Stellantis offering another round of buyouts to white-collar workers

Chrysler parent Stellantis
STLA,
+1.55%
plans to offer its second round of buyouts this year to a little more than half its white-collar employees in the United States, the Wall Street Journal first reported on Monday. The automaker, when reached for comment, said the buyouts would be offered to 6,400 non-union workers with at least five years of service to the company, out of 12,700. The move comes as the automaker tries to cut costs in an effort to pivot to electric vehicles and as the company prepares to pay out more after reaching a tentative deal with United Auto Workers union employees, the Journal noted. “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.” Shares were unchanged after hours.