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Jeep-Owner Stellantis Offers Buyouts to U.S. Salaried Workers
The auto maker seeks to trim U.S. workforce, sharpen focus on zero-emissions vehicles
Stellantis STLA 0.15%increase; green up pointing triangle NV, the global parent of Jeep, Chrysler and other auto brands, said Friday it is offering voluntary buyouts to U.S. salaried employees as part of a restructuring to sharpen focus on new technologies and low-emissions vehicles.
The car company said it is offering the buyouts to certain white-collared employees this month with benefit packages that wouldn’t otherwise be available to them. The offers target employees with 30 years of experience and a pension, as well as those who are 55 years or older with 10 years of service, even if they aren’t eligible for a pension.
Stellantis declined to provide additional details, including how many of the 13,000 salaried employees in the U.S. are eligible for the buyout or whether it had a specific reduction target.
The auto maker said that the workforce buyouts were part of a continuing transformation as it shifts more resources into new software-driven technologies and expands its lineup of electric vehicles.
Stellantis, which was formed through the merger of France’s PSA Group and Fiat Chrysler Automobiles NV in 2021, has laid out ambitious targets for EVs, pledging to spend $35 billion in the coming years on new models and manufacturing capabilities, including building battery factories.
Across American corporations, executives are tightening belts in anticipation of an economic downturn. In the auto industry, some manufacturers have taken steps to freeze hiring or shrink staff, even though profits remain robust in an era of low inventory and buyers paying top dollar for new cars and trucks.
Stellantis has reported strong earnings throughout the pandemic, mostly bolstered by its heady performance in North America, where sales of pricey pickups and SUVs have driven its margins higher than those of many rivals.
In the first half of 2022, it posted double-digit increases in net revenueover the prior year, with adjusted operating margins for its North American business of 18.1%.
The shift to electric-vehicles is driving a rethink across the car business of staffing levels and resources.
Ford this summer laid off roughly 3,000 white-collar and contract employees to slash costs and better fund its transition to EVs.
In the U.S., Stellantis has said it wants to convert half of sales to battery-powered models by 2030. The transition includes the debut of an all-electric Jeep SUV next year, an electric Ram pickup in 2024 and an EV muscle car sold by the Dodge brand that same year.
The company has given priority to building battery plants in the U.S. and Canada to support its EV plans. It expects to start construction on the factories as soon as this year.
Stellantis has also been unique among auto makers in that Chief Executive Carlos Tavares embraced a work-from-home model even before the pandemic hit and is continuing to promote this approach.
The auto maker seeks to trim U.S. workforce, sharpen focus on zero-emissions vehicles
Stellantis STLA 0.15%increase; green up pointing triangle NV, the global parent of Jeep, Chrysler and other auto brands, said Friday it is offering voluntary buyouts to U.S. salaried employees as part of a restructuring to sharpen focus on new technologies and low-emissions vehicles.
The car company said it is offering the buyouts to certain white-collared employees this month with benefit packages that wouldn’t otherwise be available to them. The offers target employees with 30 years of experience and a pension, as well as those who are 55 years or older with 10 years of service, even if they aren’t eligible for a pension.
Stellantis declined to provide additional details, including how many of the 13,000 salaried employees in the U.S. are eligible for the buyout or whether it had a specific reduction target.
The auto maker said that the workforce buyouts were part of a continuing transformation as it shifts more resources into new software-driven technologies and expands its lineup of electric vehicles.
Stellantis, which was formed through the merger of France’s PSA Group and Fiat Chrysler Automobiles NV in 2021, has laid out ambitious targets for EVs, pledging to spend $35 billion in the coming years on new models and manufacturing capabilities, including building battery factories.
Across American corporations, executives are tightening belts in anticipation of an economic downturn. In the auto industry, some manufacturers have taken steps to freeze hiring or shrink staff, even though profits remain robust in an era of low inventory and buyers paying top dollar for new cars and trucks.
Stellantis has reported strong earnings throughout the pandemic, mostly bolstered by its heady performance in North America, where sales of pricey pickups and SUVs have driven its margins higher than those of many rivals.
In the first half of 2022, it posted double-digit increases in net revenueover the prior year, with adjusted operating margins for its North American business of 18.1%.
The shift to electric-vehicles is driving a rethink across the car business of staffing levels and resources.
Ford this summer laid off roughly 3,000 white-collar and contract employees to slash costs and better fund its transition to EVs.
In the U.S., Stellantis has said it wants to convert half of sales to battery-powered models by 2030. The transition includes the debut of an all-electric Jeep SUV next year, an electric Ram pickup in 2024 and an EV muscle car sold by the Dodge brand that same year.
The company has given priority to building battery plants in the U.S. and Canada to support its EV plans. It expects to start construction on the factories as soon as this year.
Stellantis has also been unique among auto makers in that Chief Executive Carlos Tavares embraced a work-from-home model even before the pandemic hit and is continuing to promote this approach.
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