Polestar's Uphill Battle Against Tesla And Market Conditions: Why Barclays Downgraded To Underweight
Polestar's Uphill Battle Against Tesla And Market Conditions: Why Barclays Downgraded To Underweight
Barclays analyst Dan Levy downgraded Polestar Automotive Holding UK Limited (NASDAQ:PSNY) to Underweight from Equal Weight, lowering the price target to $3 from $5.
巴克萊 分析師丹·利維下調評級 英國極星汽車控股有限公司 納斯達克股票代碼：PSNY）從同等權重下調至減持，將目標股價從5美元下調至3美元。
Levy downgraded the stock, reflecting demand challenges, dilution concerns, and tougher competition.
Levy下調了該股的評級，這反映了需求挑戰、稀釋擔憂和更激烈的競爭。
PSNY is primarily bearing the brunt of a deterioration of EV demand, amplified by the price discounting by Tesla, Inc. (NASDAQ:TSLA), creating a challenging environment, the analyst cautioned.
PSNY首當其衝地承受着電動汽車需求惡化的衝擊，價格折扣加劇了這種惡化 特斯拉公司 這位分析師警告說，納斯達克股票代碼：TSLA）創造了一個充滿挑戰的環境。
Also See: Tesla China Sales Surge In August After Price Cuts: Did EV Maker Outpace Chinese Rivals?
另請參閱: 降價後，特斯拉8月份中國銷量激增：電動汽車製造商的速度是否超過了中國競爭對手？
While the price cuts have impacted the broader industry, arguably the more significant impact has been to pure-play EV companies, the analyst adds.
這位分析師補充說，儘管降價影響了整個行業，但可以說，更重大的影響是純電動汽車公司。
The impact is especially challenging for PSNY as the PS2 model, which currently accounts for all of PSNY's volume, competes directly against Tesla's Model Y and Model 3.
對於PSNY來說，這種影響尤其具有挑戰性，因爲目前佔PSNY所有銷量的PS2車型直接與特斯拉的Model Y和Model 3競爭。
Lastly, PSNY also faces questions on PS3 sales in the U.S. amid increased uncertainty on the shape of EV uptake beyond the wave of early adopters that were highly supportive of the ramp of Tesla and the initial sales of EVs from other OEMs, the analyst notes.
最後，分析師指出，PSNY在美國的PS3銷量也面臨質疑，因爲除了對特斯拉的增長以及其他原始設備製造商首次銷售電動汽車的早期採用者大力支持之外，電動汽車普及形態的不確定性越來越大。
Also See: Tesla Analyst Predicts Cybertruck's Price Range, And It Seems To Be Cheaper Than Ford F-150 Lightning: 'My Guess Is They Start With...'
另請參閱： 特斯拉分析師預測 Cybertruck 的價格區間，而且它似乎比福特 F-150 Lightning 便宜：“我猜它們一開始是...”
Moreover, because PSNY is part of the broader Geely Automobile Holdings Ltd. (OTC:GELYF) family (with 90% of equity owned by Volvo and Geely), PSNY has an added challenge in market positioning to avoid competing with Volvo AB (OTC:VLVLY).
此外，因爲 PSNY 是更廣泛領域的一部分 吉利汽車控股有限公司 （場外交易代碼：GELYF）家族（90％的股權歸沃爾沃和吉利所有），PSNY在市場定位方面面臨着額外的挑戰，需要避免與之競爭 沃爾沃 AB （場外交易代碼：VLVLY）。
In sum, Levy believes PSNY's decision to "take what the market gives it" in terms of demand will ultimately lead to a smaller PSNY than many had expected and what is implied by its current valuation.
總而言之，Levy認爲，PSNY決定在需求方面 “隨心所措”，最終將導致PSNY小於許多人的預期，也低於其當前估值所暗示的水平。
The analyst notes that operating profitably at such a limited scale is almost entirely enabled by PSNY's positioning within the Geely family, which, for its purposes, may not wish to engage in the "EV price war." Accordingly, the reduced volume outlook creates a more challenging path to reaching appropriate margins, Levy flagged.
這位分析師指出，PSNY在吉利家族中的定位幾乎完全促成了在如此有限的規模上實現盈利，就其目的而言，吉利家族可能不希望參與 “電動汽車價格戰”。因此，Levy表示，減少的交易量前景爲實現適當利潤率開闢了一條更具挑戰性的道路。
Amid an ongoing FCF burn, the analyst expects PSNY to pursue dilutive equity raises eventually.
在FCF持續消耗的情況下，該分析師預計，PSNY最終將尋求稀釋性股權上漲。
Given a limited float, incremental equity raises could further pressure the stock, the analyst adds.
分析師補充說，鑑於浮動幅度有限，增量股權籌措可能會進一步給該股帶來壓力。
Also Read: Polestar 4 Electric SUV Coupe Deliveries Slated Before Year-End In China, Confirms CEO
另請閱讀： 首席執行官證實，Polestar 4電動SUV雙門轎跑車計劃於年底前在中國交付
Price Action: PSNY shares are trading lower by 8.6% to $2.86 on the last check Thursday.
價格走勢： 在週四的最後一張支票中，PSNY股價下跌8.6％，至2.86美元。
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