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Michelin plans to buy back as much as $2.4 billion worth of shares, as the French company seeks to keep investors on side with its tire business under pressure.

Stellantis CEO Antonio Filosa blamed predecessor Carlos Tavares for going all-in on electric vehicles and failing to respond to shifts in the marketplace.

Two of Europe’s biggest auto manufacturers, Volkswagen AG and Stellantis NV, are pressuring the European Union to better protect the bloc’s troubled auto industry.

Carlos Tavares, in a new book, says the group’s French, Italian and U.S. operations might have to split if Stellantis fails to withstand pressures from stakeholders in its home bases.

Sales in North America slumped close to 10% during the third quarter, dragged down by slower demand for trucks and heavy-duty vehicles used in agriculture, Michelin said.

North American shipments jumped 35%, as Stellantis reintroduced popular models like the V8-powered Ram 1500 pickup.

Stellantis NV will temporarily halt production at some of its plants in Europe amid lagging demand for models including the Alfa Romeo Tonale sport utility vehicle.

Stellantis has forecast that U.S. tariffs would cost it $1.7 billion this year, as higher duties hit the Jeep maker’s already struggling North American business.

Stellantis on July 21 announced a surprise $2.7 billion first-half net loss, while analysts had expected a small profit. The maker of Jeeps is tallying the costs of trade wars.

Stellantis NV’s third-quarter revenues slumped 27% as the automaker shipped fewer cars from factories in most of its major markets.