Polestar Appoints Michael Lohscheller As New CEO Amidst EV Market Challenges

Polestar announced a new leadership change in its electric vehicle (EV) business, appointing Michael Lohscheller as its new CEO effective October 1, 2024. Lohscheller will replace Thomas Ingenlath, who helmed the company since 2017.

According to Polestar, Lohscheller has experience leading companies such as Opel, VinFast, and Nikola. His arrival in the company arrives at a moment critical for Polestar as it navigates a challenging EV market landscape. Many automakers have recently slowed EV investments due to slower-than-expected demand. However, Polestar is pushing forward with the launch of two new electric SUVs: the Polestar 3 and Polestar 4.

New Models Enter the Market

The Polestar 3, which started production in South Carolina earlier this month, is the company’s first foray into the SUV market. Priced starting at $73,400 in the US, it provides a range of up to 315 miles.

Following closely behind is the Polestar 4, a more coupe-like SUV that has already begun deliveries in Europe and is set to arrive in North America by the end of the year. The Polestar 4 will start at $56,300 and offer up to 300 miles of range.

Read More: Polestar Expands EV Lineup With First Deliveries Of Polestar 4 In Europe

Leadership Change In Company Outlook

Incoming CEO Michael Lohscheller expressed optimism about joining Polestar, stating, “Polestar has already established itself as one of the most desirable and innovative brands in the electric vehicle space, and I look forward to working with the talented team to build on this strong foundation and accelerate our development.”

Outgoing CEO Thomas Ingenlath reflected on his tenure, saying, “I am very proud of what we’ve achieved together in the last seven years. We had the vision of an electric premium brand which puts performance and design at its core. And we made it, the dream became reality.”

Despite the optimistic tone surrounding the leadership change, Polestar faces considerable challenges. Polestar’s 2023 financial report revealed a 3% decline in revenue to $2.38 billion compared to 2022. In addition, Volvo Cars recently announced it would stop funding Polestar, reducing its stake from 48% to about 18%.

As Polestar enters this new chapter under Lohscheller’s leadership, it will need to navigate the EV landscape, expand its global presence, and work toward profitability. With its new SUV models and the ability to scale operations efficiently, these will be crucial factors in determining the company’s future in the EV market.

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