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Breaking


Business


CHRYSLER PARENT STELLANTIS OFFERS BUYOUTS TO 33,500 EMPLOYEES—LATEST AUTOMAKER
TO CUT COSTS

Brian Bushard
Forbes Staff
I cover breaking news for Forbes
Apr 26, 2023,01:19pm EDT|

Updated Apr 26, 2023, 02:20pm EDT


TOPLINE

Automotive giant Stellantis—the maker of Chrysler, Dodge and Jeep—is offering
buyouts to roughly 33,500 U.S. employees in an effort to stave off layoffs that
have plagued other major manufacturers in recent months, making it the second
major automaker to launch a buyout program this month.



Chrysler, Dodge and Jeep parent company Stellantis [+][-]
plans to offer buyouts to thousands of employees.
Copyright 2021 The Associated Press. All rights reserved.



KEY FACTS

Stellantis offered the buyouts to 31,000 hourly blue-collar workers in the U.S.
and another 2,500 salaried employees with at least 15 years of service, the
company confirmed to Forbes on Wednesday, saying the move will “improve
efficiency, reduce costs and protect the competitiveness of our products.”



The automaker—which cut more than 1,000 of its roughly 272,000 employees
worldwide in February—did not list how many employees it was looking to cut as
part of the buyout program, though United Auto Workers union estimates the
company is aiming to reduce its headcount by roughly 3,500 hourly positions.




Chief Operating Officer Mark Stewart told employees in an email obtained by
Reuters the move is an attempt to make the company more efficient, saying: “The
competition is fierce, and the cost of electrification cannot be passed on to
the customer” (Forbes has reached out to Stellantis for comment).




TANGENT

General Motors announced earlier this month more than 5,000 of its employees
opted for buyouts just weeks after the Detroit-based company offered them,
taking on roughly $1 billion in costs. GM—the parent company of Buick, Cadillac,
Chevrolet and GMC—offered the buyouts for the majority of its 58,000 salaried
employees in the U.S. in an effort to stave off large corporate layoffs that
have hit major manufacturing and tech companies in recent months as recession
fears loom.




BIG NUMBER

3,000. That’s how many employees auto giant Ford cut in August—the largest round
of layoffs of any major automaker over the past 12 months. Electric vehicle
maker Rivian also underwent two rounds of layoffs over the past year, including
its most recent round in February, slashing 6% of its staff (roughly 840
employees), while electric car maker Lucid Group also announced plans last month
to lay off 18% of its workforce (1,300 employees).




FURTHER READING

5,000 GM Employees Take Buyouts In Cost-Cutting Program (Forbes)

Stellantis offering voluntary buyouts to 33,500 US employees (Reuters)


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Send me a secure tip.
Brian Bushard

I am a Boston-based reporter. Before joining Forbes, I covered the environment,
local government and the arts for a small-town newspaper on Nantucket. My
previous…

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