Polestar CEO Thomas Ingenlath steps down, to be replaced by former Opel boss

North StarSwedish electric car maker announces resignation Thomas Ingenlathits CEO. The executive who has led the company from the start already has a replacement, as his position will be in the hands of Michael Lohschellerwho has significant experience in the automotive sector after serving as CEO of Opel, Nikola and VinFast.

The leadership change at Polestar will not happen immediately. According to the European company, Ingenlath’s departure and Lohscheller’s formal entry into the role will take place next October 1st.

Polestar has not specified the reasons for its current CEO’s departure. The only thing it has said is that the brand is preparing to begin its “next chapter” and that Michael Lohscheller is the man to lead that mission. The firm says its plan remains unchanged. expand worldwide and lead the premium electric vehicle segment.

In his parting words as Polestar leader, Thomas Ingenlath thanked everyone who had accompanied him over the past seven years. “We had a vision for a premium electric vehicle brand that prioritizes performance and design, and we have made it happen. Polestar is the only truly global premium electric vehicle brand,” he said.

Polestar Changes CEO Amid Challenging Current Events

The leadership change at Polestar comes at a very difficult time for the brand. Earlier this year, Volvo has announced it will stop direct funding to the electric car maker.. As reported Wall Street JournalThe historic Swedish company lent Polestar about $1 billion but decided to redirect its financial resources to its own needs.

Similarly, Volvo has hinted at its intention to reduce its stake in the premium electric car company, which was around 48%. The possibility of transferring some of its shares GiliChinese carmaker, which today controls almost 79% of Volvo Cars.

It is no small fact that with the resignation of Thomas Ingenlath and the arrival of Michael Lohscheller there is almost no mention of Volvo. In fact, Winfried Wahland, who will be Polestar’s next president, simply emphasized that Geely has no plans to turn its back on the brand. “Geely remains deeply committed to the success of Polestar, and under Michael’s leadership, supported by a dynamic leadership team, we are well positioned to continue to innovate and grow,” he said.

In early July, Polestar reported that it had delivered 20,200 electric vehicles in the first six months of 2024, with demand in the second quarter 80% higher than in the first. However, financial results for the first quarter of the year showed operating losses of $231.7 million.. Second quarter results will be announced tomorrow, August 29.

Aside from its electric vehicles, Polestar has been in the news a few times. quite bright strategiesThese include accepting works of art as a means of payment, developing an electric boat, and creating your own mobile phone. Phone Polesstartogether with Meizu.