Toronto, Ontario — In this weekly Tuesday Ticker, Stellantis CEO Carlos Tavares departs his position, while Tesla continues on a rising trend after experiencing a 13 percent increase in its stock price last week.
Ta-ta, Tavares
After four years as the CEO of Stellantis, Carlos Tavares has parted ways with the automaker amid its struggling times.
Stellantis—the world’s fourth-largest automaker—announced that the Board accepted Tavares’ resignation on Dec. 1. In January 2021, Tavares became the head of PSA Peugeot after the company merged with Fiat Chrysler Automobiles.
In addition to Jeep, Citroen, and Ram, Stellantis’ lineup features brands like Dodge, Chrysler, Fiat, Peugeot, Maserati and Opel. Stellantis’ North American operations had been the primary driver of profits for some time, but 2024 has brought mounting challenges. The company pointed to increased competition and significant market shifts as contributing factors. Consequently, high sticker prices and a lack of affordable vehicles have left many costly models unsold at dealerships.
“The process to appoint the new permanent Chief Executive Officer is well under way, managed by a Special Committee of the Board, and will be concluded within the first half of 2025,” wrote Stellantis in a statement on Dec. 1. “When the appointment of the new CEO is concluded the following organization is implemented with immediate effect.”
As of 1 p.m. ET on Monday, Stellantis stock traded at EU$13.15 per share (CAD$19.64), down 37.94 percent year-to-date.
Tesla’s rise
Tesla’s shares have increased substantially since early Monday, Dec. 9, as the automaker hopes to keep up a nearly 13 percent rise from last week to achieve a price point it has not seen since early 2022. Year-to-date, Tesla stock is up 54.1 percent, as of 1:30 p.m. ET Monday.
In pre-trading hours on Monday, Tesla stock climbed to US$404.80 per share but later fell 1.6 percent to US$382.75 during trading hours. As per MarketSurge data, Tesla last exceeded a US$400 per share price point in January 2022, with its all-time high of US$414.50 reached on November 4, 2021.
On Friday, Tesla rose by 5.3 percent to US$389.22, contributing to a total weekly gain of 12.8 percent. Since President-Elect Donald Trump’s election victory, the stock has surged 55 percent, as investors speculate about impending advancements in self-driving technology, supported by the Trump administration’s easing of regulations for autonomous vehicles.
On Thursday, Tesla shares jumped 3.2 percent to US$369.49, breaking out of a recent trading range, which may have provided a buying opportunity for current shareholders. However, the stock is currently more than 70 percent above its 200-day moving average, suggesting it may be overvalued.
As of 1:30 p.m. ET Monday, shares of Tesla traded at US$386.39 per share.
The post Tuesday Ticker: What’s in store for Stellantis post-Tavares era; Tesla sees shares rise 54 percent year-to-date appeared first on Collision Repair Magazine.
