Boss of car making giant Stellantis abruptly quits

The boss of car making giant Stellantis - which owns brands including Chrysler, Vauxhall, Jeep, Fiat and Peugeot - has stepped down with immediate effect.

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, putting about 1,100 jobs at risk.

In a statement announcing Mr Tavares' departure, Henri de Castries, Stellantis’ senior independent director said "in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision."

Before his resignation, Mr Tavares was one of the most powerful people in the global motor industry.

He had a reputation as a ruthless cost-cutter, first at the French group PSA – then, following its merger with Fiat Chrysler in 2021 – at Stellantis.

Mr Tavares frequently made headlines in the UK by casting doubt over the future of Vauxhall operations in the UK, linking it to issues such as Brexit and government plans to force car makers to build more electric cars.

It is not yet clear whether his departure will affect the planned closure of Stellantis' Luton plant.

Mr Tavares’ position had been undermined recently by a dramatic fall in sales and profits at the company.

Stellantis' share price has fallen by 40% since the start of this year.

In September, the company said it had started to look for Mr Tavares' successor, but he was expected to stay in his role until at least 2026.

Stellantis said it now expected to appoint a new chief executive by the middle of next year.

In the meantime it said it will set up a new interim executive committee, led by the firm's chairperson John Elkann.