Polestar announced the appointment of Jean-Francois Mady, a former Stellantis finance executive, as its new CFO, following the recent replacement of CEO Thomas Ingenlath with Michael Lohscheller.
This move marks the fourth executive change at Polestar in recent months as the company navigates new tariffs in the European Union and increasing competition from Tesla and other automakers.
Mady will take over from interim CFO Per Ansgar on October 21. Ansgar will return to his role at Geely’s Swedish unit.
Polestar recently secured a $300 million loan, completing its $1.3 billion funding goal, which became urgent after Volvo Cars stopped further funding. Geely, Polestar’s majority shareholder, has pledged continued support.
In addition to its executive changes, Polestar aims for a double-digit gross margin by year-end through cost-cutting measures and is negotiating with the European Commission to address potential tariffs on Chinese-made vehicles.