Is this automaker going to withdraw from the Chinese market? Only six were sold in a month

On the 31st, it was reported that Polestar, a luxury electric vehicle manufacturer jointly created by Geely and Volvo, sold only six vehicles in June this year and its cumulative retail sales in the first half of the year were less than 70 units. Currently, its business in China is nearly at a standstill. Against this backdrop, discussions about whether Polestar should withdraw from the Chinese market have resurfaced.

Against the backdrop of car manufacturers generally competing in monthly sales, one new force has quietly "withdrawn from the race". The latest retail sales data shows that in June this year, Polestar's sales dropped to single digits, with only six units sold. However, the sales figures of Polestar in April and May this year cannot be displayed, and the sales volume in March this year was only one unit. In the first half of this year, Polestar's cumulative retail sales data was less than 70 units.

Meanwhile, Polestar's business in China has almost come to a standstill. Test drive services only support phone reservations. Additionally, both the online car purchase system and the mall have been shut down. Polestar Auto has only one direct-operated offline store left, located in Qiantan, Shanghai.

But despite such a situation, Polestar Motors reaffirmed that it will continue to sell in China.

According to media reports, an insider from Polestar said that Polestar will continue to sell in China, but its sales model is undergoing a transformation and is expected to complete the adjustment in the fourth quarter of this year.

It is learned that in April this year, Polestar Auto signed a termination agreement with StarTimes Meizu, deciding to end the business operations of their joint venture in China, Polestar Times Technology (China) Co., LTD. According to the termination agreement, Polestar will regain its distribution rights in the Chinese market. In April last year, Polestar Motors received a delisting warning from the Nasdaq Stock Exchange, revealing the reality that it was in an operational predicament.

As of the time of publication, the share price of Polestar Motors on the US stock market is $1.05, with a total market value of only $2.252 billion, which is less than one-tenth of its listing price in June 2022.

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