<p>近期，<strong>極星汽車</strong>（PSNY -1.70%）的股價一路飆升，自 8 月初以來暴漲 108%，因為公司重組了管理團隊，並重新符合了 <strong>納斯達克</strong> 的上市要求。</p>
<p>然而，該公司面臨生產延遲、需求減緩等問題，股價仍比 2022 年上市時的價格低 88%。在新管理團隊的領導下，極星股價低於 2.50 美元時是否值得買入？</p>
<h2>極星汽車面臨多重挑戰</h2>
<p>極星汽車總部位於瑞典，由 <strong>沃爾沃汽車</strong> 和中國的 <strong>吉利汽車控股</strong> 共同擁有。該公司生產高端豪華電動汽車（EV），與 <strong>特斯拉</strong> 和 <strong>Lucid</strong> 等品牌競爭。</p>
<p>極星汽車沒有自己的工廠。相反，該公司利用與沃爾沃和吉利的合作關係，在它們的工廠生產汽車，使其擁有輕資產業務，並專注於開發和設計。</p>
<p>該公司近年來面臨着挑戰。去年，由於軟件問題，推遲了推出極星 3 SUV，不得不將推遲一年。</p>
<p>除此之外，消費者對電動汽車的需求一直在下降。去年，該公司交付了 54,600 輛汽車，低於其最初目標的 80,000 輛。今年上半年交付速度較慢，極星的 20,371 輛車輛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>圖片來源：Getty Images。</p>
<p>對中國製造的汽車徵收關税給極星的計劃帶來了另一個變數。該公司所有的電動汽車都是在中國製造的，但現在計劃今年將極星 3 的生產轉移到美國，將極星 4 的生產轉移到 2025 年下半年的韓國。在那之前，它面臨着向歐盟進口徵收 20% 的關税，向美國交付則超過 100% 的關税。</p>
<p>極星面臨的另一個問題是符合納斯達克上市規則。該公司未能按時提交 2023 年和 2024 年第一季度報告。</p>
<p>7 月 5 日，納斯達克通知該公司，由於其股價連續 30 個交易日低於 1 美元，未符合最低競價要求。8 月，它提交了年度 20F 表格報告，並最近滿足了最低競價要求以重新符合規定。</p>
<h2>極星的未來展望</h2>
<p>極星投資者經歷了一段坎坷的時期，公司在遭遇重大困難後進行了管理重組。在過去幾個月裏，公司引入了新的首席執行官、首席財務官、設計負責人和全球傳播負責人。新任首席執行官邁克爾·洛舍勒此前曾領導過另外兩家陷入困境的電動汽車製造商 <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 營收（TTM）數據來源：YCharts；TTM = 滾動 12 個月。</p>
<p>一個關鍵的數據是極星的現金流。過去一年，它賺取了約 20 億美元，但淨虧損達 14 億美元。在第二季度末，公司的現金及現金等價物約為 6.69 億美元。</p>
<p>8 月，它從一家銀行獲得了 3 億美元的資金，今年已經獲得了 13 億美元的外部融資。儘管這些資金有助於延長資金週轉時間，但 “遠遠不夠全面資助”，坎特菲茨傑拉爾德分析師安德烈斯·謝潑德告訴路透社。</p>
<p>極星預計年後半段將更加強勁，第四季度尤為強勁。它將繼續尋找降低成本的途徑，明年希望交付 15.5 萬輛汽車，並在現金流上實現盈虧平衡。</p>
<h2>極星值得購買嗎？</h2>
<p>極星最近的資本籌集是一個積極的發展，延長了其資金週轉時間。然而，這家高端電動汽車製造商仍在虧損，並需要努力實現正現金流。該公司也經歷了大規模的變革，新管理團隊面臨着艱鉅的任務。</p>
<p>如果你對極星感興趣，可以將其加入觀察列表，並監控其交付進展，更重要的是，關注其營運利潤率和利潤。虧損公司的股票容易進一步下跌，而它尚未證明能夠實現盈利。</p>
<p>在那之前，投資極星今天是有風險的，大多數投資者現在可以暫時避開這支股票。</p>

極星汽車

<p>極星汽車的股價自 8 月以來上漲了 108%，但仍比其 2022 年 IPO 價格低 88%。該公司面臨生產延遲、電動汽車需求下降和關税挑戰。儘管進行了管理重組並最近遵守了納斯達克的規定，極星報告顯示淨虧損 14 億美元，並且現金儲備有限。分析師建議在投資之前監控其進展，因為該公司尚未盈利，仍然是一項風險投資</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>極星汽車</strong>（PSNY -1.70%）的股價一路飆升，自 8 月初以來暴漲 108%，因為公司重組了管理團隊，並重新符合了 <strong>納斯達克</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，該公司面臨生產延遲、需求減緩等問題，股價仍比 2022 年上市時的價格低 88%。在新管理團隊的領導下，極星股價低於 2.50 美元時是否值得買入？</p>
</div><h2>Polestar has faced several challenges</h2>
<div class="lb-trans"><h2>極星汽車面臨多重挑戰</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>極星汽車總部位於瑞典，由 <strong>沃爾沃汽車</strong> 和中國的 <strong>吉利汽車控股</strong> 共同擁有。該公司生產高端豪華電動汽車（EV），與 <strong>特斯拉</strong> 和 <strong>Lucid</strong> 等品牌競爭。</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>極星汽車沒有自己的工廠。相反，該公司利用與沃爾沃和吉利的合作關係，在它們的工廠生產汽車，使其擁有輕資產業務，並專注於開發和設計。</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>該公司近年來面臨着挑戰。去年，由於軟件問題，推遲了推出極星 3 SUV，不得不將推遲一年。</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，消費者對電動汽車的需求一直在下降。去年，該公司交付了 54,600 輛汽車，低於其最初目標的 80,000 輛。今年上半年交付速度較慢，極星的 20,371 輛車輛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>圖片來源：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>對中國製造的汽車徵收關税給極星的計劃帶來了另一個變數。該公司所有的電動汽車都是在中國製造的，但現在計劃今年將極星 3 的生產轉移到美國，將極星 4 的生產轉移到 2025 年下半年的韓國。在那之前，它面臨着向歐盟進口徵收 20% 的關税，向美國交付則超過 100% 的關税。</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>極星面臨的另一個問題是符合納斯達克上市規則。該公司未能按時提交 2023 年和 2024 年第一季度報告。</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，納斯達克通知該公司，由於其股價連續 30 個交易日低於 1 美元，未符合最低競價要求。8 月，它提交了年度 20F 表格報告，並最近滿足了最低競價要求以重新符合規定。</p>
</div><h2>What's next for Polestar</h2>
<div class="lb-trans"><h2>極星的未來展望</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>極星投資者經歷了一段坎坷的時期，公司在遭遇重大困難後進行了管理重組。在過去幾個月裏，公司引入了新的首席執行官、首席財務官、設計負責人和全球傳播負責人。新任首席執行官邁克爾·洛舍勒此前曾領導過另外兩家陷入困境的電動汽車製造商 <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 營收（TTM）數據來源：YCharts；TTM = 滾動 12 個月。</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>一個關鍵的數據是極星的現金流。過去一年，它賺取了約 20 億美元，但淨虧損達 14 億美元。在第二季度末，公司的現金及現金等價物約為 6.69 億美元。</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，它從一家銀行獲得了 3 億美元的資金，今年已經獲得了 13 億美元的外部融資。儘管這些資金有助於延長資金週轉時間，但 “遠遠不夠全面資助”，坎特菲茨傑拉爾德分析師安德烈斯·謝潑德告訴路透社。</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>極星預計年後半段將更加強勁，第四季度尤為強勁。它將繼續尋找降低成本的途徑，明年希望交付 15.5 萬輛汽車，並在現金流上實現盈虧平衡。</p>
</div><h2>Is Polestar a buy?</h2>
<div class="lb-trans"><h2>極星值得購買嗎？</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>極星最近的資本籌集是一個積極的發展，延長了其資金週轉時間。然而，這家高端電動汽車製造商仍在虧損，並需要努力實現正現金流。該公司也經歷了大規模的變革，新管理團隊面臨着艱鉅的任務。</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>如果你對極星感興趣，可以將其加入觀察列表，並監控其交付進展，更重要的是，關注其營運利潤率和利潤。虧損公司的股票容易進一步下跌，而它尚未證明能夠實現盈利。</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，投資極星今天是有風險的，大多數投資者現在可以暫時避開這支股票。</p>
</div>

極星汽車的股票在低於 2.50 美元時是否值得購買？