CEO of carmaker Stellantis resigns over falling profits

Carlos Tavares, chief executive of the Stellantis carmaker, which produces the Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Jeep, Lancia, Maserati, Opel and Peugeot brands, will resign due to falling profits and declining sales. The company said in a statement on Sunday, December 1.

"The process of appointing a new permanent CEO is being finalized and will be completed in the first half of 2025," the statement said.

Until a new CEO is elected, management will be handled by an interim committee, with CEO John Elkann as chairman.

The company's shares have fallen 38% in value over the past year. Against this background, the company has decided to halve, to 200 thousand cars, to reduce the supply of cars in North America.

Draghi and enemies: EU calculates economic losses from Trump's return

New US administration promises Europe a trade war

Earlier, on November 26, Reuters reported that the shares of American and European car manufacturers fell because of the promise of U .S. President-elect Donald Trump to impose duties. Shares of General Motors and Ford Motor fell 4.2 and 2.2 percent, respectively, in pre-market trading, while Volkswagen shares fell 2.3 percent.

Prior to that, The Washington Post (WP) reported on November 20 that the trade duties that Trump is about to impose could severely damage European Union (EU) countries. According to economists, Trump's "protectionist measures" may cause further recession in Europe and complicate relations between allies.

On November 6, it became known that the EU fears that after the election of Trump may start a new trade war between the countries of the association and Washington. It was specified that in 2018, as President of the United States, Trump, for reasons of national security, introduced a duty on steel at 7% and a tariff on imports of aluminum with a rate of 10%.