Polestar, the electric vehicle manufacturer owned by Chinese automotive giant Geely, is set to welcome a new CEO of Polestar in October. Thomas Ingenlath, who has been at the helm since Polestar’s inception as an independent company in 2017, will step down on October 1st, making way for Michael Lohscheller.
Lohscheller, who has an extensive background in the automotive industry, will take on the challenge of transforming Polestar from an electric vehicle startup into a more prominent player in the global auto industry. His previous leadership roles include serving as CEO of Opel from 2017 to 2021, followed by a brief tenure as global CEO at VinFast. Most recently, he led Nikola, a company specializing in large battery- and hydrogen-powered trucks, until September 2023.
Winfried Vahland, the incoming Chairman of Polestar, expressed confidence in Lohscheller’s ability to lead the company through its next phase of growth. He highlighted Lohscheller’s deep industry experience, particularly in optimizing operational efficiencies, crafting a coherent product strategy, and expanding global market presence, as crucial to Polestar’s future success.
Currently, Polestar offers three models—the Polestar 2, Polestar 3, and Polestar 4. However, the company faced a challenging first half of the year, with global sales reaching only 20,200 vehicles, a 27% decline from the previous year. All of these models are currently assembled in China, which poses challenges for Polestar’s competitiveness in the U.S. market due to high import tariffs.
To mitigate these challenges, Polestar has started local production of the Polestar 3 in South Carolina, a move aimed at reducing import costs and improving profitability in the U.S. market. The company remains focused on competing with established German luxury automakers like BMW, Porsche, and Mercedes-Benz. However, while Polestar is targeting the high-end market, current consumer trends seem to favor more affordable vehicles.
As Lohscheller steps into his new role as the CEO of Polestar, all eyes will be on how he steers Polestar through these complex dynamics and what strategies he will implement to strengthen the brand’s position in the competitive electric vehicle market.
Lohscheller himself expressed excitement about his new role, noting that Polestar has already established itself as a highly desirable and innovative brand in the electric vehicle sector. The new CEO of Polestar looks forward to working with the talented team at Polestar to build on the company’s strong foundation and accelerate its growth.
