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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.
Source:
$BYD COMPANY (01211.HK)$ $BYD Co. (BYDDF.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Tesla (TSLA.US)$ $VOLKSWAGEN A G (VWAGY.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $XPeng (XPEV.US)$ $General Motors (GM.US)$ $Ford Motor (F.US)$ $Rivian Automotive (RIVN.US)$ $MERCEDES-BENZ GROUP AG (MBGAF.US)$ $TOYOTA MOTOR CORP (TOYOF.US)$ $GEELY AUTO (00175.HK)$ $Stellantis NV (STLA.US)$
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