financetom
Business
financetom
/
Business
/
Stellantis laying off about 400 US workers, citing 'unprecedented uncertantities'
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Stellantis laying off about 400 US workers, citing 'unprecedented uncertantities'
Mar 25, 2024 8:21 AM

(Reuters) -Chrysler parent Stellantis said on Friday it will lay off about 400 U.S. salaried workers as it seeks to cut costs, boost efficiency and ramp up electric-vehicle production plans.

The Italian-American automaker said it is reducing its engineering/technology and software organizations by about 400 U.S. jobs effective March 31, which represents 2% of those jobs worldwide. Last year, Stellantis twice offered buyouts to groups of U.S. workers, including giving 6,400 U.S. salaried employees a financial incentive to depart in November.

The company said, "As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure."

Both Ford Motor and General Motors have vowed further cost costs and cut some jobs over the last year.

Earlier this month, United Auto Workers President Shawn Fain said Stellantis had terminated 2,000 temporary workers, criticizing the decision as "about corporate greed." He noted that under the UAW contract reached with Stellantis last, around 3,000 temporary workers were converted to permanent jobs.

Stellantis in December said it would temporarily cut one shift at its Detroit assembly plant that builds Jeep sport utility vehicles and reduce production at its Toledo, Ohio, assembly plant that builds the Jeep Wrangler.

Stellantis cited preparations "for the transition to electric vehicles" last year in offering buyouts after telling employees earlier that a review of the company's operations "made it clear that we must become more efficient."

Stellantis plans to offer at least 25 battery-electric models in the United States by 2030.

The company did not disclose how many employees offered to take buyouts but said in February its North American workforce had fallen to 81,341 at the end of 2023, compared with 88,835 a year earlier.

Under the UAW contract, the company agreed to offer $50,000 buyouts for veteran production and skilled trade members in 2024 and 2026.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Market Chatter: Sprinklr Cuts Workforce 3%
Market Chatter: Sprinklr Cuts Workforce 3%
May 3, 2024
03:20 PM EDT, 05/03/2024 (MT Newswires) -- Sprinklr ( CXM ) is laying off about 116 workers, or 3% of its workforce, in countries including the US and India, TechCrunch reported Friday. Sprinklr ( CXM ) made the strategic business decision to realign our headcount across our customer operations organization, a company spokesperson said in an email to TechCrunch. While...
Apple's iPhone Growth in China, Third-Quarter Revenue Outlook Deter Bears, Oppenheimer Says
Apple's iPhone Growth in China, Third-Quarter Revenue Outlook Deter Bears, Oppenheimer Says
May 3, 2024
03:23 PM EDT, 05/03/2024 (MT Newswires) -- Apple's ( AAPL ) second-quarter iPhone growth in China, despite an overall sales decline in the key region, helped deter bears while its outlook for the ongoing quarter implies top-line rebounding after total sales dropped 4% in the March quarter, Oppenheimer said Friday. The brokerage reiterated an outperform rating and a $200 price...
Que Sera Sera, Everyday People Financial Down 8% As Co Continues As a Going Concern
Que Sera Sera, Everyday People Financial Down 8% As Co Continues As a Going Concern
May 3, 2024
03:13 PM EDT, 05/03/2024 (MT Newswires) -- Everyday People Financial Corp. ( EPFCF ) was at last look down 8% after earlier Friday publishing consolidated financial statements that have been prepared assuming the company will continue as a going concern. In its Management's Discussion and Analysis the company noted it had cash balance of $1.5 million as at December 31,...
Brazil rains disrupts chicken processing in key southern state - industry group
Brazil rains disrupts chicken processing in key southern state - industry group
May 3, 2024
SAO PAULO, May 3 (Reuters) - Heavy rains and flooding in Brazil's southernmost state of Rio Grande do Sul have reduced or paralyzed chicken slaughtering at 12 meat-packing facilities, José Santos, head of a local poultry lobby, said on Friday. Rio Grande do Sul is one of Brazil's largest chicken producers and exporters. Global meat companies including JBS SA and...
Copyright 2023-2026 - www.financetom.com All Rights Reserved