Polestar Appoints Michael Lohscheller Amid Management Shake-Up and Market Challenges

Polestar announces a leadership change, appointing Michael Lohscheller as its new CEO amid market challenges and strategic shifts. The former Opel chief succeeds Thomas Ingenlath while the company faces declining demand, a price war sparked by Tesla, and the need for cost-cutting to reach profitability by 2025.

Polestar announced on Wednesday the appointment of Michael Lohscheller, a veteran executive, as its new CEO, replacing Thomas Ingenlath. Lohscheller, who previously served as CEO at Stellantis-owned Opel, Vietnamese EV maker VinFast, and electric truckmaker Nikola, will assume his new role on Oct. 1.

The leadership change comes at a difficult time for Polestar and the broader EV market, which has been plagued by declining demand and intensifying price competition. The company is shifting away from its previous co-founders, Volvo Cars and China's Geely, to navigate this challenging landscape.

Lohscheller's appointment is part of a broader management overhaul at Polestar, which recently saw the election of a new chair and a change in its head of design. As Polestar aims to achieve profitability and cashflow breakeven by 2025, it faces additional hurdles from import tariffs and production delays.