Stellantis to lay off 1,100 workers indefinitely
Published On Nov 7, 2024, 10:49 AM
Stellantis is laying off over 1,100 workers at its Toledo South Assembly Plant in Ohio due to a significant reduction in inventory levels to match demand. This decision is a part of the company's efforts to realign its operations for a more competitive future, especially as it navigates a transitional year. The layoffs, which will be effective as of January 5, 2025, are a response to the need for operational adjustments following over a decade of heavy investment in the plant.
Stock Forecasts
STLA
Negative
Stellantis's decision to lay off workers amid reducing inventory levels suggests potential challenges in sales and profitability in the short term. With the company focused on restructuring and realigning its operations, investors should anticipate possible short-term pressures on stock performance as the market processes news of the layoffs.
Related News
Stellantis recalls over 20,000 plug-in hybrid SUVs over potential brake pedal issue
Oct 16, 2024, 9:00 AM
Stellantis is recalling more than 20,000 2024-2025 model-year Alfa Romeo Tonale PHEV SUVs and 2024 model-year Dodge Hornet PHEV SUVs over a potential brake pedal issue.
Stock market today: Nasdaq leads stock declines after mixed jobs and economic data, oil spikes on Iran reports
Oct 1, 2024, 10:51 AM
Investors are looking to job openings and manufacturing data to provide clues to rate cuts as they digest Powell's latest comments.
Dodge-parent Stellantis tumbles on warning, dragging auto stocks lower
Sep 30, 2024, 12:51 PM
Stellantis stock tumbled 13% early Monday after the company issued a stark warning about its North American operations, dragging other auto stocks lower in sympathy.