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.

(With inputs from agencies.)