Polestar is getting a new CEO amid EV sales slump

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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.



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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.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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