Global automaker’s sales in North America declined over the past year because of high-cost models that dealers struggled to sell.

Stellantis chief executive Carlos Tavares resigned "with immediate effect" on Sunday, the maker of Jeep and Ram vehicles announced. The big picture: The Italian-U.S. auto maker had faced a sales slump and Stellantis' senior independent director Henri de Castries said in a statement that "in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today's decision.

Stellantis N.V. CEO Carlos Tavares resigned abruptly on Monday amid faltering U.S. sales and looming trade pressures, ending his tenure at one of the world's largest automakers as it grapples with industry-wide challenges.