Swedish EV maker Polestar revamps management

Polestar, the electric car venture created by Volvo and now controlled by China's Geely, Wednesday named a new chief executive as it reshuffles its management to confront a shrinking share price and a stumbling EV market.

Michael Lohscheller, former chief executive of German carmaker Opel, on October 1 will replace Thomas Ingenlath, who has run the brand since its creation seven years ago.

Polestar had already recently replaced its chairman and chief of design.

Lohscheller "brings a wealth of expertise in the automotive industry, particularly in navigating competitive markets and scaling businesses," the company said in a statement.

Before heading up Opel, the 55-year-old Lohscheller worked for Mitsubishi in Europe and Volkswagen in the United States.

Polestar lost $415 million on sales of $2.4 billion in 2023.

Its shares, which in 2022 were trading on the New York Stock Exchange at just above $5, now cost about 15 cents.

The Gothenburg, Sweden-based company announced a cost cutting plan last November. It has struggled to compete with Tesla, but also Mercedes and Porsche, as the overall market for electric vehicles lags behind expectations.

"Polestar will be ambitiously expanding its global footprint and its position as a leader in the premium electric vehicle market in the coming years," the company said.

The company recently moved some production of its Polestar 3 to a former Volvo factory in South Carolina to avoid US import duties.