Geely's EV subsidiary Polestar reported dismal Q4 2023 sales figures
$GEELY AUTOMOBILE HOLDINGS LIMITED(GELYF.US$ $GEELY AUTO(00175.HK$ According to AJ, Chinese auto giant Geely's electric vehicle subsidiary, Polestar, reported dismal sales figures for Q4 2023, with deliveries plummeting by 7.9% from Q3 and by a staggering 13.2% trailing 12 months basis (Sep to Dec).
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This latest setback raises concerns about Polestar's future prospects and casts a shadow over Geely's upcoming IPO of another EV maker, ZEEKR. Polestar's share price plummeted 8.0% today, reflecting investor apprehension. The company's valuation now stands at a still very high $3.9 billion. I warned investors before that Polestar's vehicles are uncompetitive: they're too heavy and inefficient (a sign of poor tech), and too expensive.
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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