Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares are trading lower on Wednesday. The Swedish electric performance car brand disclosed that Michael Lohscheller will become CEO effective October 1, 2024.

Lohscheller will succeed Thomas Ingenlath, who is stepping down after successfully positioning the brand for its next phase.

Michael Lohscheller has formerly worked as the CEO of Opel, VinFast, and Nikola. Polestar aims to expand its global presence and strengthen its position in the premium electric vehicle market.

Winfried Vahland, Polestar's incoming Chairman, said, "Polestar has experienced an exceptional start-up phase and with a broader model line-up, Michael Lohscheller is the ideal leader to guide Polestar into its next chapter."

"His deep industry knowledge, especially in driving operational excellence, developing a coherent product strategy and strengthening the global market presence will be instrumental in the next chapter of Polestar's growth."

According to Benzinga Pro, PSNY stock has lost over 70% in the last 12 months year. Investors can gain exposure to the stock via SPDR S&P Kensho Smart Mobility ETF (NYSE:HAIL).

Price Action: PSNY shares are down 14.6% at $0.9651 at the last check Wednesday.

Photo by Jeppe Gustafsson on Shutterstock

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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