Polestar CEO Thomas Ingenlath is resigning from his position and will be replaced by Michael Lohscheller, who previously served as CEO of Stellantis-owned carmaker Opel, the automaker announced Tuesday.
The move comes as Polestar has struggled to keep its finances up amid a wider slowdown in EV sales growth. It has gone through several rounds of layoffs and recently saw Volvo drastically reduce its stake in the company. Polestar is expected to report its second quarter earnings on August 29th. The company’s stock is currently selling for less than $1.
Ingenlath has been at the helm since Polestar’s inception in 2017. He oversaw the release of Polestar’s first two models: the $150,000 hybrid Polestar 1 sports coupe and the more…