Polestar is getting a new CEO amid EV sales slump

Just weeks ago, during an interview with TechCrunch, Thomas Ingenlath laid out his plan to turn Polestar into a self-sustaining company. Now, he’s out. 

Polestar said Tuesday Ingenlath has resigned as CEO, a position he has held since the EV startup spun out of Volvo in 2017. He will be replaced by Michael Lohscheller, who was previously CEO of the Stellantis brand Opel, as well as VinFast and Nikola.

The executive shakeup comes at a precarious time for Polestar, which has undergone layoffs and other cost-cutting measures over the past year.

The company, which is now publicly traded, is attempting to bring several new EVs to market even as it experiences slower sales growth. Earlier this year, Volvo divested a significant portion of its holdings. Polestar has since turned to banks for a $1 billion loan, critical funds needed to keep its EV plans moving ahead.