Stellantis Adapts to EV Challenge, Follows Tesla's Lead by Cutting Costs Through Global Job Shifts [Yahoo! Finance]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: Yahoo! Finance
The company, known for producing Jeep SUVs, Opel Corsas, and Chrysler minivans, now targets hiring where the annual cost per engineer is roughly 50,000 euros (roughly $53,400) or less, a fraction of the cost in places like Paris and Detroit. The company's CEO, Carlos Tavares, faces criticism for his high compensation amid widespread job reductions and worsening working conditions for the remaining staff, Bloomberg reports Also Read: Stellantis CEO Warns Of Challenging Year Amid Rising Prices: Report Facing declining electric vehicle (EV) demand, Western automakers, including Tesla Inc (NASDAQ: TSLA ) and Volkswagen AG, are cutting jobs and relocating production to more affordable locations. Stellantis aims to locate about two-thirds of its engineering workforce in these cost-effective regions over time. The strategy includes significant personnel adjustments. For instance, Stellantis plans to add 500 engineers to its nearly 4,000-strong team in Brazil and is hiring electron
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