According to foreign media reports, polar car polestar will complete its spac listing on Nasdaq next month. For the upcoming Jixing automobile, the current investment environment has become more unfavorable** In September 2021, Jixing automobile released the plan of backdoor listing in the United States, saying that it would complete the listing of NASDAQ in the first half of 2022, with the stock code of "PSNY", raising about 800 million US dollars in cash and 250 million US dollars in private funds. The estimated value of the company after listing is about 20 billion US dollars.
Original title: polar car polestar will land on NASDAQ in the form of SPAC next month. With the dual investment background of Geely and Volvo, it was valued at US $20 billion
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But now a few months later, the world has changed too much. In September last year, the auto industry was full of expectations, hoping to gradually get back on track with the mitigation of the chip crisis, or even a big fight.
Now, the first impact is the delisting crisis of zhonggai shares, and new car manufacturing enterprises are also in the cold current of capital. The share price of rivian, a new car manufacturer in the United States, has dropped from more than 170 US dollars six months ago to 26.7 US dollars today. The decline is very alarming, just like the bursting of the foam. Nikola lost more than $2 in the new lawsuit, and Nikola lost more than $2 in the new lawsuit.
Overseas securities analysts believe that the capital market has changed. The view of electric vehicle start-ups has changed. In addition, the volatile global economic situation, the local climate of the automobile industry, or investor confidence are in a disadvantageous situation.
According to the latest news, the official website of the U.S. Securities and Exchange Commission (SEC) announced the "pre delisting list" of the seventh batch of China concept shares on May 9, including 11 China concept shares in the "pre delisting list". According to statistics, there are more than 280 Chinese concept stocks listed in the United States, of which 139 are listed on the "pre delisting" list of the SEC, accounting for nearly half. The list includes Weilai automobile, Xiaopeng automobile and ideal automobile among the new forces of Chinese car making.
For the Wei Xiaoli family, it also gives the current countermeasures.
On May 20, Weilai officially landed on the new stock exchange. At this time, it is only two months since it completed the secondary listing of Hong Kong stocks on March 10. Weilai automobile became the first automobile enterprise listed in three places.
Most importantly, after the completion of this second listing, Weilai's shares listed on the main board of Singapore will be fully interchangeable with American depositary shares listed on the New York Stock Exchange. Leave yourself a way back to ease the market's concerns about the delisting of Weilai US stocks. As we all know, Xiaopeng automobile and ideal automobile have also realized the secondary listing of Hong Kong stocks.
For the polar star landing on NASDAQ at this time, the timing is not very friendly. It is not only the delisting risk of zhonggai shares, but also the investment confidence and stock price have been hit hard in this context.
At the same time, the competitive pressure from traditional car companies is intensifying. Luxury brands BMW and Mercedes Benz are launching a series of high-performance pure electric models, and the electrification of Volkswagen, GM and Ford is also accelerating.
However, there are obviously many asymmetries in the analogy between polar car and rivian and lucid.
First of all, Jixing automobile is not a typical start-up company. Polar star brand itself is a Swedish automobile brand, which was acquired by Volvo cars in July 2015. On October 18, 2019, Geely Group and Volvo cars jointly funded and established Polar Star Automobile Sales Co., Ltd., making polar star automobile an independent electric vehicle brand. In 2021, Volvo increased its shareholding, increased its shareholding ratio and has taken the dominant position.
At that time, backed by Geely and Volvo, the extreme star was full of ambition and took Tesla as the competitive target. However, the subsequent market performance is not ideal. At present, two models of polar 1 and polar 2 have been launched. The former is a limited model with an official price of 1.45 million yuan worldwide, while the latter is comparable to Tesla Model 3 with a price of less than 300000 yuan.
Polar star sold 29000 cars worldwide in 2021, with a revenue of about $1.5 billion. The Chinese market only contributed more than 2000 vehicles, and more sales came from Europe and the Asia Pacific region (except China). In April this year, an agreement was signed to provide 65000 pure trams for Hertz, a leasing giant. The five-year agreement has brought more than $3 billion in potential revenue to polar star.
Polar star will launch the polar 3 in 2022 and the Porsche Macan sized polar 4 in 2023. According to the medium-term plan of Jixing, it is hoped to achieve financial balance in 2023 and make a profit for the first time in 2025. The sales target is 290000 vehicles, and the annual growth rate of 78% must be achieved according to this target.
It is worth noting that compared with other new energy brands that put their main markets in China, Jixing, with the dual investment background of Geely holdings and Volvo cars, chose to take a completely different development path in the overseas market.
George gianarikas, senior research analyst at Baya capital, believes that investors' view of electric vehicle start-ups has changed, but he is optimistic about the long-term investment prospects of Polestar. "Innovative companies always have a market, and the market needs to invest in high-quality innovation," he said