Auto worker wipeout: Why car companies are cutting thousands of jobs [Business Insider]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: Business Insider
This is due to unprofitable EV investments, Chinese market losses, and more domestic competition. Major automakers around the world have announced multiple rounds of layoffs and factory closures in recent weeks as they struggle to turn a profit on EVs and face a potential onslaught of cheaper competition. Ford General Motors , and Stellantis plan to slash thousands from their workforce in the coming months. Volkswagen has announced plans to shutter three of its factories in Germany, which could come with massive layoffs. Unfortunately for the world's major carmakers, they aren't facing one issue but an agglomeration of several significant interconnected challenges at once. Add to that an ultra-competitive business with high overhead costs and low profit margins, and things quickly get very difficult. When there are wild shifts in market dynamics, regulatory requirements, and financial costs in a relatively short period of time, the results can be dire. That's what we're seein
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News
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- German giant Bosch becomes latest firm to give employees unwanted 4-day week as economy falters [Yahoo! Finance]Yahoo! Finance
- German giant Bosch becomes latest firm to give employees unwanted 4 day week as economy falters [Fortune]Fortune
- Vacationing in Iraq, mysterious chemical in water, Jeep's downward spiral: Catch up on the day's stories [CNN]CNN
- Stellantis faces lawsuit over 'spontaneous fire risk' in some Jeeps [USA TODAY]USA TODAY
STLA
Sec Filings
- 11/22/24 - Form 6-K
- 11/8/24 - Form 144
- 10/31/24 - Form 6-K
- STLA's page on the SEC website