Stellantis pledges not to close plants or slash jobs in Italy [Yahoo! Finance]
Stellantis N.V. Common Shares (STLA)
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Source: Yahoo! Finance
talks organised by the Italian government to address concerns about the country's car industry. Industry Minister Adolfo Urso hosted the meeting in Rome with industry representatives and trade unions, as the Italian auto industry grapples with falling output and idle plants, and sales of Stellantis' Italian brands Fiat, Alfa Romeo and Lancia are shrinking. "Stellantis does not intend to close any plants in Italy, just as it has no intention of making collective redundancies," Italy human resources manager Giuseppe Manca was quoted as saying in a company statement. Stellantis is facing industry-wide challenges such as low demand for more expensive electric vehicles and competition from China. It is also grappling with bloated U.S. inventories that have led it to cut profit and cash-flow forecasts. The company is Italy's sole major automaker, but its output there is tanking. Last month the FIM-CISL union predicted Italian annual vehicle production would fall to under 500,000 uni
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