Polestar CEO Thomas Ingenlath is stepping down amid flagging sales

Polestar CEO Thomas Ingenlath is resigning from his presumption and volition beryllium replaced by Michael Lohscheller, who antecedently served arsenic CEO of Stellantis-owned carmaker Opel, the automaker announced Tuesday.

The determination comes arsenic Polestar has struggled to support its finances up amid a wider slowdown successful EV income growth. It has gone done respective rounds of layoffs and precocious saw Volvo drastically trim its involvement successful the company. Polestar is expected to study its 2nd 4th net connected August 29th. The company’s banal is presently selling for little than $1.

Ingenlath has been astatine the helm since Polestar’s inception successful 2017. He oversaw the merchandise of Polestar’s archetypal 2 models: the $150,000 hybrid Polestar 1 sports coupe, and the much mainstream $60,000 Polestar 2 fastback sedan. The Polestar 3, which is an SUV, was released this twelvemonth and is the company’s archetypal exemplary to beryllium produced successful the US.

But Tesla’s terms cuts, expanding contention from European automakers, and recurring headaches astir charging person pb to a softening successful EV demand. Polestar said it mislaid $231 cardinal successful the first 4th of 2024, up from $219 cardinal implicit the aforesaid play the erstwhile year.

Polestar’s ties to China — similar Volvo, it is owned by Chinese automaker Geely — are besides looking progressively fraught, arsenic the US, EU, and Canada see new tariffs connected EVs imported from the country. Geely is present the company’s main fiscal backer and Polestar’s mill is located in Chengdu, China.

“I americium precise arrogant of what we’ve achieved unneurotic successful the past 7 years,” Ingenlath said successful a statement. “We had the imaginativeness of an electrical premium marque which puts show and plan astatine its core. And we made it, the imagination became reality.”

Prior to joining Polestar, Ingenlath’s acquisition was mostly successful design. He served arsenic main exterior decorator for Volkswagen earlier being appointed main decorator at Škoda successful 2000. In 2006 helium was promoted to manager of plan astatine the Volkswagen Design Center successful Potsdam.

“To a definite degree, you person to instrumentality that hazard of projecting what is going to hap successful the future,” helium said. “Where is user sensation going? I had to larn arsenic a decorator to beryllium precise overmuch connected my ain — with immoderate information you effort to beryllium it with.”

Lohscheller’s assignment marks a displacement successful absorption for Polestar — possibly distant from the minimalist designs that marked Ingenlath’s tenure. In summation to Opel, helium has besides served arsenic main enforcement of Vinfast, the buzzy Vietnamese EV company, and Nikola, which is producing hydrogen-powered semi trucks.

“Polestar has experienced an exceptional start-up signifier and with a broader exemplary line-up, Michael Lohscheller is the perfect person to usher Polestar into its adjacent chapter,” Winfried Vahland, Polestar’s incoming chairman, said successful a statement. Vahland, who was appointed to Polestar’s committee successful June, comes to Polestar aft serving arsenic seat and CEO of Škoda.