stellantis

Stellantis is expected to eliminate 3,500 hourly jobs ahead of a United Auto Workers contract expiration

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Per CNBC TV18Stellantis 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 workersDisney could downsize its entertainment division by eliminating 15% of its workforceResources:CNBC TV18Fox 2 Detroit

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