The electric vehicle (EV) industry continued to get bad news on Wednesday, this time led by Polestar Automotive (NASDAQ: PSNY) CEO Thomas Ingenlath stepping down from the company. Michael Lohscheller was named CEO, but he won't be able to fix the company's problems very quickly or change industry dynamics.

Polestar's shares fell as much as 18.6% in trading today. Xpeng (NYSE: XPEV) was down 10.5% and Lucid Automotive (NASDAQ: LCID) fell 6.8%. At the close of trading, the three stocks were down 16.4%, 9%, and 4.1% respectively.

Lohscheller comes to Polestar with plenty of auto industry experience, but not a lot of success. He was previously CEO of Opel, VinFast, and Nikola -- not exactly the leading giants of the industry.

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Source Fool.com