Just a few weeks ago, in an interview with TechCrunch, Thomas Ingenlath revealed plans to turn Polestar into a self-sustaining company. But now, he's stepped down.
Polestar announced on Tuesday that Ingenlath had stepped down as CEO, a role he had held since the electric-vehicle startup spun out of Volvo in 2017. He will be replaced by Michael Roescherer, who previously served as CEO of Stellantis-branded Opel as well as VinFast and Nikola.
The leadership changes come at a turbulent time for Polestar, which has implemented job cuts and other cost-cutting measures over the past year.
The publicly traded company is trying to bring several new electric vehicles to market even as sales growth slows. Volvo sold a big chunk of its stake earlier this year, and Polestar has since secured a $1 billion bank loan, essential funding to move forward with its EV plans.