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.
巴克莱 分析师丹·利维下调评级 英国极星汽车控股有限公司 纳斯达克股票代码：PSNY）从同等权重下调至减持，将目标股价从5美元下调至3美元。
Levy downgraded the stock, reflecting demand challenges, dilution concerns, and tougher competition.
Levy下调了该股的评级，这反映了需求挑战、稀释担忧和更激烈的竞争。
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首当其冲地承受着电动汽车需求恶化的冲击，价格折扣加剧了这种恶化 特斯拉公司 这位分析师警告说，纳斯达克股票代码：TSLA）创造了一个充满挑战的环境。
Also See: Tesla China Sales Surge In August After Price Cuts: Did EV Maker Outpace Chinese Rivals?
另请参阅: 降价后，特斯拉8月份中国销量激增：电动汽车制造商的速度是否超过了中国竞争对手？
While the price cuts have impacted the broader industry, arguably the more significant impact has been to pure-play EV companies, the analyst adds.
这位分析师补充说，尽管降价影响了整个行业，但可以说，更重大的影响是纯电动汽车公司。
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.
对于PSNY来说，这种影响尤其具有挑战性，因为目前占PSNY所有销量的PS2车型直接与特斯拉的Model Y和Model 3竞争。
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.
最后，分析师指出，PSNY在美国的PS3销量也面临质疑，因为除了对特斯拉的增长以及其他原始设备制造商首次销售电动汽车的早期采用者大力支持之外，电动汽车普及形态的不确定性越来越大。
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...'
另请参阅： 特斯拉分析师预测 Cybertruck 的价格区间，而且它似乎比福特 F-150 Lightning 便宜：“我猜它们一开始是...”
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，因为 PSNY 是更广泛领域的一部分 吉利汽车控股有限公司 （场外交易代码：GELYF）家族（90％的股权归沃尔沃和吉利所有），PSNY在市场定位方面面临着额外的挑战，需要避免与之竞争 沃尔沃 AB （场外交易代码：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.
总而言之，Levy认为，PSNY决定在需求方面 “随心所措”，最终将导致PSNY小于许多人的预期，也低于其当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.
这位分析师指出，PSNY在吉利家族中的定位几乎完全促成了在如此有限的规模上实现盈利，就其目的而言，吉利家族可能不希望参与 “电动汽车价格战”。因此，Levy表示，减少的交易量前景为实现适当利润率开辟了一条更具挑战性的道路。
Amid an ongoing FCF burn, the analyst expects PSNY to pursue dilutive equity raises eventually.
在FCF持续消耗的情况下，该分析师预计，PSNY最终将寻求稀释性股权上涨。
Given a limited float, incremental equity raises could further pressure the stock, the analyst adds.
分析师补充说，鉴于浮动幅度有限，增量股权筹措可能会进一步给该股带来压力。
Also Read: Polestar 4 Electric SUV Coupe Deliveries Slated Before Year-End In China, Confirms CEO
另请阅读： 首席执行官证实，Polestar 4电动SUV双门轿跑车计划于年底前在中国交付
Price Action: PSNY shares are trading lower by 8.6% to $2.86 on the last check Thursday.
价格走势： 在周四的最后一张支票中，PSNY股价下跌8.6％，至2.86美元。
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