• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Stellantis to lay off 400 workers at Detroit parts facility

by November 8, 2024
written by November 8, 2024

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
0 comment
0
FacebookTwitterPinterestEmail

previous post
Boeing exploring possible $6 billion sale of Jeppesen unit, Bloomberg News reports
next post
European shares log third week of declines on China, tariff jitters

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Sanofi plans to change hospital drug-discount program, WSJ reports
    • Bank of England allots second-highest amount on record at short-term repo

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy