Polestar shares fell to a new 14-month low on Tuesday, extending losses amid persistent demand concerns for the premium EV maker backed by China’s Geely Holding Group.
The stock dropped to $0.832 in early trading before slightly recovering to $0.842 as of press time, down 0.5% on the day and valuing the company at about $1.8 billion.
Shares have declined 41% since their recent late-August peak of $1.42, 20% year to date and 36% over the past 12 months.
If Polestar shares close below $1 for 30 consecutive business days, Nasdaq will automatically issue a deficiency notice to the company.
From that date, Polestar will have about six months to lift its share price above $1 for at least 10 straight trading days to regain compliance and avoid delisting.
The Gothenburg-based EV brand, led by former Opel and Nikola chief executive Michael Loscheller, unveiled its latest model, the Polestar 5, last month at the Munich IAA auto show.
Loscheller succeeded Thomas Ingenlath a year ago after the former Volvo design executive, who had headed the brand since its 2017 founding, was pushed out by Geely.
Before the leadership change, Polestar went through multiple rounds of layoffs and later saw Volvo Cars sharply reduce its ownership stake.
In China, Polestar shuttered its final retail store earlier this month, as it continues to retreat from the world’s largest EV market.
Since its entry there, the company has replaced its regional leadership six times in six years.
Polestar went public in June 2022 via a merger with the special-purpose acquisition company Gores Guggenheim. It began trading on Nasdaq under the ticker PSNY after the transaction closed.
In Europe, the company registered 5,718 vehicles in September, more than double August’s 2,412 units, according to data compiled from national registration agencies and the EU-EVs database.
The figures cover 13 of the 15 European markets where the Swedish brand operates.
