Michael Lohscheller to Become the New CEO of Polestar

Starting October 1st, Michael Lohscheller will take on the role of the second CEO of Polestar since its separation from Volvo in 2017. Lohscheller is credited with returning Opel to profitability after transitioning from General Motors to the PSA Group in 2018—prior to the merger that formed Stellantis—and later went on to lead Vinfast and the electric truck startup Nikola.

He will replace Thomas Ingenlath, who, according to the company’s statement, "resigned." Before its separation, Polestar was a high-performance brand positioned at the top of the Swedish marque's hierarchy, similar to how AMG or M are for Mercedes-Benz or BMW.

While Ingenlath had a designer profile that helped create the futuristic brand image for the electric car manufacturer, Lohscheller is clearly a manager who designs—and executes—strategic plans.

He was the Chief Financial Officer for Volkswagen Group in the USA and Opel before leading the German brand. During his tenure at Opel, he managed to reduce fixed costs, simplify the product range, and prepare the brand to meet stricter emissions limits for which it was unprepared under General Motors.

These achievements were part of the PACE Plan, which Lohscheller helped design. In fact, while Opel was losing around 1 billion euros annually, Lohscheller managed to return the lightning bolt brand to an operating profit of 4.7% two years ahead of schedule.

Polestar is currently in a turbulent financial situation and reported operating losses of 220 million euros during the first quarter of 2024, a 5% increase compared to the same period last year.

The brand plans to launch SUVs 3 and 4 after summer, which is expected to help its revenue, which stood at around 310 million euros for the same period compared to over 500 million in 2023.

Ingenlath’s sales targets also fell short due to delays in launching the Polestar 3. For 2023, they had planned to close the year with 124,000 vehicles but ended up with 54,600.

Lohscheller is the latest change within the manufacturer, which last week replaced its Design Director—Philipp Römers from VW Group replaces Maximilian Missoni.

Additionally, Hakan Samuelsson, responsible for Polestar’s spin-off, will retire from his position as Chairman of the Board. Winfried Vahland, also from Volkswagen Group, is expected to succeed him.