Polestar CEO Looks To Attract Tesla Customers Disenchanted By Elon Musk's Politics: 'Somebody Outside Of Germany Endorsing Right-Wing Political Parties... Totally Unacceptable'
Polestar Automotive (NASDAQ:PSNY) CEO Michael Lohscheller believes that Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk‘s involvement in global politics is pushing away customers.
What Happened: Lohscheller said in an interview with Bloomberg News that a lot of people have “very, very negative sentiment” about Musk’s involvement in politics. The Polestar CEO also said that he has told the company’s salespersons to target disappointed Tesla owners for potential business.
"For Germany, somebody outside of Germany endorsing right-wing political parties is a big thing," said Lohscheller, referring to Musk’s support of the far-right Alternative for Germany party. "You want to know what I think about it? I think it's totally unacceptable. Totally unacceptable. You just don't do that. This is pure arrogance, and these things will not work."
Lohscheller became CEO of Polestar in October.
Why It Matters: Earlier this month, Polestar reported a 15% drop in sales to 44,851 cars for the full year 2024.
The company is now aiming for a 30-35% compound annual retail sales growth from 2025 to 2027, with positive adjusted EBITDA in 2025.
"Both in terms of volumes and financials, we expect 2025 to be the strongest year in Polestar's history,” the CEO said earlier this month.
Polestar is also accelerating its shift to an active selling model, expanding retail partnerships and locations. Retail spaces will grow from 70 to 130 in Europe and from 36 to 57 in North America, while the direct-to-consumer online sales channel remains, it said.
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Photo courtesy: Polestar
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