Stellantis stock slumps after CEO departure
Jeep maker Stellantis’ stock price slid more than 7% Monday morning after its CEO, Carlos Tavares, announced his resignation Sunday evening.
The Dutch carmaker’s stock is now at its lowest point since October 2022. Tavares had been CEO since January 2021, after he led the merger of Fiat Chrysler Automobiles and France’s PSA Group, creating a new company under the name Stellantis. Before the merger, he was CEO of PSA Group.
Stellantis — which makes Jeep, Dodge, and Maserati vehicles, among others — has faced slumping sales and profits, largely driven by plummeting sales in North America. In its most recent quarter, it reported sales of $12.5 billion in North America, down from almost $20 billion in 2020.
The company said in September that it would reduce shipments in North America by more than 200,000 vehicles in the second half of 2024 compared to 2023. Part of the sales slump has been attributed to its vehicles being pricier than its competitors’.
In August, Stellantis announced plans to cut up to 2,450 jobs in a Detroit-area assembly plant.
Stellantis — which makes Jeep, Dodge, and Maserati vehicles, among others — has faced slumping sales and profits, largely driven by plummeting sales in North America. In its most recent quarter, it reported sales of $12.5 billion in North America, down from almost $20 billion in 2020.
The company said in September that it would reduce shipments in North America by more than 200,000 vehicles in the second half of 2024 compared to 2023. Part of the sales slump has been attributed to its vehicles being pricier than its competitors’.
In August, Stellantis announced plans to cut up to 2,450 jobs in a Detroit-area assembly plant.
