Polestar CEO Thomas Ingenlath Steps Down Amid Sales Slump

By Kevin Joseph August 28, 2024

Leadership Update: Polestar, owned by Geely, has announced the appointment of Michael Lohscheller as the new COO, operational from October 1. He will be succeeding Thomas Ingenlath in this role.

CEO Experience: Michael Lohscheller has a wealth of experience in the automotive industry, having successfully led companies such as Opel, VinFast, and Nikola.

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Company Growth: The new Chairman, Winfried Vahland, highlights the importance of Lohscheller's operational excellence and market expansion expertise for Polestar's growth.

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Current Models: Polestar currently has three models: the Polestar 2, Polestar 3, and Polestar 4. These models are primarily assembled in China.

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U.S. Market Strategy: Polestar 3 has started local production in South Carolina to reduce import costs and strengthen its presence in the U.S. market.

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Sales Performance: The company experienced a tough first half of the year, with global sales declining by 27% compared to the previous year, amounting to around 20,200 vehicles.

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Market Competition: Polestar has decided to challenge top-tier brands such as BMW, Porsche,

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-and Mercedes-Benz by offering premium models in a market that is increasingly seeking affordability.

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CEO Vision: Michael Lohscheller is dedicated to building upon Polestar's solid foundation and driving its development in the EV space forward.

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