Industry Veteran Michael Lohscheller Takes Helm at Polestar Amid Financial Overhaul

Polestar appoints Michael Lohscheller as the new CEO, replacing Thomas Ingenlath, amidst significant operational changes. The EV maker faces challenges such as missed targets and dependency on Chinese production. The leadership shift symbolizes a move away from Volvo Cars, with Geely now the major stakeholder.

Polestar has announced Michael Lohscheller as its new CEO, replacing long-serving Thomas Ingenlath, in an effort to revamp its business after years of delayed launches and missed delivery targets.

Lohscheller, with former executive roles at Opel and VinFast, will lead the company through a critical cost-cutting phase aimed at achieving profitability by 2025. He steps into the role as Polestar navigates a slowing demand for EVs and rising competition, notably from Tesla.

The leadership change marks further distancing from Volvo Cars, which has significantly reduced its stake, leaving Geely as the majority shareholder committed to Polestar's continued growth.

(With inputs from agencies.)