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NEW YORK — Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the automaker amid an ongoing struggle with slumping sales.

Stellantis had already threatened to pull the plug on its U.K. operations, warning about the impact of what it says are the country’s too stringent EV targets.

Stellantis NV will delay the arrival of its two electric pickup trucks to the first half of 2025 from the end of this year, CEO Carlos Tavares said Nov. 19.

Stellantis said it would lay off about 1,100 workers at its Jeep plant in Toledo, Ohio, the latest in a series of job cuts as the automaker contends with bloated inventory and declining sales.

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

Stellantis continued to slash vehicle production and cut jobs in the United States this week, including at the automaker’s Detroit Assembly Complex.

China’s BYD Co. reportedly is hiring the former U.K. chief of Stellantis NV as the EV maker builds a team of European executives to lead its expansion in the region.

Ram brand sales are up 35% to 40% so far in October, Ram and Chrysler CEO Chris Feuell said at a Reuters automotive conference in Detroit Oct. 22.

Stellantis, formed from the 2021 merger of France’s PSA Peugeot and Fiat Chrysler Automobiles, has faced challenges this year in both Europe and the U.S.

Demand for electric vehicles is showing signs of recovering as prices for plug-in models are coming down, according to Stellantis NV and Renault SA.