Stellantis NV Chief Executive Officer Carlos Tavares is stepping down after profit slumped and US sales weakened at the maker of Jeep SUVs and Fiat cars, according to people familiar with the situation.

Stellantis Chief Executive Carlos Tavares resigned abruptly on Sunday, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40% of its value this year.

Stellantis Chief Executive Carlos Tavares has resigned, the automaker said on Sunday, adding it aimed to find a new head in the first half of 2025.