Thomas Ingenlath is out at the top of Polestar.
His tenure at the head of the Chinese-owned, Swedish-headquartered electric car brand will end on October 1, 2024.
He’ll be replaced by Michael Lohscheller, who’s previously served as CEO of Opel, VinFast, and Nikola.
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Michael Lohscheller 
Thomas Ingenlath
“I am honoured to join Polestar at such an exciting time in the Company’s history,” Mr Lohscheller said in a statement.
“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.”
It’s been a tough year for Polestar, both globally and in Australia.
Having missed its 2023 sales targets, the brand cut around 15 per cent of its workforce in January in a bid to reduce “external spend and, regrettably, also our number of employees”.
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In February, Volvo stopped the flow of funding to Polestar and handed full responsibility to the two brands’ shared parent, Geely.
“Geely will continue to provide full operational and financial support to Polestar going forward, and as a result Volvo Cars will no longer provide further funding to Polestar,” Volvo said in a statement.
Although Polestar secured US$950 million (A$1.46 billion) in funding from 12 global banks late in February, the investment didn’t reach the A$2 billion Polestar previously said it would need to break even in 2025.
In May, it was threatened with delisting from the Nasdaq stock exchange after failing to meet the security regulator’s deadlines for reporting.
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Globally, sales fell to 13,000 for the second quarter of 2024 – an improvement on the 7200 it managed for the first quarter, but down on the 15,765 it managed for the same period of 2023.
Having debuted with one model, the Tesla Model 3-rivalling Polestar 2, the brand has this year launched the full-sized Polestar 3 SUV and the smaller, sportier Polestar 4 coupe SUV.
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