Swedish EV brand Polestar Automotive PSNY is appointing former Stellantis executive Jean-Francois Mady as its new Chief Financial Officer, the company said.
What Happened: Mady’s appointment shall be effective on Oct. 21. Previously, he was Senior Vice President of Global Accounting Operations and Finance Transformation at Stellantis Group.
Before that, the executive also held positions at French multinational automotive manufacturing company PSA Group.
Mady will now assume the responsibilities of Per Ansgar who served as interim CFO of the EV brand from January 2024. Angsar will return to his role as the CFO of Geely Sweden Holding AB after providing support to Mady in his new role.
Why It Matters: The new CFO announcement comes on the heels of the company appointing Nikola Corp. CEO Michael Lohscheller as its new CEO, effective Oct. 1.
Polestar, controlled by China's Geely, delivered about 13,000 cars globally in the second quarter, marking a jump of 80% as compared to the previous quarter. The company is now looking at an uptick in sales through the second half of the year with production of Polestar 3 in South Carolina slated to start at the end of summer.
For the quarter ended June 2024, the company reported an operating loss of $242.3 million, as compared to the loss of $273.6 million reported for the corresponding quarter of last year.
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Photo courtesy: Polestar
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