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Stellantis (NYSE: STLA), the maker of Jeep, is offering voluntary buyouts to U.S. factory workers in Detroit, Ohio, and Illinois as part of ongoing efforts to cut costs following a challenging 2024. The move marks another step in the company’s broader restructuring strategy aimed at staying competitive in a fast-changing automotive market.
In a statement, Stellantis said it continues to evaluate operations to enhance efficiency and maintain its position in a dynamic industry. The United Auto Workers (UAW), which represents the majority of Stellantis factory employees, confirmed it had reached a deal with the automaker’s new leadership to offer workers multiple options, including retirement or voluntary separation packages.
The buyout offer comes amid leadership changes and growing tension between Stellantis and the UAW. Former CEO Carlos Tavares resigned in December after a sharp drop in U.S. vehicle sales and mounting union dissatisfaction. UAW President Shawn Fain previously accused the automaker of failing to honor terms of the 2023 labor agreement, triggering a federal lawsuit by Stellantis and nearly leading to a nationwide strike.
Chairman John Elkann is currently overseeing the search for Tavares’ successor, with a new CEO expected to be announced in the first half of 2025.
This isn't Stellantis' first move to downsize. The automaker laid off 400 salaried workers in March 2024, following two separate rounds of buyouts offered to thousands of U.S. employees in 2023.
Eligible employees must decide whether to accept the current buyout offer by May 8, 2025.
