'Stellantis To Sell, Shutter Large Proving Grounds Testing Facility Amid Cost-Cutting Efforts' - CNBC
Portfolio Pulse from Benzinga Newsdesk
Stellantis plans to close and sell its Arizona Proving Grounds as part of cost-cutting measures. The facility, used for vehicle testing, will be shuttered by the end of the year. Stellantis will use Toyota's proving grounds in Arizona starting next year. The decision is part of broader efforts to optimize operations amid financial pressures.
October 18, 2024 | 3:32 pm
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Stellantis is closing its Arizona Proving Grounds to cut costs, shifting operations to Toyota's facility. This move is part of broader cost-cutting efforts amid financial pressures.
The closure of the Arizona Proving Grounds is a significant cost-cutting measure for Stellantis, reflecting ongoing financial pressures. However, the impact on the stock price may be neutral in the short term as the market may have already priced in such efficiency measures.
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