Stellantis (NYSE:STLA) layoffs are a hot topic on Tuesday as the automaker cuts 539 temporary workers across the United States.
These job cuts are affecting part-time employees at the company as it reevaluates its headcount. This is part of the Dare Forward 2030 strategic plan. That plan is designed to improve the “efficiency, productivity, and market competitiveness” of Stellantis.
These aren’t the only layoffs Stellantis has announced recently. The company is also temporarily laying off roughly 2,250 workers in Italy. That includes those making the Fiat 500 and Maserati models.
Stellantis says that these layoffs will only be temporary. That will see them last from Feb. 12 to March 3. The company notes that the layoffs are due to weak demand.
Stellantis Joins Layoffs Trend
Stellantis is far from the only company that has been laying off employees lately. Headcount reductions have been taking place at several businesses across a variety of sectors. This comes as companies reevaluate their number of employees as the new year begins. Also weighing on businesses are inflation and interest rates.
Alongside the Stellantis layoffs comes a 3% drop for STLA stock. Some 3 million shares have traded as of this writing compared to a daily average trading volume of about 5.8 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
