Yahoo Autos Polestar CEO Resigns, Former VinFast Boss Hired as His Replacement
Former VinFast boss Michael Lohscheller has been named Polestar's new CEO following Thomas Ingenlath's resignation.
Lohscheller served as CEO of Opel from 2017 to 2021 before going on to lead VinFast and later Nikola, the EV and hydrogen-truck maker.
Lohscheller replaces Ingenlath, who had been Polestar's CEO since its inception as a standalone brand in 2017.
Polestar, the EV-focused brand that's closely associated with Volvo, is busy launching two new vehicles in the United States. The Polestar 3 crossover arrives first and is poised to battle Porsche's upcoming Macan EV. The Polestar 4 will come next with a unique lifted fastback body and no rear window. But fresh metal isn't the only big change happening at Polestar, with the company announcing that Thomas Ingenlath will step down as CEO. He will be replaced on October 1 by Michael Lohscheller, who was formerly the top boss at VinFast and Nikola.
Polestar provided no reason for Ingenlath's resignation. He has been the head of the company since its inception as a standalone electric vehicle manufacturer in 2017. Ingenlath has overseen the launch of Polestar's first two vehicles, the hybrid Polestar 1 coupe and the more mainstream sedan-like Polestar 2 EV, as well as the new 3 and 4 crossovers.
Lohscheller previously held the CEO title at Opel from 2017 to 2021, assuming the role just before Opel (and sister company Vauxhall) was sold by General Motors to the PSA Group, which was comprised of Peugeot, Citroen, and DS. Lohscheller remained Opel's CEO until 2021, departing several months after the PSA Group merged with Fiat Chrysler to become Stellantis.
When Lohscheller left, he embarked into the world of electric-vehicle startups, taking on the CEO role at Vietnamese newcomer VinFast. Seven months later, Lohscheller became the president and CEO of Nikola, a small California-based manufacturer that has focused on building electric and hydrogen-powered semi trucks. Nikola has been embroiled in controversy after its founder and former CEO Trevor Milton was found guilty of fraud. Nikola also suspended sales of its trucks in 2023 after a fire at its headquarters was caused by a malfunctioning battery pack in one of its vehicles. Lohscheller's tenure at Nikola ended after a year and seven months in September 2023, according to his LinkedIn profile.
Lohscheller will be tasked with turning around Polestar's fortunes, with the brand only selling around 20,000 vehicles in the first half of 2024, a 27 percent drop year-over-year. Revenue is also down by 26 percent through the first half of the year, with Polestar citing lower sales and higher discounts due to a more competitive EV market. The Polestar 3 and Polestar 4 will be key to the brand's longevity, especially with the wave of recently passed tariffs against Chinese-built electric vehicles. The Polestar 3 is the brand's first vehicle built in the U.S., with assembly taking place in South Carolina.
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