Electric dreams become a nightmare for Stellantis dealers
The destructive tenure of Stellantis CEO Carlos Tavares has come to an abrupt but welcome end. Tavares, who had led the auto manufacturer since the 2021 merger that unified brands such as Fiat, Dodge, Jeep, Peugeot, Citroën, and Alfa Romeo, leaves a company grappling with severe challenges. Stellantis faces a sales slump, inventory surpluses, widespread layoffs, labor unrest, a dealer backlash, and a troubled push toward electric vehicles — all symptoms of a deepening crisis.
Just 10 months ago, Stellantis announced a $39 million compensation package for Tavares, making him the highest-paid auto executive in the world. This marked a 56% increase from his previous earnings. When questioned about his pay, Tavares told reporters, “Ninety percent of my salary is determined by the results of the company, so this proves that the company's results are apparently not too bad.”
Tavares failed to serve his company, shareholders, customers, or franchised dealers. Instead, he served two masters: himself and the globalist eco-bureaucracy.
U.S. auto dealers, angered by the company’s struggles, have directly linked its crisis to Tavares’ shoddy leadership. They accuse him of making short-sighted decisions that inflicted long-term damage on the company while ensuring significant financial gains for himself in the short term.
Under Tavares’ leadership, Dodge, Chrysler, and Jeep dealers in the United States have struggled with an overwhelming surplus of unsold inventory. Dealers have criticized the inventory as overpriced compared to competitors, compounded by a stale lineup with new models still years away. The company discontinued popular gasoline-powered vehicles, leaving gaps in the product lineup. Rather than lowering prices or offering incentives to clear dealer lots, Stellantis chose to cut production and lay off employees, worsening the situation.
The company’s third-quarter financial results this year were disastrous, marking a near-unprecedented decline outside of an economic crisis or major disaster. Global vehicle sales dropped 20% compared to the same period in 2023 while U.S. sales fell 36%, plummeting from 470,000 units to fewer than 300,000. Revenue plunged 27% year over year. In response, Stellantis slashed production, delivering 170,000 fewer units to dealers yet failing to resolve the glut of aging inventory still clogging dealer lots.
The EV bubble bursts
Stellantis’ third-quarter sales collapse this year is even more striking when compared to the second quarter. Revenue in Q3 fell to $36 billion, a sharp 23% decline from the $47 billion reported in Q2. Sales effectively collapsed during the summer, signaling a rapid downturn for the automaker.
One key factor behind Stellantis’ limited and outdated product lineup was Tavares’ unwavering commitment to an electric vehicle future. Several high-volume, gasoline-powered models were discontinued to make way for electric replacements that are still years away.
For example, the Chrysler 300 was phased out with plans for an electric successor in 2026, leaving dealers without a comparable product to sell in the interim. Similarly, the Dodge Charger and Challenger were discontinued in 2023 to make room for a future electric Charger, further shrinking the lineup. With the EV transition faltering, dealers now face an uncertain future and a glaring lack of viable products.
Amid this upheaval, Stellantis maintained luxury car pricing, all while working to slash labor costs by shifting production and labor costs to low-wage workers outside of Europe and the United States. There have been near constant announcements of layoffs in the past year, including that of 400 engineers at Stellantis’ U.S. headquarters who were let go and replaced by engineers in Brazil and Mexico at dramatically lower salaries.
As Europe’s electric vehicle bubble burst and consumers increasingly rejected EVs, especially with the decline of government incentives, Stellantis dealers called for relief from the strict EV mandates imposed on the industry. But Tavares refused to intervene.
In fact, Tavares took the opposite approach. While other automakers, including Volkswagen and Renault, urged European regulators to relax emissions mandates meant to drive the EV transition, Tavares redoubled Stellantis’ commitment to the unobtainable goals.
“Electrification is a high-cost transition, and only those with the financial strength and vision to adapt quickly will survive in this environment,” he said, signaling his belief that the company could outlast its competitors.
With Carlos Tavares unwilling to fight for Stellantis as the EV bubble burst, its European dealers were forced to take matters into their own hands. They appealed directly to the European Commission for relief from the impending 2025 emissions restrictions.
Dealers revolt, shareholders suffer
Meanwhile, in the United States, Stellantis’ National Dealer Council released a scathing open letter to Tavares just weeks earlier. The letter aimed to “sound an alarm” to investors, employees, and Stellantis board members about the CEO’s “reckless short-term decision making.” The council accused Tavares of causing the “rapid degradation” of the Dodge, Ram, Chrysler, and Jeep brands and overseeing a significant collapse in market share.
For over two years now, the U.S. Stellantis National Dealer Council has been sounding this alarm to your U.S. executive team, warning them that the course you had set for Stellantis in the U.S. was going to be a disaster in the long run. A disaster not just for us, but for everyone involved — and now, that disaster has arrived. In 2023, you engineered a record year of profitability for Stellantis, earning you the title of the highest-compensated automotive CEO. You personally earned a record amount of almost forty million dollars that year. Unfortunately, the engineering and structuring of that year have led us to exactly where we told your executives we would be today.
The bill has come due for the decisions that you made to engineer those profits in 2023, and your attempt at a soft landing on the backs of your employees, your dealers, and your suppliers is frankly just wrong. We did not create this problem, the federal government did not create this problem, the UAW did not create this problem, and your employees did not create this problem — you created this problem.
With Tavares’ departure, Stellantis has an opportunity to begin a rescue effort, though at this stage, it may be more of a salvage operation.
Glenn Beck recently wrote about the growing wave of anti-institutional anger, warning for years that it could erupt into chaos. Tavares’ extraordinary self-awarded compensation, approved by the board despite actions that weakened a global industrial giant, will only fuel that rage.
Tavares failed to serve his company, shareholders, customers, or franchised dealers. Instead, he served two masters: himself and the globalist eco-bureaucracy that seems content to watch Stellantis collapse as a manufacturer of gasoline-powered vehicles.
To maintain both civil and economic order, investors and corporate boards must take responsibility for preventing further destruction of institutions like Stellantis. Greedy and self-serving leaders, such as Carlos Tavares, cannot be allowed to undermine companies at the expense of all other stakeholders.
Trump takes the wheel: Can he put the US auto industry back in the fast lane?
What's in store for the auto industry once Trump's in the driver's seat?
A lot of automakers are hoping the country can switch lanes. Under Biden, it's been a bit of a road to nowhere, with current regulations mandating strict fuel efficiency and emissions standards by 2030.
This year’s election promises to be more consequential to the automotive industry than any previous election.
These standards, of course, are meant to steer the industry toward electric vehicles. One problem: The consumer demand just isn't there, at least in the near term. Factor in the substantially higher production cost of EVs compared to traditional gasoline and hybrid models, and the government is asking these companies to take a huge financial risk.
Volkswagen Group and Stellantis are two automotive giants already feeling the pain of too much investment in EVs, as their recent cost-cutting measures demonstrate.
Shifting gears
Expect the Trump-Vance administration to shift away from the electric vehicle mandates, though the degree of pullback is unknown. Given the level of resources both domestic and foreign automakers have already invested in EV production and the multi-year timeline required to change product plans, a substantial reduction in EV incentives and sales will still prove costly for the industry.
The uncertainty surrounding political shifts has long been one of the most challenging aspects of running a successful car company. This year’s election promises to be more consequential to the automotive industry than any previous election.
An impossible path
The disconnect between current electric vehicle regulations and real-world consumer demand has put traditional automakers on an impossible path. They've invested billions in rapid EV development even as sales have lagged and cars have piled up on dealer lots.
We expect the Trump administration to carefully assess and ultimately replace the existing MPG mandates (a de facto EV mandate) with a policy that better recognizes market reality.
While this will be a net positive for traditional automakers, it could mean even slower growth in EV sales and a tougher road ahead for electric vehicle brands like Lucid, Rivian, and Tesla.
We wonder if Trump's new BFF, Elon Musk, will have anything to say about that. Perhaps Tesla's market dominance — as well as its exemption from tariffs as an American-made car — will let it continue to thrive. Musk is nothing if not resourceful.
CARB cutting
Once Trump takes office in January, he could quickly roll back these onerous emissions standards by executive order.
Some questions remain: How soon until the automaker CEOs make formal requests to Trump to abolish the EV mandate? Can we finally abolish the California Air Resources Board?
California has long had outsized power to drive the national EV agenda. The state not only leads the country in EV adoption, it is also responsible for creating the Zero-Emission Vehicle program, which requires new vehicles to reach 100% zero-emission and clean plug-in hybrid-electric status in California by the 2035 model year.
So far, 16 other states have adopted the ZEV program; the average number of EVs per 10,000 residents in those states is more than double what it is in non-ZEV states.
But with Trump’s advisers already planning to revisit the Clean Air Act waivers that allow California to enforce its own, stricter pollution standards, the Golden State's grip on the kind of cars Americans get to drive could be weakening.
We will be watching all the new rules and regulations and will keep you posted.
Is the auto industry headed for a crash?
Plant closures in Europe. Layoffs in America. Plunging sales everywhere.
The auto industry is in trouble — and we could all end up suffering the consequences.
EV woes have hit Ford as well. Later this month, the carmaker will suspend operations at its F-150 Lightning EV plant for the rest of year.
Let's start with Volkswagen. The company stands proud as the biggest carmaker in Europe, and it has never closed a factory in its home country of Germany.
Until now.
Punch buggy blues
At the end of October, the company asked workers to take a 10% pay cut as part of an ongoing campaign to cut costs across the VW Group. Industry insiders fear that domestic plant closures — the first in the company's 87-year history — could be next, with up to three German factories shutting down, costing more than 100,000 jobs.
“Management is absolutely serious about all this. This is not saber-rattling in the collective bargaining round,” warned Volkswagen works council head Daniela Cavallo in a speech to employees.
These cuts would reduce the number of domestic plants to seven and cut the workforce by a third.
The plants that do stay open would also endure cost-cutting measures, according to a separate report, with downsizing and wage freezes on the table.
VW aims to save about €10 billion (roughly $10.8 billion USD) by 2026.
Thomas Schaefer, the head of the Volkswagen brand, has previously noted that German factories are operating at between 25% and 50% above targeted costs. This is largely due to Europe’s high energy costs, which German carmakers say are four times higher than in China and the United States.
Compounding this problem are increased competition from Chinese brands and a lack of demand for electric cars.
Volkswagen hasn’t commented on the report, and it hasn’t announced plant closures or layoffs yet.
Previously, Volkswagen had considered buying Audi's struggling EV plant in Brussels. Those plans changed, and with no other suitable buyers on the horizon, the plant may close its doors for good.
The outlook isn't much sunnier stateside, either.
GM feels the heat
General Motors is laying off some 1,000 software workers globally, 600 of whom are employed at its tech center in Warren, Michigan.
In a memo to workers obtained by Automotive News, GM said the cuts were to enable it to “move faster, pivot when needed, and prioritize investing in what will have the greatest impact.”
This is certainly a pivot from the last several years, in which GM has been expanding its software team to help with its electrification and autonomous efforts. The company had predicted that those services could generate $25 billion in revenue by 2030.
While General Motors has claimed that these cuts target "software and service" employees, that's not exactly true. The layoffs come from GM's Ultium division, which is the sub-EV company GM created to differentiate it from its gasoline engine department.
I can confirm that Ultium has let go a number of thermal engineers without warning. Thermal engineers, as you might guess, are crucial to thermal management: keeping EV batteries, power electronic systems, and motors from overheating.
Is this a sign that GM is no longer all-in on electric and is drastically reducing R&D on future EVs?
Sure looks like it.
Ford's loser Lightning
EV woes have hit Ford as well. Later this month, the carmaker will suspend operations at its F-150 Lightning EV plant for the rest of year.
The highly touted electric pickup loses the company $40,000 on each vehicle sold. Hardly sustainable, especially given that Ford's Q3 net income is down 26%, and cost issues have caused it to drop its full-year adjusted earnings projection to around $10 billion.
Mercedes: Bust in class
The luxury car market isn't what it used to be, either.
Mercedes Benz has cut production on its S-Class line in response to declining sales: down 13% in China, 19% in the U.S., and 27% in Europe. The high-end vehicles have been rolling off the company's cutting-edge Factory 56 assembly line in Germany since 2020 — always in at least two shifts.
Now, for the first time since Mercedes opened what it touts as the most modern car factory in the world, one shift will suffice.
The plant also builds the electric EQS as well as Maybach and AMG models. Mercedes will refresh the S-Class next year, so demand could pick back up with a new model.
Ram tough
Stellantis CEO Carlos Tavares has been heaping scorn on his previous U.S. management team and no wonder: Third-quarter sales in North America were a disaster, falling 20%, and down 17% for the year.
That's bad news for iconic American brands Jeep, RAM, Dodge, and Chrysler — and it has investors heading for the exits.
But times are tough all over for the car conglomerate. Sales in Europe fell 17%, with even Maserati relegated to the slow lane with a stunning 60% drop.
Business isn't much better in China, India, and Asia Pacific, where sales fell 30%.
Border run
And in a move that is sure to infuriate the UAW, Tavares plans to move production of Ram's full-size 1500 pickup truck from the U.S. to its Saltillo, Mexico, plant, which already produces Ram heavy-duty pickups and vans.
While Mexico offers lower labor costs, no doubt the move is also to prevent the UAW from choking off production during any future strike. We think that’s the same reason Ford moved part of its heavy-duty truck production to Canada. It’s a game of chess, and both Ford and Stellantis are working to escape checkmate.
For more on the ongoing car industry crisis, check out my video below:
Foreign owner runs Dodge, Ram, and Jeep into the ground
The world's fourth-largest automaker is in trouble.
Stellantis, the Netherlands-based conglomerate that now owns iconic American brands Chrysler, Ram Trucks, Dodge, and Jeep, anticipates disastrous third-quarter sales figures.
Dodge's reputation for performance has also been squandered. In what world does it make sense to get rid of the Charger and the Challenger?
On Wednesday, the company reported sales 20% lower than the third quarter of 2023, a decline that puts them down 17% for the year.
Investors are heading for the exits.
Worse than COVID
Although the company will not post global Q3 sales until the end of the month, there's little reason to expect an upswing. Bloomberg reports that its production in Italy has cratered, dropping 41% so far this year to about 238,000 vehicles.
That's fewer than the amount of vehicles it made in 2020, when the COVID pandemic shut down its plants.
More dire numbers:
The stock price dropped 12% this week and is down 40% so far this year. At the beginning of the year, the company’s market cap was $70 billion. Now it’s $36 billion, a $34 billion drop in value in only 10 months.
A bad year for Tavares
This is a drastic change in fortunes. Last year, Stellantis was one of the most profitable full-line manufacturers, with double-digit margins, and Carlos Tavares was hailed as one of the best CEOs in the business.
But this year, he’s managed to turn everyone against him: his dealers, his unions, his employees, and even the Italian government. The board is also actively looking for a new CEO when his contract expires in 2026.
And it’s possible he won’t even last that long. The board of directors may have to buy him out, if only to prove it’s upholding its fiduciary duty.
I could've had a V8!
Consider one of the company's most glaring missteps: removing the Hemi V8 from its two most valuable brands, Jeep and Ram, while pouring more money into electric vehicles people just aren't buying.
Dodge's reputation for performance has also been squandered. In what world does it make sense to get rid of the Charger and the Challenger?
Dodge could have sold the Challenger, on that platform, for another 10 years with competitive volume against the Mustang — especially with no more competition from the Camaro.
The Challenger and the Charger were moneymakers; the profit per car when you have the same platform for 20 years is unbeatable. Sadly, a combination of restrictive government regulations and an inability or unwillingness to understand the American market did them in — and Dodge may soon follow. Stellantis clearly needs a Lee Iacocca.
It's done no better with its Italian sports car brands, removing both Fiat and Alfa Romeo performance models from the U.S. market. Maserati may also not be too long for this world in the Stellantis portfolio.
To help cope with this downturn, Stellantis is planning a 25% reduction in logistics expenses for the second part of this year.
Union woes
Drastic cuts in labor costs are also in the works, which will no doubt worsen the company's already tense relations with the union.
The UAW put immense pressure on Stellantis during the last strike. After reaching a settlement, the company ended up moving some production to Mexico to save money. Last week, Stellantis filed nine lawsuits against the UAW seeking to block any attempt to strike over commitments made in the 2023 contract.
Brain drain
There's also been a concerning departure of executive leadership under Tavares. Key U.S. personnel like Jim Morrison, Tim Kuniskis, and a few other top talents have left the company, taking decades of experience with them.
That Tavares has allowed this to happen suggests incompetence, indifference, or arrogance. We've certainly seen the latter before from DaimlerChrysler, when German executives overestimated their understanding of the U.S. brands under their control. If only Stellantis could learn from the past.
This week, Stellantis employees — a few of whom I know personally — were offered early buyouts, which means more quality, long-term talent will leave the company.
Changing his tune
What's most disappointing about the current state of Stellantis is that Tavares had a promising enough start.
He often said the truth about EVs and warned EU politicians about the idiocy of EU 7 emission regulations. He was pretty good at walking the line between being "green” and seeking a profit.
In the past few months, however, he seems to have changed his tune — at least if you take his public statements about readiness to "transition" the industry to new sustainability standards. Stellantis is betting it all on EV, while other companies are moving to a mix of hybrid, plug-in hybrids, and EVs. People are talking behind the scenes, and it’s clearly going badly after July and the summer sales numbers, which were horrible.
Stellantis is hoping new model launches — a total of 20 across the company's vast array of brands — will help the automaker in the second half of 2024. The question is, will it find the leadership it needs to handle these correctly? We will keep our eyes on things and keep you posted.
ROOKE: Biden’s Problem Just Turned Into Harris’s Election Nightmare
'coming back to bite Harris's campaign'
UAW backs Biden's 'strongest-ever' vehicle emission standards, claims it won't cut autoworker jobs
The United Auto Workers union recently voiced its support for the Biden administration's finalized vehicle emission standards, according to a Wednesday statement from the union.
The administration's Environmental Protection Agency unveiled the "strongest-ever" pollution regulations, effectively forcing most new car sales to be electric vehicles by 2032, Blaze News previously reported.
The regulations impact light-duty vehicles starting with the model year 2027, ensuring that more than 56% of new cars sold are zero-emissions by 2032. The restrictions targeting gas-powered vehicles aim to push the American market to opt for hybrid- and electric-powered alternatives.
The finalized standards scaled back on the agency's previous proposal by rolling out a slower implementation to allow automakers additional time to reach the administration's goals. The decision to pull back the standards was made after several manufacturers called the EPA's initial proposal impractical.
However, EPA Administrator Michael S. Regan assured reporters this week that the slower rollout would not impact the end target.
"Let me be clear: Our final rule delivers the same, if not more, pollution reduction than we set out in our proposal," he stated.
On Wednesday, the UAW declared its support for the new EPA restrictions on light-duty vehicles, noting that the agency considered its concerns when finalizing the standards. It called the new regulations "more feasible" than the agency's initial proposal.
The union reaffirmed its support for "protecting the environment" by "creat[ing] a cleaner domestic auto industry," claiming that the "climate crisis has taken a heavy toll on working people."
"We reject the fearmongering that says tackling the climate crisis must come at the cost of union jobs. Ambitious and achievable regulations can support both. We call on the Biden Administration to hold automakers accountable so that this rule is not used as an excuse to cut or offshore jobs," the UAW said.
Late last year, Stellantis announced upcoming layoffs, partly due to "the need to manage sales of the vehicles they produce to comply with California emissions regulations that are measured on a state-by-state basis."
The union called on the federal government to implement "tariff protections" to ensure the EV industry would not become dominated by import automakers.
In January, the UAW endorsed President Biden in the upcoming presidential election, stating that he is "someone who stands up with us and supports our cause."
Jim Farley, the CEO of Ford Motor Company, posted a statement on X in response to the EPA's announcement.
"The @EPA final rule is ambitious and challenging, and meeting these goals will require close public-private cooperation. @Ford is absolutely committed to lowering CO2 emissions while offering customers real choice across hybrid, plug-in hybrid and fully electric vehicles," Farley stated.
Even the UAW claims that the EV market is "growing." However, car rental company Hertz, which committed significant investments to expanding its EV fleet, announced in January that it would sell off 25% of its inventory due to "expenses related to collision and damage." On Monday, the company announced that its CEO, Stephen Scherr, who supported the switch to EVs, would be stepping down at the end of the month. The company stated that it would use the profits from the sale of the EVs to purchase gas-powered vehicles to restock its fleet.
Meanwhile, thousands of automobile dealerships nationwide have reported that the demand for EVs has significantly slowed. In November, a coalition of nearly 4,000 dealerships urged the Biden administration to roll back its new "unrealistic" emissions standards, claiming that EVs are "stacking up on our lots" despite "deep price cuts, manufacturer incentives, and generous government incentives." The auto dealers called the EPA's proposed regulations "unrealistic based on current and forecasted customer demand."
The EPA contends that the move to zero-emission vehicles will "avoid more than 7 billion tons of carbon emissions and provide nearly $100 billion of annual net benefits to society, including $13 billion of annual public health benefits due to improved air quality, and $62 billion in reduced annual fuel costs, and maintenance and repair costs for drivers."
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Biden’s New EV Mandate Is A ‘Bloodbath’ For Consumers, Carmakers, And The ‘Climate’
Major automakers plan to 'leverage public and private funds' to install electric vehicle charging network around North America
Seven car manufacturing giants are planning a joint effort to bolster electric vehicle charging infrastructure by installing a network of charging locations around North America.
BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz Group, and Stellantis NV are the companies involved in the plan. A press release notes that the effort will "leverage public and private funds."
"The joint venture will include the development of a new, high-powered charging network with at least 30,000 chargers to make zero-emission driving even more attractive for millions of customers," the press release states. "With the generational investments in public charging being implemented on the Federal and State level, the joint venture will leverage public and private funds to accelerate the installation of high-powered charging for customers."
The plan is for the charging network to run off of renewable energy. It is anticipated that the first charging locations will open next summer.
"The first stations are expected to open in the United States in the summer of 2024 and in Canada at a later stage," the press release notes. "In line with the sustainability strategies of all seven automakers, the joint venture intends to power the charging network solely by renewable energy."
While traditional cars can quickly fill up at gas stations, electric vehicle charging is a much slower process. For instance, while filling up a typical sedan's gas tank may take just a couple of minutes, Tesla, a popular electric vehicle manufacturer, says that Superchargers can provide up to 200 miles of range in 15 minutes.
"The fight against climate change is the greatest challenge of our time. What we need now is speed – across political, social and corporate boundaries," Mercedes-Benz Group CEO Ola Källenius, said, according to the press release. "To accelerate the shift to electric vehicles, we're in favor of anything that makes life easier for our customers. Charging is an inseparable part of the EV-experience, and this network will be another step to make it as convenient as possible."
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Stellantis, which recently fired thousands of Americans and moved plant to Mexico, just recalled 354,000 Jeeps because of vehicle defects
Stellantis is recalling over 354,000 Jeeps worldwide because they run the risk of crashing due to defects.
The U.S. National Highway Traffic Safety Administration revealed Tuesday that 2022 and 2023 Grand Cherokee and 2021 to 2023 Grand Cherokee L SUVs "were built with a rear coil spring that may not be correctly installed, allowing the coil spring to come out of position."
According to the recall report, an estimated 13% of 331,401 vehicles have the defect.
Detachment of the improperly installed rear coil springs "may result in a hazard to operators and occupants of other vehicles which can cause such vehicles to crash without prior warning and/or may result in injury to vulnerable road users."
Stellantis will begin formally notifying dealers and owners about the issue on July 28. The company's proposed remedy is an inspection and potential repair of the rear coil spring assembly on all recalled vehicles.
The company claimed that since April 5, 17 warranty claims, two customer assistance reports, and two field reports related to this issue have come to its attention.
USA Today reported that these same vehicles were recalled in May because an incorrectly assembled steering column intermediate shaft could disconnect from the U-joint, thereby jeopardizing drivers' steering control of the vehicle. Ultimately, 53,965 Grand Cherokee and 35,407 Grand Cherokee L SUVs were recalled.
2014-2020 Jeep Grand Cherokee models and 2014-2019 Dodge Ram 1500 trucks with 3.0l diesel engines were also recalled this week because the "crankshaft position sensor tone wheel may delaminate, causing the engine to lose its ability to synchronize the fuel injector pulses and cam shaft timing, possibly resulting in an engine stall."
Stellantis appears to have a revolving door when it comes to recalls.
For instance, 62,909 plug-in hybrid Jeep Wrangler 4xe models were recalled in December over a software issue that could result in power failure.
Stellantis recalled 280,000 Ram heavy-duty diesel trucks for fire risks in November after receiving 16 reports of fires fed by transmission leaks and learning of at least one injury, reported Reuters.
TheBlaze previously reported that Stellantis shut down its Belvidere Assembly Plant in Illinois, which produced the Jeep Cherokee, on Feb. 28, putting 1,350 Americans out of work.
The company blamed the decision on the pandemic and the global microchip shortage, but stressed that the "increasing cost related to the electrification of the automotive market" was a significant factor.
Vehicles are presently being assembled by a workforce of 2,598 souls in a factory in Toluca, Mexico.
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