When you buy through affiliate links in our content, we may earn a commission at no extra cost to you. Learn 
Polestar CEO Thomas Ingenlath is stepping down as of October 1st as the company grapples with a weak EV market.
Michael Lohscheller, the former CEO of Opel, Vietnamese brand VinFast, and electric truck maker Nikola will replace Ingenlath in the leadership role.
Polestar didn’t explain why its CEO was departing, but new board chairman Winfried Vahland said Ingenlath was “instrumental” in defining the company. He helped turn it from a Volvo performance division into a wholly separate EV producer.
The automaker has been struggling as fiercer competition (particularly in Europe) and an overall softer EV market have hurt its bottom line. In the first quarter of 2024, its losses deepened year-over-year from $219 million to $231 million. While sibling brand Volvo and some competitors have shifted some of their attention to hybrids, Polestar doesn’t have that luxury; the short-lived Polestar 1 coupe was its first and only hybrid.
Tariffs on Chinese EVs also don’t help. While Polestar is making the Polestar 3 in the US, the 2 is still manufactured in China. That risks inflating prices and hurting the company’s chances against rivals like Tesla, which sometimes cuts prices to spur demand.
Ingenlath led Polestar from its birth in 2017 and was around to witness the launches of the Polestar 1, 2, and 3. A former designer for the VW group before joining Volvo, he’s credited with giving Polestar a distinct, style-oriented identity.
It’s not yet clear if or how Lohscheller will change Polestar’s strategy as CEO. However, the change in executives suggests that the company wants to take a different approach, and to do it quickly. This could both help a turnaround and boost confidence for investors that might give Polestar another lifeline.
