Stellantis shares plunge more than 7% on the Paris Stock Exchange after the resignation of Carlos Tavares

The automobile group announced on Sunday the resignation “with immediate effect” of its emblematic boss.

The stock of the Franco-Italian-American automobile manufacturer Stellantis fell by more than 7% on the Paris Stock Exchange on Monday, December 2, the day after the resignation of its general director, Carlos Tavares. Around 9:45 a.m., the stock lost 7.41%, to 11.61 euros, in last place in the CAC 40 index, itself down 0.96%. In a context of difficulties for the automobile sector, Renault's action also lost 3.97% in Paris and that of Volkswagen, whose employees launched a strike in Germany on Monday, fell by 1.49% in Frankfurt.

The Stellantis automobile group (Peugeot, Citroën, Fiat, Chrysler, Opel, Lancia, Jeep…) announced the resignation on Sunday “with immediate effect” by Carlos Tavares. The board of directors had already suspended its general director, 66, by announcing his retirement at the beginning of October and launched a succession process, but disagreements pushed him towards the exit.

Stellantis saw its net profit halved in the first half of 2024, before seeing its margins collapse in the face of more serious difficulties than expected in North America, with vehicles of criticized quality and prices considered too high. The process of appointing the new director general is already “on track” et “will be completed during the first half of 2025”underlined the group.