In a significant leadership shift, Polestar (NASDAQ:PSNY), a prominent player in the premium electric vehicle sector, has announced the appointment of Michael Lohscheller as its new Chief Executive Officer, effective from 1 October 2024.
Lohscheller, a distinguished figure in the automotive industry, succeeds Thomas Ingenlath, who has been instrumental in steering Polestar since its inception and preparing it for its forthcoming growth phase.
Michael Lohscheller comes to Polestar with a robust portfolio, having previously held CEO positions at Opel, VinFast, and Nikola.
His track record of fostering operational excellence and spearheading strategic expansion in competitive markets is expected to be invaluable as Polestar aims to broaden its global presence and strengthen its standing in the evolving electric vehicle landscape.
With the automotive industry at a critical juncture of technological and environmental transformation, Lohscheller's appointment is poised to drive Polestar's ambitions of capturing a larger share of the global market, while continuing to innovate in the realms of sustainability and electric mobility.
Following the announcement, Polestar's share price rose by over 6% in premarket trading, reaching $0.14.