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CEO of auto giant Stellantis Carlos Tavares speaks to journalists during a joint media event by Stellantis and Leapmotor in Hangzhou, in eastern China’s Zhejiang province on May 14, 2024.  – | Afp | Getty Images DETROIT – Automaker Stellantis plans to once again reduce its U.S. employee headcount through a broad voluntary buyout, as the company attempts to reduce costs and boost profits. In an email to employees Tuesday morning, the company said it would offer a voluntary separation program to non-union U.S. employees at the vice president level “and below in certain functions.” The company, which reported disappointing first-half results last week, said if not enough employees participate in the buyout program, involuntary terminations could follow. The message said eligible employees will be sent an email in mid-August with instructions on how to access their individualized offers. Stellantis confirmed the buyout program, which was first by Automotive News, early Tuesday afternoon. “As Stellantis continues to address inflationary pressures and, importantly, provide consumers with affordable vehicles at the highest quality, we remain focused on taking the necessary actions to reduce our costs to protect the long term sustainability of the company,” the company said in an emailed statement. Stellantis CEO Carlos Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France’s PSA Groupe in January 2021. It’s part of his “Dare Forward 2030” plan to increase profits and double revenue to 300 billion euros by 2030. The cost-saving measures have included reshaping the company’s supply chain and operations as well as earlier headcount reductions. “With our commitment to executing our Dare Forward 2030 strategy, we must continue to adapt by streamlining operations and finding efficiencies that will enhance our competitiveness to ensure our future sustainability and growth,” the company…

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Filed under: News - @ July 30, 2024 6:12 pm