Global insights driving the market strategies of tomorrow.

U.S. lawmakers press Stellantis (STLA.US) to fulfill investment commitments

Market IntelThursday, Oct 24, 2024 4:51 am ET

1min read

Intelligible Finance learned that nearly 80 US lawmakers, including the two Democratic leaders in the Senate, urged carmaker Stellantis(STLA.US) to fulfill its investment commitments in a contract with the United Auto Workers (UAW) on Wednesday, after the company said it would delay its investment plan to reopen an assembly plant in Belvidere, Illinois.

The lawmakers, including Senate Majority Leader Chuck Schumer and Senator Dick Durbin, cited the factory delay and other Stellantis decisions in their letter to Stellantis CEO Carlos Tavares.

The lawmakers wrote that the actions violated Stellantis' obligations to the UAW and demanded the carmaker, which has faced pressure from dealers and shareholders over falling sales, set an investment timetable.

Stellantis recently restructured its top leadership in an attempt to reverse falling sales in North America and is now facing another nationwide strike by the UAW, just over a year after UAW President Shawn Fain led a six-week strike against the Detroit's Big Three automakers.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.