Polestar CEO Michael Lohscheller views the controversy surrounding Tesla CEO Elon Musk’s political endorsements as an opportunity to attract disenchanted Tesla owners to Polestar’s electric vehicle lineup.
In a recent Bloomberg interview, Lohscheller criticized Musk’s public support of Germany’s far-right AfD party, calling it “unacceptable” and “pure arrogance.”
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“For Germany, somebody outside of Germany endorsing right-wing political parties is a big thing. You just don’t do that,” Lohscheller stated. The CEO believes Musk’s political interventions have alienated many Tesla owners, particularly in Europe, where political sensitivities are heightened. He added, “We get a lot of people writing that they don’t like all this. A lot of people have very, very negative sentiment.”
Surveys suggest that as many as a third of Tesla owners have sold or are considering selling their vehicles due to Musk’s controversial actions. This discontent presents an opportunity for Polestar, a Swedish electric vehicle maker with ambitious growth plans but struggling sales.
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Since going public, Polestar’s stock has dropped 92% in value, and the company has faced challenges meeting sales targets. To address these issues, Polestar has secured additional funding, scaled back spending, and announced a shift toward a traditional dealership model to enhance customer engagement and sales.
Lohscheller sees Polestar’s expanding lineup as the key to its turnaround. With new vehicles in development, the company aims to capitalize on Tesla’s declining favor among some EV buyers while solidifying its own position in the competitive electric vehicle market.
