Stellantis to Offer Voluntary Buyouts to Thousands of Salaried U.S. Employees
Auto industry executives are grappling with rising costs and a challenging economic environment, leading many to employ aggressive cost-cutting measures. At Stellantis, the latest effort to right the ship will involve a voluntary separation program for its salaried U.S. workforce.
Stellantis’ plan does not have a minimum service requirement, and everyone from the VP level down will be eligible to participate. The process will begin soon and could involve thousands of the automaker’s U.S.-based employees. A spokesperson told Automotive News that eligible employees will receive an email in mid-August with details on their buyout amounts.
Though it’s hoping to achieve its headcount reduction goals with voluntary separations, the automaker said it would not be shy to employ involuntary separations (layoffs) if there aren’t enough employees willing to step away. A company rep said in an email, “With our commitment to executing our Dare Forward 2030 strategy, we must continue to adapt by streamlining operations and finding efficiencies that will enhance our competitiveness to ensure our future sustainability and growth.”
Stellantis, which houses the Jeep, Dodge, Chrysler, Maserati, Alfa Romeo, Fiat, Ram, and other brands, had a significant sales drop in the second quarter of 2024. It sold 344,993 vehicles, a 21 percent tumble from the same period in 2023. Even the company’s historically solid-selling models fell, including the Jeep Wrangler with a 17 percent drop and the Grand Cherokee with a 26 percent decline.
[Images: Stellantis]
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Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.
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