Polestar Stock Sinks After EV-Maker Announces Michael Lohscheller As New CEO: Retail Investors Unfazed

Swedish electric vehicle-maker Polestar (PSNY) appointed Michael Lohscheller as the new CEO. The firm said Thomas Ingenlath, who has served as CEO since Polestar's inception, has resigned effective Oct. 1st.

Lohscheller has previously served as CEO of Opel, VinFast and Nikola, and has expertise in navigating competitive markets and scaling businesses.

The leadership transition comes at a time when Polestar is looking to expand its global footprint in the coming years. Headquartered in Gothenburg, Sweden, Polestar’s cars are available online in 27 markets across North America, Europe and Asia Pacific.

Wall Street is disappointed with the leadership change as the stock declined over 14% on Wednesday. Retail investors on Stocktwits, however, are ‘extremely bullish’ (81/100), with message volume on PSNY’s stream at ‘extremely high’ levels.

The firm is planning to have a line-up of five performance EVs by 2026. Recently, the company announced that production of its luxury SUV, Polestar 3, has commenced in South Carolina, making it the first Polestar to be produced on two continents.

The company said its factory in South Carolina produces cars for customers in the US and Europe, complementing existing production in Chengdu, China. It is also taking additional steps to diversify its manufacturing footprint, with production of Polestar 4 scheduled to begin in South Korea from mid-2025.

Bullish Stocktwits followers are expressing optimism on the new CEO. One user named ‘FlexLuthor’ said Michael Lohscheller can push through the execution phase and get things done.

During the first quarter earnings report, Polestar had said it remains confident of an even stronger uptick in deliveries through the second half of the year, as sales of the two premium SUVs build. The company, however, noted there are short-term impacts from the introduction of import duties, alongside continued pricing pressure in global EV markets, including China.

Investors will be keenly watching out whether the firm continues to maintain its upbeat delivery guidance for the second half of the year in the upcoming earnings report. Retail investors are excited with the leadership change but the new CEO has a lot on his plate given the fact that Nasdaq-listed PSNY stock has lost over 92% of its value since its highs seen in Nov. 2021.

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