Polestar has announced a significant change in its leadership. On October 1, 2024, Michael Lohscheller will take over as the CEO, replacing Thomas Ingenlath, who has been at the helm since Polestar became an independent automaker in 2017.
Michael Lohscheller is no stranger to the automotive industry, having held top positions at Opel, VinFast, and Nikola. The company says he will bring a “wealth of expertise in the automotive industry, particularly in navigating competitive markets and scaling businesses.”
“I am honored to join Polestar at such an exciting time in the Company’s history. 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,” Lohscheller said in a press release announcing his new position.
Polestar will need all of Lohscheller’s expertise in scaling businesses as the automaker has had a rough 2024, selling a little over 20,000 cars, down nearly 30% compared to the same time period last year.
Operational issues have also plagued Polestar, with delays in rolling out new models and fierce competition, particularly in China, where the company aimed to expand its market presence. Additionally, the company’s dependence on Chinese manufacturing has become a growing concern as Western countries, including Canada, are imposing tariffs on Chinese-made EVs.
To mitigate these risks, Polestar has started local production of its Polestar 3 SUV in South Carolina.
