Per CNBC TV18
Stellantis is expected to eliminate 3,500 hourly jobs ahead of a United Auto Workers contract expiration
4/26/2023
Stellantis is expected to let go of thousands of workers ahead of one of its contracts expiring. Specifically, the United Auto Workers (UAW) contract expiration is expected to happen on September 14, but before that, the Metro Detroit automaker plans to let go of 3,500 workers.
Before the deadline comes, both the union and the company are already preparing for talks. Stellantis CEO Carlos Tavares gave a statement explaining the reason for the layoffs, saying it was due to its profits being affected.
Tavares noted that the reason why they had to lay off 3,500 workers was due to the company's profits being affected by electrification. The Stellantis CEO shared where the layoffs would happen.
Tavares said it would lay off 2,000 jobs in Italy and said it was laying off 1,350 workers from its Belvidere, Illinois, Jeep plant indefinitely. The Stellantis CEO gave a statement regarding the impact of electrification.
Tavares: “The cost of electrification is going to have an impact on the footprint of business that we are going to have around the world,”
The UAW described in a letter from the Local 1264 chapter the two incentive packages being offered. The first would be $50,000 for workers that were hired before 2007, while the second offer was lumpsum for employees that had at least a year of seniority.
UAW Chapter President Doug McIntosh gave a statement in the letter regarding a conference call they had, per Fox 2 Detroit.
McIntosh: "Today the Local Leadership had a conference call with Vice President Rick Boyer of the International Union... The purpose was to go over incentive packages that the company will be offering corporate wide."
Recently, Deloitte also said it would be letting go of 1,200 US workers, as some of its competitors announced that they would also be letting go of staff. KPMG and EY said that they would let go of staff, with KPMG saying they would let go of 2% of its workforce and EY saying they would let go of 5% of its workforce.
Disney also said it would let go of 15% of its workforce by downsizing its entertainment division.
See flow at unusualwhales.com/flow.
Other News:
- Deloitte to let go of 1,200 US workers
- Disney could downsize its entertainment division by eliminating 15% of its workforce
Resources:
Standard Chartered analyst apologizes for $120,000 bitcoin price call, says target 'may be too low'
5/19/2025 10:07 PMChina vows to take measures if the US insists on going its own way
5/19/2025 10:02 PMBerkshire’s T-bill holdings now exceed those of the U.S. Federal Reserve, which currently maintains a portfolio of roughly $195 billion in short-term Treasuries
5/19/2025 9:58 PMThe U.S. government posted a $258 billion budget surplus for April, up 23% from a year earlier
5/19/2025 9:55 PM
Stay Updated
Subscribe to our newsletter for the latest financial insights and news.
+With Unusual Whales
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.