Stellantis has lost roughly €2.95bn (£2.44bn) in value as the chief executive of Vauxhall's parent company abruptly resigned, just days after the car brand's factory in Luton was slated for closure.

The car-making giant announced plans last week to shut its Luton van-making factory next April, putting more than 1,100 jobs at risk.

The boss of Stellantis has resigned after overseeing a sharp drop in car sales, as the Vauxhall owner struggles with the shift to electric vehicles.

Stellantis noted on Sunday that the process to appoint a new, permanent chief executive was 'well under way', but also signalled Mr Tavares’s departure followed a clash in the boardroom

THE boss of a major carmaker has sensationally stepped down – leaving the company’s future in an uncertain position. Chief Executive Carlos Tavares quit as the head of Motoring giants

His abrupt exit from the company - which owns brands including Vauxhall, Jeep, Fiat, Peugeot and Chrysler - comes two months after Stellantis issued a profit warning. Last week, the firm also announced plans to close its Vauxhall van-making factory in Luton,

Stellantis CEO Carlos Tavares abruptly announced his resignation on Sunday after leading the car giant for four years. Its board is already looking for his permanent replacement.