Polestar (PSNY) just got a new CEO. Thomas Ingenlath is out, and Michael Lohscheller is taking the helm as the Swedish EV brand enters its next growth stage. With two new electric SUVs hitting the market, how will Polestar navigate the transition?
“I am very proud of what we’ve achieved together in the last seven years,” Ingenlath wrote Wednesday.
After turning its vision of becoming an electric premium brand with performance and design at its core, Polestar’s former leader declared, “The dream became reality.”
Meanwhile, Ingenlath is leaving the company at a critical point. Many automakers have slowed EV investments, citing “slower-than-expected” demand just as Polestar launches two new electric SUVs.
Polestar launched its first all-electric vehicle, the Polestar 2, in 2020. This year, two new EVs are joining the lineup.
The company delivered the first Polestar 4 models in Europe earlier this month, and North America and Australia will follow by the end of the year. Polestar’s new premium electric SUV coupe arrives in Europe less than two months after the Polestar 3.
Both electric SUVs are expected to compete with top-selling premium models like the new Porsche Macan EV, Tesla Model Y, and BMW iX3.
“With three models, Polestar is positioning itself as the design-led premium luxury electric car brand in the global EV market,” Ingenlath said earlier this month.
Michael Lohscheller takes over as CEO of Polestar
Polestar replaced Ingenlath with Michael Lohscheller, former CEO of Stellantis-owned Opel, Vietnam EV startup VinFast (VFS), and Nikola (NKLA). The change is effective October 1, 2024.
Lohscheller said he’s honored to join the Swedish EV brand at a critical point in the company’s history.
“Polestar has already established itself as one of the most desirable and innovative brands in the electric vehicle space, and I look forward to working with the talented team to build on this strong foundation and accelerate our development,” he wrote.
Winfried Vahland, Polestar’s incoming Chairman, explained, “Michael Lohscheller is the ideal leader to guide Polestar into its next chapter.”
Vahland added that Polestar (and Volvo) owner Geely is still “deeply committed” to the EV maker’s success.
Top comment by Sam Faris
Thank you, Mr. Ingenlath. Having driven Volvos since 1973 and selling Volvos from 2002 - 2021, when I retired, I know what a stunning achievement Polestar represents. Timing is everything. Sir, you will be sorely missed.
Like in Europe, the Polestar 4 will be available in Single and Dual Motor setups in the US. It will start at $56,300 with up to 300 miles range.
| Polestar 3 and 4 electric SUV by trim in the US | Starting Price | Range (expected EPA-est) |
| Polestar 4 Long Range Single Motor | $56,300 | 300 miles |
| Polestar 4 Long Range Dual Motor | $64,300 | 270 miles |
| Polestar 4 Long Range Dual Motor model (with Plus and Performance packs) | $74,300 | 270 miles |
| Polestar 3 Long Range Dual Motor with Pilot Pack | $74,800 | 315 miles |
| Polestar 3 Long Range Dual Motor with Pilot Pack and Plus Pack | $80,300 | 315 miles |
| Polestar 3 Long Range Dual Motor with Pilot and Performance Pack | $80,800 | 279 miles |
| Polestar 3 Long Range Dual Motor with Pilot, Plus, and Performance Pack | $86,300 | 279 miles |
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After building its first Polestar 3 model in South Carolina earlier this month, the EV maker expects to expand in key auto markets like the US, Europe, and South Korea. The Polestar 3 starts at $73,400 in the US with up to 315 miles range.
Polestar’s stock is down over 14% following the news on Wednesday. Polestar share prices are now down over 55% in 2024 and 74% over the past year.
Update 8/29/24: Polestar releases Q2 2024 results. Despite fewer deliveries than last year, Polestar expects new models to drive growth. Following the release, Polestar shares are up over 15% (see the details here).
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