{"id":1472969,"date":"2024-06-24T09:45:00","date_gmt":"2024-06-24T13:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1472969"},"modified":"2024-06-24T09:45:00","modified_gmt":"2024-06-24T13:45:00","slug":"massive-cost-cutting-stellantis-may-downsize-auburn-hills-in-attempt-to-cut-30-of-costs","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/massive-cost-cutting-stellantis-may-downsize-auburn-hills-in-attempt-to-cut-30-of-costs\/1472969\/","title":{"rendered":"“Massive” Cost-Cutting: Stellantis May Downsize Auburn Hills In Attempt To Cut 30% Of Costs"},"content":{"rendered":"

“Massive” Cost-Cutting: Stellantis May Downsize Auburn Hills In Attempt To Cut 30% Of Costs<\/span><\/p>\n

\n

Just when you thought the worst cuts in the auto industry were over as a result of overspending on EVs and extortion new contracts from labor unions, more layoffs look like they could be on their way.\u00a0<\/p>\n

At\u00a0last week\u2019s Stellantis investor meeting,\u00a0CEO Carlos Tavares said a ‘massive’ cost cutting effort would be underway, according to Click On Detroit<\/a>, who says this could mean layoffs at the Auburn Hills office tower.\u00a0<\/p>\n

The report says<\/a> that Tavares visited to specifically announce his cost-cutting program targeting the building that Lee Iacocca claimed was funded by minivan profits.<\/p>\n

Tavares is dispatching European plant managers to address issues, aiming to draw attention from his employees. He also outlined an “EV first strategy” and cost-cutting measures to compete with Chinese automakers globally.<\/p>\n

<\/a><\/p>\n

\u201cWe have at least two plants that need a significant turnaround, at least two,\u201d the CEO said.\u00a0\u201cBy the way, when we compare to leap motor, those 30% cost-competitive edge is what I\u2019m always talking about.\u201d<\/p>\n

Auto Analyst John McElroy said:\u00a0\u201cSo, he\u2019s going after the company with an axe right now to get costs down. The old Chrysler group as we know it in Auburn Hills is going to be a mere shadow of itself in just a couple of years.\u201d<\/p>\n

\u201cThey\u2019re going to take a lot; we\u2019re talking to thousands of people,\u201d he continued.\u00a0\u201cThe tower almost undoubtedly will be up for sale. Stellantis doesn\u2019t need all that office space anymore.\u201d<\/p>\n

The Chrysler group, while the most profitable for Stellantis, also has the highest costs and issues. To reduce expenses, engineering is being outsourced to low-cost countries like Turkey and Morocco, signaling the old headquarters building might face a fate similar to the Renaissance Center.<\/p>\n

Tavares says he is looking to cut 30% of costs at the company,\u00a0according to the report<\/a>.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 06\/24\/2024 – 05:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/massive-cost-cutting-stellantis-may-downsize-auburn-hills-attempt-cut-30-costs<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

“Massive” Cost-Cutting: Stellantis May Downsize Auburn Hills In Attempt To Cut 30% Of Costs Just when you thought the worst cuts in the auto industry…<\/p>\n","protected":false},"author":0,"featured_media":1472970,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1472969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1472969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1472969"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1472969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1472970"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1472969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1472969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1472969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}