Market Chatter: Stellantis Overhaul Raises Concerns Among French Workers

MT Newswires Live

Oct 10

Stellantis' (STLA) ongoing overhaul is raising worries among French workers that local operations could be sidelined under Chief Executive Officer Antonio Filosa's push to revive the carmaker, Bloomberg reported Friday.

Filosa, who became CEO in June, is reviewing operations of the multinational automotive group and has appointed several executives who he worked with previously in South America for executive roles in Europe, the report said. The moves have prompted French labor union CFE-CGC to warn that French know-how and interests are being marginalized, according to Bloomberg.

Stellantis has temporarily idled some European plants amid weak demand, while Filosa plans about $10 billion in US investments, the report said.

Stellantis did not immediately respond to MT Newswires' request for comment.

Shares were up 1% in recent premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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