Stellantis (STLA) ends manual gearbox production in Austria, 300 workers affected

Chrysler parent, Stellantis (NYSE: STLA) informed unions and local officials Wednesday of plans to end operations at its manual gearbox production site in Vienna-Aspern in Austria after 40 years, laying off about 300 workers. A decline in demand for traditional manual gearboxes can be attributed to the industry's shift towards electric vehicles.

A spokesperson for the Franco-Italian automaker stated that they will now initiate discussions on how to provide assistance and support to the 300 employees affected by the closure of the mechanical gearbox plant.

Stellantis is now in discussions with worker unions and Austria’s state property manager, which owns the land hosting the plant, it said.

Shares of STLA reached $16.90/sh in afternoon trading on Wednesday.

By Michael Elkins | [email protected]

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