Carlos Tavares has left his role as Stellantis chief (Image: Getty)
One of the world’s biggest car makers over a slump in sales as demand for the new models wanes.
Stellantis CEO Carlos Tavares has resigned after a supposed fall-out amid a sharp drop in vehicle sales.
Mr Tavares had previously suggested he would resign in 2026 but opted for an earlier departure as owner Stellantis struggled in the market.
It is understood there had been increasing tensions between him and other Stellantis board members on how to put the company back on track.
It has followed a decline in reported profits in 2024 with sales down across the key US and European markets.
Vauxhall has confirmed they will close its Luton base (Image: Getty)
The drop in sales has led to Stellantis’s shares falling by a staggering 43% this year alone.
The brand is one of the world’s biggest manufacturers with Fiat, Peugeot, Citroen, Vauxhall, Jeep, Alfa Romeo, Chrysler and DS all under its remit.
Stellantis’ senior independent director, Henri de Castries, admitted “different views had emerged”.
Mr de Castries said: “Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the board and the chief.
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“However, in recent weeks different views have emerged which have resulted in the board and the chief executive coming to today’s decision.”
Tavares had been critical of the Government’s Zero Emissions Vehicle (ZEV) mandate rules
The boss had previously if there were no changes to the policy.
The decision to leave comes just days after , putting the base’s 1,100 workers at risk.
Stellantis has revealed they plan to transfer “hundreds” of individuals to the group’s Vauxhall site in Ellesmere Port, Cheshire.
Stellantis chairman John Elkann confirmed a new CEO would be appointed in due course.
He said: “Our thanks go to Carlos for his years of dedicated service and the role he has played in the creation of Stellantis, in addition to the previous turnarounds of PSA and Opel, setting us on the path to becoming a global leader in our industry.
“I look forward to working with our new interim executive committee, supported by all our Stellantis colleagues, as we complete the process of appointing our new CEO.
“Together we will ensure the continued deployment of the Company’s strategy in the long-term interests of Stellantis and all of its stakeholders.”