Polestar appoints former VinFast and Nikola exec to replace CEO

Since the Polestar brand was spun off as an electric car manufacturer, it has been led by Thomas Ingenlath. However, on October 1, he will be replaced by Michael Lohscheller, an industry veteran the company hopes will steer the company in the right direction.

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It’s no secret that Polestar is having a rough time. Its shares have fallen in recent months and it’s at risk of being delisted from the Nasdaq for trading below $1 per share. In the first quarter, its global sales fell 40%, with just 7,200 units sold, compared to 12,076 units in the same period last year. Will Lohscheller be the savior it needs?

Read: Polestar 3 delivery delayed, new RWD model officially unveiled

The German has a long history in the automotive industry. In the early 2000s, he served as CFO of Mitsubishi Motors before moving to Volkswagen Group of America, where he eventually became its CFO. Lohscheller spent several years at Volkswagen before joining the board of directors of Opel AG in 2012 and rising to CEO in June 2017. He then joined VinFast in 2021 as its global CEO, a position he held for seven months before being named president of Nikola Motor.

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Having worked at both established traditional automakers and electric vehicle startups, Roschele is uniquely suited to lead Polestar, with the company saying he has deep expertise in “navigating highly competitive markets and scaling businesses.”

Winfried Vahland, incoming chairman of Polestar, said: “Polestar has had an exceptional start-up phase and with an expanded model line-up, Michael Lohscheller is the ideal leader to take Polestar into the next chapter.”

“His deep industry knowledge, particularly in driving operational excellence, developing a coherent product strategy and strengthening global market presence, will be instrumental in Polestar’s next chapter,” added Vahland. “With its Scandinavian heritage, passion and performance, Polestar will set new standards for the future of personal mobility.” “Geely remains firmly committed to Polestar’s success and under Michael’s leadership, with the support of a dynamic leadership team, we are well positioned for continued innovation and growth.”

The remaining months of 2024 will be crucial for Polestar. The company recently began production of the 3 SUVs at its South Carolina plant and has begun global deliveries, as well as the smaller Polestar 4.

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