In a stark reflection of the escalating costs incurred due to ongoing clashes with the United Auto Workers (UAW), Stellantis has dealt a significant blow to its industry presence. The automotive giant has officially withdrawn from the highly anticipated Consumer Electronics Show (CES) 2024, the premier global technology showcase scheduled for January 2024 in Las Vegas, Nevada.
This development follows reports from sources within the UAW negotiations, as detailed by The Detroit News, which indicated that the automaker was considering selling off 18 of its real estate holdings to fund the company’s transition to electric vehicles (EVs).
Stellantis’ strategic pivot reflects a somber acknowledgment that immediate financial stability takes precedence amidst adversarial labor disputes. The cancellation of its CES 2024 involvement underscores the pressing need to reallocate resources to weather the storm.
As negotiations with the UAW continue to stall, Stellantis is compelled to make tough decisions to safeguard its future. The cancellation of CES 2024 participation is an unmistakable indication that the automaker is entering a period of austerity.