Polestar could also be fully withdrawing from the Chinese market by the tip of this yr, Automobile News China has reported, citing Chinese news outlet NBD Auto. That is reportedly on account of poor sales, in addition to significant organisational restructuring within the region, the report wrote.
The Geely-owned Swedish brand has sold just 69 vehicles in China in the primary half of this yr, during which it experienced zero sales within the months of April and May. This contrasts with Polestar’s global sales of 30,319 vehicles in the primary half of 2025, representing a 51% growth in comparison with the identical period in 2024.
Organisational changes have suggested Polestar’s exit from China, including the three way partnership between Polestar and Star Meizu, Polestar Times Technology which had halted operations in April, in accordance with the report.
Polestar’s physical presence in China is proscribed to at least one direct sales outlet in Shanghai, while its online purchasing system has been shut down, and customers test drives require prior telephone appointments, which suggest operations have been almost fully suspended out there.
Based on NBD Auto, major investor within the Geely Holding Group controlled by Geely chairman Li Shufu, PSD Investment provided a US$200 million (RM845.5 million) money injection into Polestar, and in doing so, PSD Investment increased its stake in Polestar to 44%, with Li’s combined stake in Polestar increased to 66%, while Volvo’s stake in Polestar reduced from 18% to 16%.
In February 2024, Volvo stopped funding Polestar and handed control of the EV brand to parent firm Geely, which took over Volvo’s 48% stake in Polestar on the time. The next month of March 2024 saw Polestar announce that it had secured US$950 million in external funding.
NBD Auto reported that Polestar stock price has dropped 90% since its IPO in 2022, and received a compliance notice from Nasdaq when its share price dropped below US$1 per share in 2024.
By way of the brand’s products, the Polestar 2 was updated in April this yr as a 2026 yr model, bringing a bigger battery for its base variant that raises its WLTP-rated range to 554 km. Meanwhile, the Polestar 7 premium compact SUV will probably be produced in Europe, while the Polestar 5 has been said to begin sales within the second half of this yr.
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This Article First Appeared At paultan.org
