Stellantis Assures Stability Amid Italian Automotive Industry Challenges

Stellantis, Italy's leading automaker, reassures that it will not shut any plants or implement mass layoffs amid declining industry output. Despite challenges like low electric vehicle demand and competition from China, the company remains committed to maintaining its operations within the country.

Stellantis, Italy's primary car manufacturer, has vowed not to close any plants or make substantial layoffs, as stated by an executive during a government-organized meeting. The industry faces hurdles like reduced demand for electric vehicles and increasing competition from China.

Giuseppe Manca, Stellantis' Italy human resources manager, confirmed the company's stance against plant closures or significant job cuts. Stellantis is navigating through industry difficulties, including hefty U.S. inventories impacting profit and cash forecasts.

Italian car production is struggling, with forecasts suggesting a drop below 500,000 units this year, marking a historic low since 1958. Stellantis plans to temporarily halt production at its Turin-based Mirafiori factory, home to the electric Fiat 500 and Maserati models.

(With inputs from agencies.)