Named Polestar CEO in mid-2024, Michael Lohscheller believes the brand has a unique opportunity to win new customers. He believes he can capitalize on Elon Musk’s bad image to boost his company’s sales. But is the Swedish firm really in the best position?
The Polestar boss is taking a stand against Elon Musk. While admitting in passing that he has done “incredible things with Tesla,” he recently called it “unacceptable” and “pure arrogance” that the billionaire supported the AfD, a far-right, populist, anti-immigration political party in Germany. In fact, he believes this situation could turn to Polestar’s advantage.
An opportunity for Polestar?
Despite its 8 years of existence, the Swedish brand is still considered a small fry in the automotive landscape. In August 2024, Polestar appointed a new CEO, Michael Lohscheller, to enable the company to become profitable. In order to achieve this goal, he wants to attract Tesla customers who are fed up with Elon Musk. Because the richest man in the world is at the heart of many controversies.
His political views are divisive. And that’s an “opportunity to seize,” according to Lohscheller. He’s convinced that could work in Polestar’s favor. Speaking to Bloomberg, he said, “A lot of people are writing to us and saying they don’t like this at all. It’s important to listen carefully to what they’re saying. And I can tell you that a lot of people have very, very negative feelings.”
Yes, but…
But as CEO of Polestar, a brand under the control of Geely, an industrial giant close to the Chinese government, can Michael Lohscheller really allow himself to judge Elon Musk? Indeed, China is not an example in terms of democracy or respect for human rights. In any case, he has passed the word to his sales teams: they must target those disappointed with Tesla to get them on board a Polestar.
Nevertheless, the road is still long. The firm spends nearly $110 million per month and survives partly thanks to colossal financing of nearly a billion dollars. To get back on track, the manufacturer will absolutely have to reduce its costs, sell more electric cars and gain share all over the world.
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