Electric vehicle manufacturer Polestar announced on Tuesday the appointment of Jean-Francois Mady as its new Chief Financial Officer (CFO). Mady, who previously served as a senior finance executive at Stellantis, will take over from Per Ansgar, effective October 21. This shift in the company’s leadership occurred soon after Thomas Ingenlath, the longtime CEO, was unexpectedly replaced by Michael Lohscheller, a former CEO of Opel and VinFast, a Vietnamese EV manufacturer.
This latest executive shift marks the fourth major leadership change at the Geely-backed EV maker in recent months, reflecting the company’s efforts to navigate through a period of significant financial and competitive challenges. The changes come as Polestar faces increasing tariffs in the European Union and rising competition from established players like Tesla and other traditional automakers.
Mady brings over 20 years of experience in the automotive finance sector, having previously held senior roles at Peugeot and Fiat-parent Stellantis. His appointment is seen as a strategic move to strengthen Polestar’s financial management and support its growth strategy amid a turbulent market environment.
The company recently secured a $300 million loan, adding to the $950 million credit previously obtained from a bank syndicate. This infusion of funds brings Polestar closer to its goal of approximately $1.3 billion in external financing. The urgent need for additional financing was underscored earlier this year when co-founder Volvo Cars decided to halt further funding. Despite this, Polestar’s majority shareholder, Geely, has pledged to continue its support for the company.
In addition to the financial adjustments, Polestar is working towards achieving a double-digit gross margin by the end of the year. The company has undertaken several cost-reduction measures, including negotiations with suppliers to lower manufacturing expenses across its product lines.
Polestar is also actively engaging with the European Commission concerning the impact of new tariffs on vehicles manufactured in China. As part of its strategy to mitigate the financial impact of these tariffs, Polestar is exploring options such as exporting some of its models from production facilities outside of China.
As Polestar continues to adapt to a rapidly evolving automotive landscape, the appointment of Jean-Francois Mady is expected to play a crucial role in steering the company through its current challenges and positioning it for future growth.
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