Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Stock

Stellantis to lay off 400 workers at Detroit parts facility

By Nora Eckert

DETROIT (Reuters) – Stellantis (NYSE:STLA) added to its rising tally of layoffs on Friday, saying 400 workers at a Detroit automotive parts facility would indefinitely lose their jobs as the carmaker reduces costs in its struggling North American business.

“As Stellantis navigates a transitional year, the focus is on realigning its U.S. operations to ensure a strong start to 2025,” the company said in a statement.

The automaker on Wednesday laid off about 1,100 employees at a Jeep Gladiator plant in Ohio, and in August cut as many as 2,450 unionized jobs at a Michigan facility as it ended production of the Ram 1500 Classic truck.

Stellantis’ emphasis on cost-cutting has intensified as CEO Carlos Tavares tries to reverse its sliding sales and profits in the U.S.

Tavares recently shook up his top management, and the company announced he would retire after his contract ends in early 2026. Stellantis’ stock is down about 41% this year.

While the company has reduced its salaried workforce through voluntary buyouts, job cuts among its manufacturing employees represented by the United Auto Workers union have gathered the most attention from politicians.

The UAW didn’t respond to a request for comment.

President-elect Donald Trump recently warned that he would place a 100% tariff on Stellantis if the automaker tried moving U.S. jobs to Mexico.

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com