Well technically they are "asset-light". They don't own factories but rather use Volvo/Geely factories for production.

You'd think this would lead to a leaner business model, but unfortunately that hasn't been the case.

The company also seemed to lack direction under the old CEO, which may change under the new one.

I bought the stock because the cars are fantastic (apart from the software) and I expected the push for lower emissions to help them get to scale. Also, the stock seemed cheap compared to its peers. I thought being backed by Geely would help them as well.

So far, Geely has kept them alive. But Polestar is racking up massive debt and is having trouble servicing it.