Carmaker Stellantis N.V. STLA faces a challenging year with increasing pricing pressures, its chief executive Carlos Tavares reportedly warned shareholders.
The announcement comes as the company grapples with elevated raw material costs and labor disputes, operating in a fiercely competitive market.
Tavares made these remarks at the group’s annual general meeting, according to a report from Reuters.
Shareholders voted in favor of the 2023 remuneration report for senior managers, with about 70% approval.
As per the report, Tavares’ compensation package, totaling up to €36.5 million, faced scrutiny amid cost-cutting measures and workforce reduction efforts amid the transition to electric vehicles.
Stellantis agreed to voluntary redundancy packages for approximately 3,000 Italian workers, with additional layoffs announced in France and the U.S.
Despite these challenges, the company rewarded employees worldwide with a total of €1.9 billion for its performance in 2023.
Price Action: STLA shares are trading higher by 0.35% at $25.89 in premarket on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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