Polestar's Chief Executive Officer steps down
Polestar, the electric performance vehicle brand, has announced significant changes in its leadership and financial status. Thomas Ingenlath, the CEO of Polestar since its inception in 2017, has resigned, effective October 1, 2023. His departure comes after the company's appointment of Michael Lohscheller as the new CEO.
Lohscheller brings a wealth of experience to the role, having previously served as CEO of Opel, VinFast, and Nikola Corp. He stepped down as president and CEO of Nikola Corp. on August 4, 2023. His deep industry knowledge is expected to be instrumental in Polestar's growth.
In a move to strengthen its supervisory board, Winfried Vahland has been appointed as the new chairman. Vahland is well-known in the automotive industry, with a rich background that includes leadership roles at BMW and Audi.
Polestar has also secured up to $300 million in external funding. The company announced this development on Thursday, stating that the funding will be used for general corporate purposes. This funding comes as Polestar faces challenges such as dwindling investor confidence, slower than anticipated sales, and rising global competition in the EV segment.
Despite these challenges, Polestar remains committed to its growth plans. The company aims to have five performance EVs on the market by 2026. Earlier this month, Polestar started production of its luxury SUV, the Polestar 3, and in Q2 2024, the company delivered 13,150 cars globally.
Thomas Ingenlath, in his farewell message, expressed pride in what the team has achieved at Polestar. He stated, "We made the dream of an electric premium brand a reality." He will undoubtedly be remembered for his leadership in establishing Polestar as a significant player in the EV market.
The changes at Polestar come amidst other significant developments. Volvo Cars, one of Polestar's parent companies, has shed a majority of its stake in Polestar, owning now just 18% of the EV brand. This move reflects a broader trend in the automotive industry, where companies are increasingly focusing on their core businesses and partnering with specialists in other areas.
As Polestar moves forward under its new leadership, it remains to be seen how these changes will impact the company's future. However, with its commitment to its growth plans and the expertise of its new leadership team, Polestar is well-positioned to navigate the challenges ahead.
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