09:37 AM EST, 11/08/2024 (MT Newswires) -- (Updates with a statement from Stellantis ( STLA ) throughout and to add the recent stock movement in the fourth paragraph.)

Stellantis ( STLA ) is laying off about 1,100 employees at its Jeep Gladiator plant in Ohio as early as Jan. 5 in an attempt to improve efficiency and reduce high inventory levels, the company said in a statement emailed to MT Newswires.

The carmaker said it will lower its production rate at the plant and move to a one-shift operating pattern from a two-shift pattern.

The auto giant said it expects the job cuts to allow its US operations a strong start to 2025 by adjusting production to meet sales.

Stellantis ( STLA ) shares were down 4.2% in recent Friday trading.

Price: 13.41, Change: -0.59, Percent Change: -4.18