Stellantis offers 6,400 employees buyout packages

Automaker Stellantis is offering buyout packages to 6,400 employees, all of whom were not part of the recent United Auto Workers union strike.

The offer from one of the “Big Three” automakers comes after Stellantis — known for making 14 brands of vehicles, including Dodge, Chrysler, and Jeep — made a deal with the UAW members on strike. The company also stated it plans to launch eight electric vehicles as part of its Dare Forward 2030 strategy, according to a statement.

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“As we prepare for the transition to electric vehicles, Stellantis announced today that it will offer a voluntary separation package to assist those non-represented employees who would like to separate or retire from the Company to pursue other interests with a favorable package of benefits,” the statement read.

(Courtesy of Stellantis via AP)

Stellantis said it is offering these packages to take the “necessary structural actions” to protect its operations. 

The 6,400 employees being offered this package make up approximately half of Stellantis’s workforce.

Stellantis is not the only automaker offering buyout packages to employees in the wake of the UAW strike, as Ford is offering $50,000 buyouts to eligible employees. A “Special Retirement Incentive” is included in the $50,000 buyout, which would be for employees who retire next year, according to a report.

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The deal Stellantis and the UAW reached last month includes 25% in general wage increases over the next 4 1/2 years for top assembly plant workers, cost-of-living pay raises, and top assembly plant workers making more than $42 per hour. This deal will run through April 30, 2028.

Also included in the deal is a commitment by Stellantis to build a new midsize truck at its factory in Belvidere, Illinois, that was slated to be closed. About 1,200 workers will be hired back, and another 1,000 workers will be added for a new electric vehicle battery plant, the union said.