Deeply indebted Polestar fired its longtime director Thomas Ingenlath on Wednesday. This immediately caused the stock to plummet by 16 percent.
Polestar must now again deal with the threat of being thrown out of the stock exchange in New York – what is also known as a delisting.
On Wednesday this week, the car brand fired its managing director, Thomas Ingenlath. The 60-year-old Ingenlath has otherwise been with Polestar ever since it went from a racing team to an actual car brand.
But the board has lost patience. But it has been and is an expensive layoff. Immediately after the news, the brand's already suffering share plummeted by 16 percent. Which again brings it under one dollar.
The one dollar is the requirement for Polestar to be traded on the stock exchange at all. As the rules are now, the car brand has until January. Here, the trend must be reversed, if share trading is not to be stopped.
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It is not many weeks ago that Thomas Ingenlath otherwise defended the ailing share, which he thought at the time was a good buy, in a post on his LinkedIn profile.
The defense of the stock came immediately after Volvo sold the majority of its ownership in Polestar to the joint parent company, China's Geely.
The new man in Ingenlath's now former director's chair is his compatriot Michael Lohscheller. He comes from the position of director of the scandal-ridden companies Nikola and VinFast. The latter is i.a. been exposed in buying his own cars and threatening drivers with police harassment. Read more about it here .
– I am honored to be joining Polestar at such an exciting time in the company's history.
– Polestar has already established itself today as one of the most sought-after and innovative brands in the electric car segment, and I look forward to building on the strong foundation and continuing to accelerate our development, says Lohscheller.
However, the new German at the helm has quite a task ahead of him. Not least, he must find the many billions of kroner that Polestar owes Volvo. It has so far not been successful. Most recently, both brands have had to announce that the repayment of the loan, which was supposed to be out of the world this year, is being postponed again.
Read more exciting news from and about the world of cars right here!
