Not all Chinese-built EVs have the makings of a Tesla slayer like BYD.

Financially ailing carmaker Polestar is on the ropes, and analysts at investment bank Bernstein argue the only thing that may still save it is if parents Volvo and Zhejiang Geely of China, which together own nearly 88% of the stock, agree to take the company private just two years after shares began trading.

“We would like to see the concept and brand survive, but think it would make more sense for Polestar to eventually fold back into the Volvo Cars–Geely ecosystem,” Bernstein wrote, according to a research note cited by Bloomberg.