Big Three automaker Stellantis seeks 6,400 buyouts – nearly half its 12,700 total non-bargaining unit – as it accelerates into an electric future.
Citing “challenging market conditions”, Stellantis’ Media Relations Director Jodi Tinson said the offer is open to non-bargaining unit U.S. employees with at least five years of corporate service.
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The “Big Three” — Ford, General Motors, and Stellantis — have had a tough go of things lately. The recently concluded strikes by their employees were perhaps the most visible indication that all is not roses in U.S. Autoland, but there is a larger problem. That problem is summarized by the following headline from the Wall Street Journal: “Automakers Have Big Hopes for EVs; Buyers Aren’t Cooperating.”
The financial results of weak EV sales have been devastating for the Big Three. Ford reported a third-quarter operating loss of $1.3 billion in its EV division. Since it sold 20,962 EVs in the third quarter, the per-unit loss on each of those vehicles is an eye-popping $62,016. Ouch!
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Up to 146,000 United Auto Workers could strike starting this week if the Big Three auto companies don’t reach a new union contract agreement by 11:59 p.m. on Thursday.
UAW Union President Shawn Fain has repeated his mantra “record profits mean record contracts.” He says Big Three executives at Ford, General Motors and Stellantis have received hefty pay raises while inflation has eaten away at UAW workers’ paychecks.
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