Stellantis CEO Carlos Tavares admits to 'arrogant' mistakes in the U.S. market, leading to sales declines, bloated inventories, and investor concerns. The company plans to repurchase shares, incur $200 million in severance costs, move some EV production out of China, and cut costs amid competition from Chinese automakers. Stellantis also partners with Hon Hai Foxconn for a joint venture to develop automotive semiconductors.
🗞️ @Stellantis and @HonHai_Foxconn have established a 50-50 joint venture to develop and market automotive semiconductors, starting in 2026, to supply components for Stellantis' vehicles, including the 'STLA Brain' architecture, EVs, and other customers. https://t.co/LBTWRSbcte https://t.co/N5U6jQaLCb
Layoffs 2024: Pink slips to 10,000 startup employees so far this year – but there’s good news too https://t.co/S8QvGDGFLJ
Stellantis will aggressively move to cut costs as competition from Chinese automakers intensifies. https://t.co/CCVYZLJm3G
Stellantis to move some EV production out of China https://t.co/IEMEh9yewt
Stellantis is gearing up for $200 million in severance related costs in the 2H of 2024, which means more job cuts on the horizon #MacroEdge
Stellantis announces plan to repurchase shares during the second week of June 2024. #Stellantis #StockRepurchase #BusinessNews
The 10,800 game layoffs in 2024 already exceed all cuts in 2023 -- here's why | The DeanBeat https://t.co/UvsiTbZXpu
Stellantis is correcting what CEO Carlos Tavares described Thursday as “arrogant” mistakes by himself and the company in the automaker’s U.S. operations that led to sales declines, bloated inventories and investor concerns. https://t.co/Y9YrmpPQ48
Stellantis boss blames his "arrogance" for three mistakes in U.S. market. https://t.co/MwpHktVSof