<p><strong>極星汽車</strong>（PSNY 4.57%）像所有公司一樣，希望在報告財報時展現最好的一面，這就是為什麼 2024 年第二季度的主要頭條是交付量環比增長 82%。聽起來很不錯，但如果交付量在短短一個季度內增長了 82%，肯定有更大的故事。而這個更大的故事並不樂觀。在購買這家電動汽車（EV）公司股票之前，這裏有一些關鍵事實需要了解。</p>
<h2>1. 極星汽車重新符合規定</h2>
<p>八月中旬，極星汽車發佈新聞稿稱，已經&#34;向美國證券交易委員會提交了截至 2023 年 12 月 31 日的年度報告 20-F。因此，公司已經恢復了報告合規性，符合納斯達克上市規則 5250(c)(1) 的要求。</p>
<p>不符合規定意味着公司因某種原因未能達到交易所的期望。在這種情況下，顯然是未能向監管機構提供必要的財務報表。極星汽車最近還收到了一份關於股價跌破每股 1 美元的通知，這令人擔憂。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTE4MjUvMjRfMDRfMTEtYS1oYW5kLXR1cm5pbmctdXAtYS1kaWFsLWxhYmVsZWQtcmlzay1fbWYtZGxvYWQtZ2V0dHktcmlzay1kaXZlcnNpZmljYXRpb24tc2FmZXR5LTEyMDB4Njc1LTEyODU1NGUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTE4MjUvMjRfMDRfMTEtYS1oYW5kLXR1cm5pbmctdXAtYS1kaWFsLWxhYmVsZWQtcmlzay1fbWYtZGxvYWQtZ2V0dHktcmlzay1kaXZlcnNpZmljYXRpb24tc2FmZXR5LTEyMDB4Njc1LTEyODU1NGUuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>問題是，為什麼公司延遲了 20-F 報告？（公司收到股價跌破 1 美元的通知顯然是為什麼。）根據公司提交的證券交易委員會文件，延遲是因為需要額外時間對&#34;歷史 2021 年和 2022 年年度和中期財務報表中的某些錯誤進行評估和量化。&#34;這些事情時有發生，但當這些事情發生在股價接近 1 美元的股票上時，您需要格外小心。</p>
<h2>2. 極星汽車重組了領導團隊</h2>
<p>雖然這家電動汽車公司已經解決了與證券交易委員會和 <strong>納斯達克</strong> 交易所的合規問題，但它還決定重新組建其高層領導團隊，在第二季度收益發布中強調，公司聘請了新的首席執行官、設計負責人和全球傳播負責人。最近，公司還引入了新的首席財務官。當一家公司大規模調整高層管理層，特別是在出現會計問題時（參見第 1 點），保守的投資者可能應該開始尋找其他投資機會。</p>
<h2>3. 極星汽車的季度業績並不理想</h2>
<p>在第二季度收益報告的要點中，主要是積極的亮點，投資者看到了財務報表。故事並不樂觀。該季度收入同比下降了 17%。公司解釋説，這主要是由於全球車輛銷量下降和折扣率提高所致。因此，降低銷售價格仍然無法賣出更多汽車？這是一個不好的跡象。</p>
<p>毛利潤從 90 萬美元下降到負 240 萬美元，這意味着公司用於製造汽車的成本高於銷售收入。這不是一個可持續的商業模式。到目前為止，極星汽車似乎是一家陷入困境的公司，即使它強調交付量大幅增長。</p>
<p>與此同時，研發支出大幅下降了 76%。公司解釋稱，這種下降是因為開始銷售新車型而發生的資本化和攤銷變化。但考慮到其他問題，這裏可能有一種悲觀的看法，即公司正在極力削減成本和/或使盈利前景看起來更加光明。時間將會證明這一點，但重要的是要記住，在競爭激烈的汽車行業，研發是一項不應節省成本的投資。這也引出了第 4 點。</p>
<h2>4. 極星汽車仍在虧損</h2>
<p>極星汽車在第二季度虧損了 2.423 億美元，較 2023 年第二季度的虧損有所改善 12%。從一方面來看這是好事，但更現實的看法可能是，它只是變得更不好而已。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ecaca702eb4e72b4d503f226a3bb19ee.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/ecaca702eb4e72b4d503f226a3bb19ee.png"/></p>
<p>YCharts 提供的 PSNY 數據</p>
<p>與此同時，迄今為止，極星汽車從未有過盈利年度。作為一家新興公司，這並不奇怪。但當加上會計問題和大規模管理變動時，公司的故事並不美好。只有非常激進的投資者才會考慮持有這些股票。</p>
<h2>極星汽車是一隻非常高風險的股票</h2>
<p>極星汽車是少數幾家試圖以全電動汽車打入汽車行業的新興電動汽車製造商之一。到目前為止，唯一真正成功的公司是 <strong>特斯拉</strong>。正如上面的圖表所突出的那樣，投資者最初對極星汽車的前景感到興奮，或許認為它可能成為下一個特斯拉。但鑑於持續的負面消息，華爾街已經對這些股票失去了興趣，將它們的股價從最高點下跌了大約 90%。只有最激進的投資者才應考慮持有極星汽車的股票。</p>

極星汽車

<p>極星汽車（PSNY）報告稱，2024 年第二季度交付量增加了 82％，但潛在問題引起了關注。公司在提交年度報告後恢復了與納斯達克的合規性，但由於股價跌破 1 美元而收到通知。領導層變動和營收下降 17％表明公司面臨困難，毛利潤轉為負值。極星汽車持續虧損，第二季度虧損 3630 萬美元，並從未盈利。投資者應謹慎對待這支風險較高的股票，因為它在競爭激烈的電動汽車市場面臨重大挑戰</p>

<p><strong>Polestar Automotive</strong>(PSNY 4.57%), like all companies, wants to put its best foot forward when it reports earnings, which is why the lead headline in the second quarter of 2024 was an 82% sequential increase in deliveries. That sounds great, but if deliveries jumped 82% in just one quarter there's got to be a bigger story going on. The bigger story isn't great. Here's some key facts you need to know before you buy this electric vehicle (EV) stock.</p>
<div class="lb-trans"><p><strong>極星汽車</strong>（PSNY 4.57%）像所有公司一樣，希望在報告財報時展現最好的一面，這就是為什麼 2024 年第二季度的主要頭條是交付量環比增長 82%。聽起來很不錯，但如果交付量在短短一個季度內增長了 82%，肯定有更大的故事。而這個更大的故事並不樂觀。在購買這家電動汽車（EV）公司股票之前，這裏有一些關鍵事實需要了解。</p>
</div><h2>1. Polestar is back in compliance</h2>
<div class="lb-trans"><h2>1. 極星汽車重新符合規定</h2>
</div><p>In mid-August, a Polestar press release said that it had &#34;filed its Annual Report on Form 20-F for the fiscal year ended 31 December 2023 with the U.S. Securities and Exchange Commission. As a result, the Company has regained reporting compliance, meeting the requirements of Nasdaq Listing Rule 5250(c)(1).&#34;</p>
<div class="lb-trans"><p>八月中旬，極星汽車發佈新聞稿稱，已經&#34;向美國證券交易委員會提交了截至 2023 年 12 月 31 日的年度報告 20-F。因此，公司已經恢復了報告合規性，符合納斯達克上市規則 5250(c)(1) 的要求。</p>
</div><p>Being out of compliance means that a company is, for some reason, not living up to the exchange's expectations. In this case, the shortfall was obviously a failure to provide regulators with required financial statements. Polestar has also recently received a notice about its stock price falling below $1 per share, which is troubling, as well.</p>
<div class="lb-trans"><p>不符合規定意味着公司因某種原因未能達到交易所的期望。在這種情況下，顯然是未能向監管機構提供必要的財務報表。極星汽車最近還收到了一份關於股價跌破每股 1 美元的通知，這令人擔憂。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTE4MjUvMjRfMDRfMTEtYS1oYW5kLXR1cm5pbmctdXAtYS1kaWFsLWxhYmVsZWQtcmlzay1fbWYtZGxvYWQtZ2V0dHktcmlzay1kaXZlcnNpZmljYXRpb24tc2FmZXR5LTEyMDB4Njc1LTEyODU1NGUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F791825%2F24_04_11-a-hand-turning-up-a-dial-labeled-risk-_mf-dload-getty-risk-diversification-safety-1200x675-128554e.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>The question is, why did the company delay its 20-F filing? (It's pretty obvious why it received a notice about its stock trading below $1.) According to a Securities and Exchange Commission filing by the company, it had to delay because it needed additional time for the &#34;evaluation and quantification of certain errors in historical 2021 and 2022 annual and interim financial statements.&#34; These things happen, but when they happen to stocks that are trading near $1 a share you need to be extra careful.</p>
<div class="lb-trans"><p>問題是，為什麼公司延遲了 20-F 報告？（公司收到股價跌破 1 美元的通知顯然是為什麼。）根據公司提交的證券交易委員會文件，延遲是因為需要額外時間對&#34;歷史 2021 年和 2022 年年度和中期財務報表中的某些錯誤進行評估和量化。&#34;這些事情時有發生，但當這些事情發生在股價接近 1 美元的股票上時，您需要格外小心。</p>
</div><h2>2. Polestar revamped its leadership team</h2>
<div class="lb-trans"><h2>2. 極星汽車重組了領導團隊</h2>
</div><p>While the EV company has worked through its compliance issues, with both the SEC and the <strong>Nasdaq</strong> exchange, it also decided to turn over its top leadership, highlighting in the second-quarter earnings release that it hired a new CEO, head of design, and head of global communications. More recently the company brought in a new CFO. When a company massively overhauls its top brass, particularly when there have been accounting issues (see point No. 1), conservative investors should probably start looking elsewhere.</p>
<div class="lb-trans"><p>雖然這家電動汽車公司已經解決了與證券交易委員會和 <strong>納斯達克</strong> 交易所的合規問題，但它還決定重新組建其高層領導團隊，在第二季度收益發布中強調，公司聘請了新的首席執行官、設計負責人和全球傳播負責人。最近，公司還引入了新的首席財務官。當一家公司大規模調整高層管理層，特別是在出現會計問題時（參見第 1 點），保守的投資者可能應該開始尋找其他投資機會。</p>
</div><h2>3. Polestar's quarterly results weren't great</h2>
<div class="lb-trans"><h2>3. 極星汽車的季度業績並不理想</h2>
</div><p>After getting past the bullet points at the top of the second-quarter earnings report, which were largely positive highlights, investors got to see the financial statements. The story wasn't very good. Revenues were down 17% year over year in the quarter. The company explained that this was &#34;mainly due to lower global vehicle sales and higher discounts.&#34; So it cut selling prices and still couldn't sell as many cars? That's a bad sign.</p>
<div class="lb-trans"><p>在第二季度收益報告的要點中，主要是積極的亮點，投資者看到了財務報表。故事並不樂觀。該季度收入同比下降了 17%。公司解釋説，這主要是由於全球車輛銷量下降和折扣率提高所致。因此，降低銷售價格仍然無法賣出更多汽車？這是一個不好的跡象。</p>
</div><p>Gross profit fell from $900,000 to negative $2.4 million, which means the company is paying more to build its cars than it is generating from selling them. That is not a sustainable business model. So far, it looks like Polestar is a company that is struggling, even as it highlighted a large sequential increase in deliveries.</p>
<div class="lb-trans"><p>毛利潤從 90 萬美元下降到負 240 萬美元，這意味着公司用於製造汽車的成本高於銷售收入。這不是一個可持續的商業模式。到目前為止，極星汽車似乎是一家陷入困境的公司，即使它強調交付量大幅增長。</p>
</div><p>Meanwhile, research and development spending dropped a huge 76%. The company explained that the decline was because of changes in the capitalization and amortization of this expense as it began selling a new model. But, given the other issues going on, a glass-half-empty read here could be that the company is pulling back extra hard as it looks to save money and/or make the earnings picture look a little brighter. Time will tell on that front, but it is important to remember that R&amp;D is something that you don't want to skimp on in the highly competitive auto industry. Which brings up point No. 4.</p>
<div class="lb-trans"><p>與此同時，研發支出大幅下降了 76%。公司解釋稱，這種下降是因為開始銷售新車型而發生的資本化和攤銷變化。但考慮到其他問題，這裏可能有一種悲觀的看法，即公司正在極力削減成本和/或使盈利前景看起來更加光明。時間將會證明這一點，但重要的是要記住，在競爭激烈的汽車行業，研發是一項不應節省成本的投資。這也引出了第 4 點。</p>
</div><h2>4. Polestar is still losing money</h2>
<div class="lb-trans"><h2>4. 極星汽車仍在虧損</h2>
</div><p>Polestar lost $242.3 million in the second quarter, a 12% improvement over the loss in the second quarter of 2023. That's good on the one hand, but a more realistic view would be that it is really just less bad.</p>
<div class="lb-trans"><p>極星汽車在第二季度虧損了 2.423 億美元，較 2023 年第二季度的虧損有所改善 12%。從一方面來看這是好事，但更現實的看法可能是，它只是變得更不好而已。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ecaca702eb4e72b4d503f226a3bb19ee.png" alt="" original-src="https://media.ycharts.com/charts/ecaca702eb4e72b4d503f226a3bb19ee.png"/></p>
<p>PSNY data by YCharts</p>
<div class="lb-trans"><p>YCharts 提供的 PSNY 數據</p>
</div><p>Looking further back, meanwhile, Polestar has never had a profitable year. It is an upstart company, so that's not surprising. But when you add in accounting issues and massive management turnover, the company's story isn't a pretty one. Only a very aggressive investor will want to own these shares.</p>
<div class="lb-trans"><p>與此同時，迄今為止，極星汽車從未有過盈利年度。作為一家新興公司，這並不奇怪。但當加上會計問題和大規模管理變動時，公司的故事並不美好。只有非常激進的投資者才會考慮持有這些股票。</p>
</div><h2>Polestar is a very risky stock</h2>
<div class="lb-trans"><h2>極星汽車是一隻非常高風險的股票</h2>
</div><p>Polestar is one of a handful of upstart EV makers that is trying to break into the auto industry with all-electric vehicles. So far, the only company that has really managed to do that is <strong>Tesla</strong>. As the chart above highlights, investors were excited by Polestar's prospects early on, perhaps believing it could be the next Tesla. But given the ongoing negative news, Wall Street has soured on the shares, pushing them down roughly 90% from their high-water mark. Only the most aggressive investors should be considering Polestar today.</p>
<div class="lb-trans"><p>極星汽車是少數幾家試圖以全電動汽車打入汽車行業的新興電動汽車製造商之一。到目前為止，唯一真正成功的公司是 <strong>特斯拉</strong>。正如上面的圖表所突出的那樣，投資者最初對極星汽車的前景感到興奮，或許認為它可能成為下一個特斯拉。但鑑於持續的負面消息，華爾街已經對這些股票失去了興趣，將它們的股價從最高點下跌了大約 90%。只有最激進的投資者才應考慮持有極星汽車的股票。</p>
</div>

極星汽車的股票是否值得購買？