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Stellantis to Buy Out Half its Staff

Chrysler parent Stellantis (NYSE:STLA) is offering buyouts to roughly half of its U.S. white-collar employees to reduce headcount and cut costs for the automaker’s North American operations.

The voluntary separation packages will be offered to 6,400 of its 12,700 nonbargaining unit U.S. employees with five or more years of employment, the company said Monday.

The move marks the latest cost-cutting efforts for the U.S. auto industry, as companies attempt to reduce costs amid economic concerns and billions of dollars in new investments for emerging technologies such as electric vehicles. Both General Motors (NYSE:GM) and Ford Motor (NYSE:F) also have cut salaried workers over the past year.

“As the U.S. automotive industry continues to face challenging market conditions, Stellantis is taking the necessary structural actions to protect our operations and the Company,” Stellantis said in an emailed statement. “As we prepare for the transition to electric vehicles, Stellantis announced today that it will offer a voluntary separation package to assist those non-represented employees who would like to separate or retire from the Company to pursue other interests with a favorable package of benefits.”

A Stellantis spokeswoman declined to comment on how many people or total costs the company would like to cut. She also declined to comment on whether involuntary layoffs are planned if not enough employees accept the buyouts.

STLA shares began Tuesday ahead 52 cents, or 2.6%, to $20.20.