>PSNY 营收（TTM）数据来源：YCharts；TTM = 滚动 12 个月。</p>
</div><p>One crucial figure to monitor is Polestar's cash burn. In the past year, it earned around $2 billion, but it had a net loss of $1.4 billion. At the end of the second quarter, the company had around $669 million in cash and cash equivalents.</p>
<div class="lb-trans"><p>一个关键的数据是极星的现金流。过去一年，它赚取了约 20 亿美元，但净亏损达 14 亿美元。在第二季度末，公司的现金及现金等价物约为 6.69 亿美元。</p>
</div><p>In August, it secured $300 million in funding from one bank, and this year, it has taken on $1.3 billion in external financing. While the funding helps extend the runway, it is &#34;nowhere near fully funded,&#34; Cantor Fitzgerald analyst Andres Sheppard told Reuters.</p>
<div class="lb-trans"><p>8 月，它从一家银行获得了 3 亿美元的资金，今年已经获得了 13 亿美元的外部融资。尽管这些资金有助于延长资金周转时间，但 “远远不够全面资助”，坎特菲茨杰拉尔德分析师安德烈斯·谢泼德告诉路透社。</p>
</div><p>Polestar expects a more robust back half of the year, with the fourth quarter being particularly strong. It will continue looking for ways to reduce costs, and next year it hopes to deliver 155,000 vehicles and break even on cash flow.</p>
<div class="lb-trans"><p>极星预计年后半段将更加强劲，第四季度尤为强劲。它将继续寻找降低成本的途径，明年希望交付 15.5 万辆汽车，并在现金流上实现盈亏平衡。</p>
</div><h2>Is Polestar a buy?</h2>
<div class="lb-trans"><h2>极星值得购买吗？</h2>
</div><p>Polestar's recent capital raise is a positive development and extends its runway. However, the premium EV maker continues to lose money and has work to do to achieve positive cash flow. The company has also undergone extensive changes, and its new management has its work cut out for it.</p>
<div class="lb-trans"><p>极星最近的资本筹集是一个积极的发展，延长了其资金周转时间。然而，这家高端电动汽车制造商仍在亏损，并需要努力实现正现金流。该公司也经历了大规模的变革，新管理团队面临着艰巨的任务。</p>
</div><p>If Polestar interests you, add it to a watch list and monitor its ongoing progress with deliveries and, more importantly, operating margins and profits. Shares of money-losing companies are vulnerable to further price declines, and it hasn't proved it can turn a profit quite yet.</p>
<div class="lb-trans"><p>如果你对极星感兴趣，可以将其加入观察列表，并监控其交付进展，更重要的是，关注其营运利润率和利润。亏损公司的股票容易进一步下跌，而它尚未证明能够实现盈利。</p>
</div><p>Until then, investing in Polestar today is risky, and most investors can avoid the stock for now.</p>
<div class="lb-trans"><p>在那之前，投资极星今天是有风险的，大多数投资者现在可以暂时避开这支股票。</p>
</div>

极星汽车的股票在低于 2.50 美元时是否值得购买？