Polestar Names Ex-Nikola Chief Lohscheller as New CEO
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Polestar named Michael Lohscheller its new CEO as the electric vehicle maker seeks to stem deepening losses and fix ongoing operational problems.
Lohscheller, 55, was previously CEO of Opel, VinFast and Nikola; he succeeds Thomas Ingenlath, who has resigned, the company said Aug. 28 in a statement. The change will be effective Oct. 1.
Backed by Chinese billionaire Li Shufu, Polestar has struggled with delays in rolling out new models, while competition has been especially intense in China, a market it targeted for growth. The EV manufacturer has lost about 90% of its value since spinning out of Volvo Car AB two years ago.
Ingenlath’s tenure has been marked by management upheaval, disappointing sales and the threat of losing the company’s U.S. stock market listing after failing to produce financial reports on time. His departure follows a broader reshuffle in June, as former Volkswagen executive Winfried Vahland was tapped to replace chairman Hakan Samuelsson.
Polestar announces leadership change: Michael Lohscheller appointed CEO, effective 1 October 2024 pic.twitter.com/MSo9XvvUxn — Polestar (@PolestarCars) August 28, 2024
Lohscheller will have been CEO of four auto companies in the span of just over three years once he officially starts at Polestar. He headed up Opel — a longtime money loser under the ownership of General Motors Co. — shortly after PSA Group took over the business in 2017 and oversaw a dramatic turnaround.
In 2021, Lohscheller left Opel to become CEO of VinFast, the automotive upstart owned by Vietnamese billionaire Pham Nhat Vuong. He spent just a few months with the company until leaving for Nikola Corp., the maker of battery-electric and hydrogen fuel cell-powered trucks. Lohscheller left that job in August of last year, citing a family health matter.
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