According to a new report from Reuters, Polestar has announced a new CEO amid a $242 million loss in the second quarter. The new CEO, Michael Lohscheller, has previously served as CEO at both VINFAST and Nikola Motors.
The report notes the brand is looking to cut costs as it heads into 2025 amid a continued drop in electric vehicle sales, which make up the entire Polestar lineup. Alongside falling sales numbers, recent tariffs imposed by the U.S. add further pressure to cut costs as the brand must pull back from production efforts in China, according to the report.
As Volvo pulls away from the electric car brand, Geely, now the majority stakeholder, continues to support Polestar as they prepare to ramp up production on the Geely-based Polestar 4.
Read the full report from Reuters here.
