Polestar CEO Thomas Ingenlath is stepping down from his role and will be replaced by Michael Lohscheller, who previously served as CEO of Stellantis-owned carmaker Opel. The carmaker announced on Tuesday.
The move comes at a time when Polestar has struggled to maintain its finances amid a general slowdown in electric vehicle sales growth. The company has gone through several rounds of layoffs and Volvo recently drastically reduced its stake in the company. Polestar is expected to report its second-quarter results on August 29. The company's shares are currently trading at less than $1.
Ingenlath has been at the helm since Polestar was created in 2017. He oversaw the launch of Polestar’s first two models: the $150,000 Polestar 1 hybrid sports coupe and the more conventional $60,000 Polestar 2 fastback sedan. The Polestar 3, which is an SUV, was launched this year and is the company’s first model to be produced in the United States.
But Tesla's price cuts, increasing competition from European automakers and recurring headaches around charging have led to a moderation in demand for electric vehicles. Polestar said it lost $231 million in the first quarter of 2024compared to $219 million in the same period last year.
Polestar’s ties with China (like Volvo, it is owned by Chinese carmaker Geely) also appear increasingly strained, with the US, EU and Canada considering new tariffs on electric vehicles imported from that country. Geely is now the company’s main financial backer and Polestar’s factory is located in Chengdu, China.
“I am very proud of what we have achieved together over the past seven years,” Ingenlath said in a statement. “We had a vision for a premium electric brand that prioritizes performance and design. And we achieved it – the dream became a reality.”
Before joining Polestar, Ingenlath had a background primarily in design. He worked as chief exterior designer for Volkswagen before being appointed chief designer at Škoda in 2000. In 2006, he was promoted to design director at the Volkswagen Design Center in Potsdam.
“To some extent, you have to take the risk of projecting what will happen in the future,” he said. “Where is consumer taste going? As a designer, I had to learn to stand on my own two feet, no matter what data I tried to prove it with.”
Lohscheller's appointment marks a shift in focus for Polestar, perhaps moving away from the minimalist designs that characterized Ingenlath's tenure. In addition to Opel, he also served as chief executive of VinFast, the Vietnamese electric vehicle company, and Nikola, which produces hydrogen-powered semi-trucks.
“Polestar has had an exceptional start-up phase and, with an expanded model range, Michael Lohscheller is the ideal leader to guide Polestar into its next chapter,” said Winfried Vahland, Polestar’s new president, in a statement. Vahland, who was appointed to Polestar’s board of directors in June, joins Polestar after serving as president and CEO of Škoda.