Carlos Tavares, the CEO of Stellantis, has unexpectedly resigned from his position.
This comes shortly after the company announced the closure of its Vauxhall plant in Luton, a decision linked to the UK’s stringent electric vehicle (EV) mandate.
Tavares’ departure is attributed to disagreements within the company’s board. While he was originally scheduled to retire in early 2026, the recent challenges faced by Stellantis, including declining sales and increased competition from Chinese automakers, have accelerated his exit.
The company has acknowledged the impact of the EV mandate on its business, particularly in the UK market. Tavares had been a vocal critic of the mandate, arguing that it could harm the UK automotive industry.
Stellantis is now facing a period of uncertainty as it searches for a new CEO to lead the company through these challenging times. The company will need to address the impact of the EV transition, rising costs, and declining sales to ensure its long-term viability.
Source: Daily Mail