Vauxhall owner shares fall as boss suddenly quits – London Business News | Londonlovesbusiness.com

Shares in Vauxhall owner Stellantis have fallen after the boss Carlos Tavares suddenly quit after the company announced plans to close the Luton factory.

Shares in Stellantis fell 8% on Monday after it was announced Tavares quit from the world’s fourth largest carmaker who also own Chrysler, Jeep and Peugeot.

Last week Stellantis announced they are planning to close the Luton van making factory from April 2025 putting 1,100 jobs at risk.

Vauxhall said this is part of their plans to invest £50 million into their Ellesmere Port plant in Cheshire where they will make electric vans.

Stellantis has launched consultation with their employees and unions as pressure has been mounting on UK car makers to make zero-emission vehicles.

Analysts at Jefferies said, “Although not a surprise, the early and immediate departure of chief executive Carlos Tavares leaves the group without leadership at a time of critical decisions.”