Skip to main content

Polestar (PSNY) loses its CEO at a pivotal point as two new electric SUVs hit the market

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.

Polestar-CEO
Polestar 4 (Source: Polestar)

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.

Polestar-CEO
Polestar 2 (left), Polestar 3 (middle), and Polestar 4 (right) (Source: Polestar)

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-CEO
Polestar 3 (Source: Polestar)

“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.”

Polestar-3-interior
Polestar 3 interior (Source: Polestar)

Vahland added that Polestar (and Volvo) owner Geely is still “deeply committed” to the EV maker’s success.

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 USStarting PriceRange
(expected EPA-est)
Polestar 4 Long Range Single Motor$56,300300 miles
Polestar 4 Long Range Dual Motor$64,300270 miles
Polestar 4 Long Range Dual Motor model (with Plus and Performance packs)$74,300270 miles
Polestar 3 Long Range Dual Motor with Pilot Pack$74,800315 miles
Polestar 3 Long Range Dual Motor with Pilot Pack and Plus Pack$80,300315 miles
Polestar 3 Long Range Dual Motor with Pilot and Performance Pack$80,800279 miles
Polestar 3 Long Range Dual Motor with Pilot, Plus, and Performance Pack$86,300279 miles
Polestar 3 and 4 prices and range by trim for the US (*including $1,400
destination fee)

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-CEO
Polestar (PSNY) stock over the past 12 months (Source: TradingView)

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).

FTC: We use income earning auto affiliate links. More.

Stay up to date with the latest content by subscribing to Electrek on Google News. You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.

Comments

Author

Avatar for Peter Johnson Peter Johnson

Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising

Manage push notifications

notification icon
We would like to show you notifications for the latest news and updates.
notification icon
You are subscribed to notifications
notification icon
We would like to show you notifications for the latest news and updates.
notification icon
You are subscribed to notifications