Polestar CEO Thomas Ingelanth resigns from the company as Polestar continues to bleed money and navigate rough waters caused by slumping EV demand and cash burn.
Polestar’s woes have claimed their first major casualty with the resignation of Thomas Ingelanth who will be replaced by Michael Lohscheller.
Polestar has been traversing rough waters as the EV automaker attempts to navigate the challenges created not only by slumping EV demand and beefed-up tariffs that the U.S. government slapped on China but also internal problems including large amounts of debt and slumping profits which have blunted the company’s growth.
These problems have become so serious that Polestar CEO Thomas Ingelanth has resigned with the CEO leaving his post on October 1st. Ingelanth’s resignation appears to confirm that trouble at the company is much worse than what we’ve been led to believe and it will leave formidable challenges for new incoming CEO Michael Lohscheller to overcome.
Ingelanth was a symbol of Polestar’s beginning
Ingelanth was with Polestar since it first became an EV startup company but his early successes were marred by problems within the company.
Prior to his departure, Thomas Ingelanth was a prominent figure in Polestar with the CEO being there from the beginning when Polestar first became a standalone automaker in 2017. Ingelanth attempted to guide Polestar through its early startup phase as the company moved from being a mere sub-brand in Volvo into a distinct company with the firm attempting to add a unique spin to its lineup of EV vehicles. The Polestar 1 and 2 provided a glimpse into this future and the car-based duo could be considered an early success for Ingelanth and his leadership.
Unfortunately, Polestar found itself in big trouble shortly after with the company not being prepared to quickly address changes in the EV market which caused sales and profits to decline. These declines forced Polestar to make some tough decisions with the company delaying the development of new vehicles and altering plans for other EVs in an attempt to preserve cash flow.
“Polestar has experienced an exceptional start-up phase and with a broader model line-up, Michael Lohscheller is the ideal leader to guide Polestar into its next chapter,” said Winfried Vahland, Polestar’s incoming Chairman. “His deep industry knowledge, especially in driving operational excellence, developing a coherent product strategy and strengthening the global market presence will be instrumental in the next chapter of Polestar’s growth.”
More Polestar Stories
- Polestar Reports Massive 2023 Losses as the Company Faces Questions About its Future
- EV Maker Polestar Begins U.S. Production as it Seeks To Avoid Toughened U.S. Tariffs
- Polestar 5 Prototype Using New Battery That Can Charge Up in 10 Minutes
Michael Lohscheller to take the reins October 1st
Lohscheller will have a huge task in front of him as he attempts to take Polestar to the next level with the help of new models like the Polestar 3.
Polestar’s new CEO will be Michael Lohscheller who will formally assume the role on October 1st. Lohscheller has had plenty of experience in the CEO role with the exec first being CEO of Opel before he jumped over to VinFast Group. His stay with VinFast would last a mere seven months before he jumped ship and became the president and CEO of Nikola where he stayed until September of 2023. Lohscheller will have a formidable task on his plate as he attempts to help Polestar move from being a startup company into a bigger contneder in the EV vehicle market.
Part of this plan will involve Polestar expanding its lineup of vehicles with the company just recently beginning U.S. production of the Polestar 3 SUV. The 3 is Polestar’s first SUV and will attemtp to bring the upstart into a popular vehicle segment that’s hotly contested by other EV makers including Tesla. Along with the 3, the company is also preparing to produce the fashion oriented Polestar 4 which will be produced at a plant in South Korea. The apperance of the 3 and 4 will be a big gamble for Polestar with the firm hoping that the two of them can reach more buyers especially those who would have otherwise stayed away from their current car only lineup.
It will be interesting to see what Lohscheller can bring to the company, but the new CEO seems pretty confident with Lohscheller releasing a brief statement saying “Polestar has already established itself as one of the most desirable and innovative brands in the electric vehicle space, and I look forward to working with the talented team to build on this strong foundation and accelerate our development,”
The car’s the problem, not the CEO.