Stellantis To Shut Jeep Cherokee Plant In US; Lay Off Workers To Cut Costs

(RTTNews) - Stellantis (STLA) announced that it plans to halt operations at an assembly plant in Belvidere, Illinois, in February 2023. About 1,350 people are employed at the plant, which produces the Jeep Cherokee.

The company stated that the action will result in indefinite layoffs and added it may not resume operations as it considers other options.

Stellantis said the industry "has been adversely affected by a multitude of factors like the ongoing COVID-19 pandemic and the global microchip shortage, but the most impactful challenge is the increasing cost related to the electrification of the automotive market."