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.

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,

Stellantis Chief Executive Carlos Tavares resigned abruptly on Sunday, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40% of its value this year. The company said it would seek to find a replacement CEO in the first half of 2025.

The car-making giant announced plans last week to shut its UK van-making factory next April, putting more than 1,100 jobs at risk.

Shares in Vauxhall owner Stellantis tumble after top boss quits abruptly - The car-making giant announced plans last week to shut its Luton van-making factory next April, putting more than 1,100 jobs at risk.

Stellantis chief executive Carlos Tavares has resigned abruptly, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40% of its value this year.