The resignation of Stellantis chief executive Carlos Tavares comes just days after the firm announced Luton closure and Ellesmere Port investment

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.

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.

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.

Carlos Tavares is stepping down after nearly four years in the top spot of the automaker, which owns car brands like Jeep and Ram, amid an ongoing struggle with slumping sales.