DETROIT (AP) — Jeep and Ram maker Stellantis says it will offer buyout packages to many of its U.S. white-collar workers just five days after the company's CEO said the auto industry is in the middle of a significant storm.
The company told salaried workers that eligible employees will get individual offers in mid-August. The offers will be limited to certain job functions that Stellantis not identify. It also wouldn't say by how much it wants to cut the salaried workforce. The company has about 11,000 salaried workers in the U.S.
It wasn't clear whether similar offers would be made in other countries.
In a statement Tuesday, Stellantis said it faces inflationary pressures at the same time as it tries to make affordable vehicles for its customers. “We remain focused on taking the necessary actions to reduce our costs to protect the long-term sustainability of the company,” the statement said.
The company said in an email to employees that it will provide severance pay based on years of service, as well as cash lump sum payments to help cover health care costs. It also will provide job placement services, the email said.
“We must continue to adapt by streamlining operations and finding efficiencies that will enhance our competitiveness to ensure our future sustainability and growth,” the email said.
After a disappointing first-half earnings report on Thursday, CEO Carlos Tavares said the industry is going to be in turmoil. Net profits were down 48% compared with the same period last year.
Tavares also told reporters last week that the global auto industry is caught between consumers looking for more affordable vehicles and demands for more capital spending to develop new electric and gas-powered vehicles.
In North America, Tavares said Stellantis let inventory get too high, and plans to fix that in the first half didn’t work. Sticker prices, he said, are too lofty and often send customers fleeing from showrooms early in the shopping process even though discounts are available.
In March the company said it would lay off 400 white-collar workers in the U.S. as it deals with the transition from combustion engines to electric vehicles.
In November of 2023 the company formed in the 2021 merger between PSA Peugeot and Fiat Chrysler made buyout and early retirement offers to 6,400 nonunion salaried workers. It has not said how many took the offers.
FILE - The Stellantis sign is seen outside the Chrysler Technology Center, July 19, 2021, in Auburn Hills, Mich. Jeep and Ram maker Stellantis says it will offer buyout packages to many of its U.S. white-collar workers just five days after the company's CEO said the auto industry is in the middle of a significant storm. (AP Photo/Carlos Osorio, File)
CINCINNATI (AP) — Rhamondre Stevenson rushed for 120 yards and a first-quarter touchdown, Joey Slye kicked three field goals and the New England Patriots won Jerod Mayo's debut as coach, beating the mistake-prone Cincinnati Bengals 16-10 on Sunday.
Quarterback Jacoby Brissett, who got the starting nod for the Patriots over first-round draft pick Drake Maye, was not exceptional, but he held onto the ball and kept the Patriots moving well enough against slow-starting Cincinnati.
The nine-year veteran directed a methodical 80-yard drive in the first quarter that included six first downs was capped by a 3-yard TD run by Stevenson.
The Bengals were simply bad in the first half.
Cincinnati went three-and-out on its first three possessions. Joe Burrow moved the Bengals into the red zone in the second quarter and came away with nothing.
On third-and-11 on the Patriots 15, Burrow connected with tight end Tanner Hudson at the 9-yard-line, but safety Kyle Dugger stripped the ball at the goal line and cornerback Marcus Jones ran it 17 yards the other way.
In the second half, Cincinnati's Charlie Jones fumbled away a punt, which led to a Patriots field goal. Then the Bengals came up a yard short on a fourth-down pass and turned the ball over.
Cincinnati finally got into the end zone near the end of the third quarter on Zack Moss' 5-yard run. Evan McPherson's 51-yard field goal cut New England's lead to 16-10.
The Bengals got the ball back with 2:56 left, did not get a first down and elected to punt. Stevenson rushed for two first downs and the Patriots ran out the clock.
Bengals receiver Ja'Marr Chase, whose participation was in doubt as he awaits an expected contract extension, had six catches for 62 yards. Burrow was 21 of 29 for 164 yards.
Brissett went 15 of 24 for 121 yards.
Patriots: Host Seattle next Sunday.
Bengals: At Kansas City next Sunday.
AP NFL: https://apnews.com/hub/NFL
New England Patriots safety Kyle Dugger (23) breaks up a pass intended for Cincinnati Bengals tight end Mike Gesicki (88) during the first half of an NFL football game, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Carolyn Kaster)
New England Patriots safety Kyle Dugger, right, breaks up a pass intended for Cincinnati Bengals tight end Mike Gesicki during the first half of an NFL football game, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Jeff Dean)
Cincinnati Bengals running back Zack Moss (31) scores on a 5-yard touchdown run during the second half of an NFL football game against the New England Patriots, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Jeff Dean)
Cincinnati Bengals running back Zack Moss (31) celebrates with teammates after scoring on a 5-yard touchdown run during the second half of an NFL football game against the New England Patriots, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Jeff Dean)
Cincinnati Bengals running back Zack Moss (31) celebrates after scoring on a 5-yard touchdown run during the second half of an NFL football game against the New England Patriots, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Jeff Dean)
Cincinnati Bengals running back Zack Moss (31) celebrates with teammate Orlando Brown Jr. (75) after scoring on a 5-yard touchdown run during the second half of an NFL football game against the New England Patriots, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Carolyn Kaster)
New England Patriots quarterback Jacoby Brissett (7) is hit by Cincinnati Bengals linebacker Logan Wilson (55) as he throws a pass during the second half of an NFL football game, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Carolyn Kaster)
New England Patriots quarterback Jacoby Brissett (7) passes over Cincinnati Bengals linebacker Logan Wilson (55) during the second half of an NFL football game, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Carolyn Kaster)
New England Patriots tight end Hunter Henry (85) celebrates in front of Cincinnati Bengals linebacker Germaine Pratt (57) after catching a pass for a first down during the second half of an NFL football game, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Jeff Dean)
New England Patriots head coach Jerod Mayo watches from the sideline during the second half of an NFL football game against the Cincinnati Bengals, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Carolyn Kaster)
New England Patriots running back Rhamondre Stevenson (38) scores on a 3-yard touchdown run during the first half of an NFL football game against the Cincinnati Bengals, Sunday, Sept. 8, 2024, in Cincinnati. (AP Photo/Jeff Dean)
