- Michael Lohscheller’s appointment follows the start of US production for the Polestar 3.
- Polestar faces Nasdaq delisting as its stock price remains below the $1 per share threshold.
- The company’s global sales fell by 40% in Q1, adding pressure on the new CEO to drive growth.
Since the Polestar brand was spun off into an electric vehicle maker, it has been led by Thomas Ingenlath. However, on October 1, he will be replaced by Michael Lohscheller, an industry veteran that the firm likely hopes will be able to steer the ship in the right direction.
It’s no secret that Polestar is going through a rough patch. Its share price has cratered in recent months, and it’s at risk of being delisted from the Nasdaq for trading at less than $1 per share. Globally, its sales fell 40% in the first quarter, slipping to just 7,200 units compared to the 12,076 sold over the same period last year. Will Lohscheller be the savor it needs?
Read: Polestar 3 Deliveries Begin After Delays As New RWD Variant Debuts
The German native has a long history in the automotive industry. In the early 2000s, he was the chief financial officer of Mitsubishi Motors before moving to VW Group USA and ultimately becoming its CFO. Lohscheller remained at VW for several years before joining the Opel AG board in 2012 and rising to the position of chief executive in June 2017. He then joined VinFast in 2021 and became its global chief executive, a position he retained for seven months before he was appointed as president of Nikola Motor.
With stints at established legacy carmakers, as well as electric vehicle startups, Lohscheller is uniquely placed to lead Polestar. The company says he brings a wealth of expertise in “navigating competitive markets and scaling businesses.”
“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,” Polestar’s incoming chairman Winfried Vahland said.
“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,” Vahland added.” With Scandinavian heritage, passion and performance Polestar will set new standards for future individual mobility. “Geely remains deeply committed to Polestar’s success, and with Michael at the helm, supported by a dynamic leadership team, we are well-positioned for continued innovation and growth.”
The remaining months of 2024 will be critical for Polestar. It recently started production of the 3 SUV at its plant in South Carolina and has started global deliveries of it, as well as the smaller Polestar 4.
