STLA - Stellantis cutting 600 jobs at French factory - report
2024-01-24 15:56:45 ET
- Citing increased competition among electric vehicle manufacturers and geopolitical developments, Stellantis ( NYSE: STLA ) plans to cut 600 jobs at its Mulhouse facility in eastern France, according to Reuters.
- The job cuts would impact contract employees only.
- A spokesperson from Stellantis told Reuters that the decision was not linked to the conflict in the Red Sea, but rather a "hesitant European market."
- EV sales in Europe fell in December for the first time since April 2020 with sales in Germany falling more than 47% from December 2022.
- Stellantis CEO Carlos Tavares recently said the company will not engage in a price war with its EV competitors, avoiding a "race to the bottom."
- Shares were down 1% late Wednesday.