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Tesla owners are experiencing increased vandalism, reflecting a shift in public sentiment. Meanwhile, Stellantis faces a significant profit drop, leading to leadership changes, while Lucid Motors reports substantial losses despite launching new models. Aston Martin plans job cuts and cost-saving measures, focusing on existing models rather than new launches.
The European automotive sector is facing significant challenges, with declining sales, job cuts, and labor unrest as companies like Volkswagen and Stellantis struggle to adapt to tighter regulations and shifting market demands. Analysts predict a tumultuous 2025, exacerbated by potential trade wars and stagnant EV demand, leading to unprecedented factory closures and employee protests. The situation reflects a broader economic downturn, with the auto industry’s struggles impacting Germany's economy and political landscape.
Carlos Tavares has resigned as CEO of Stellantis, effective December 1, 2024, following a significant decline in revenues and market performance, particularly in the U.S. The company faces challenges in repositioning, electrification strategies, and union relations, while rumors of a potential merger with Renault persist amid ongoing industry consolidation. Stellantis shares fell 6% to a low not seen since July 2022, reflecting investor concerns over its future direction.
Stellantis NV is facing a leadership crisis following the unexpected departure of CEO Carlos Tavares, leading to an 8.9% drop in shares in Milan and a 46% decline this year. Chairman John Elkann will lead an interim committee until a new CEO is appointed.
Stellantis CEO Carlos Tavares has resigned amid growing disagreements with the board of directors, effective immediately. The company is in the process of appointing a new CEO, with an interim executive committee led by chairman John Elkann. Tavares had been at the helm since the 2021 merger of Fiat Chrysler and PSA Groupe.
Stellantis CEO Carlos Tavares has resigned after nearly four years as the company faces ongoing challenges with declining sales. The board accepted his resignation, effective immediately, and an interim executive committee led by chairman John Elkann will oversee operations while a search for a new CEO begins. Tavares had previously led PSA Peugeot before the merger with Fiat Chrysler Automobiles in January 2021.
Stellantis NV CEO Carlos Tavares is stepping down amid declining profits and weakened US sales for the Jeep and Fiat brands. An interim committee led by Chairman John Elkann will oversee the company until a new CEO is appointed in the first half of 2025.
Italian tax police have conducted searches at several legal firms as part of an investigation into alleged tax fraud involving five individuals, including John Elkann, the Chair of Stellantis and Ferrari. Prosecutors announced the developments on Tuesday.
John Elkann
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