From CNBC: 2024-07-30 13:33:35

Stellantis CEO Carlos Tavares announced plans for a voluntary buyout program for non-union U.S. employees in an effort to reduce costs following disappointing first-half results. The company warned of potential involuntary terminations if not enough employees opt for the program, aiming to protect long-term sustainability despite recent job cut controversies.

Since the merger between Fiat Chrysler and PSA Groupe, Tavares has been implementing a cost-cutting strategy to increase profits. Stellantis aims to double revenue to 300 billion euros by 2030 through measures like reshaping the supply chain, earlier headcount reductions, and operational streamlining to enhance competitiveness and ensure future growth.

Stellantis has faced scrutiny over massive job cuts, reducing headcount by 15.5% between December 2019 and the end of 2023. Recent layoffs in the U.S. and Italy have sparked backlash from unions. The company last conducted a voluntary buyout program in November, offering deals to half of its U.S. white-collar employees.



Read more at CNBC: Stellantis to offer buyouts to U.S. salaried workers