At the same time, the chief executive’s demise is the latest sign of turmoil gripping Europe’s car industry as Chinese rivals muscle in to their markets around the world. The qualities that won Carlos Tavares praise at the height of his powers have now been blamed for his undoing as Stellantis boss - Benoit Tessier/Reuters “The situation is getting so difficult,

Carlos Tavares' abrupt exit comes two months after Stellantis issued a profit warning. Last week, the firm also announced plans to close its Vauxhall van making factory in Luton,

The boss of Stellantis has resigned after overseeing a sharp drop in car sales, as the Vauxhall owner struggles with the shift to electric vehicles.

The company, facing slumping sales, announced that Carlos Tavares would step down immediately and that a search for a new chief was underway.

The CEO’s exit comes after the automaker reported a slump in sales and slashed its profit outlook earlier for this year.

Stellantis chief executive Carlos Tavares resigned "with immediate effect" on Sunday, the maker of Jeep and Ram vehicles announced. The big picture: The Italian-U.S. auto maker had faced a sales slump and Stellantis' senior independent director Henri de Castries said in a statement that "in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today's decision.

As head of PSA Peugeot, Carlos Tavares took control of the company in January 2021 when it merged with Fiat Chrysler Automobiles.