Stellantis is offering buyouts to U.S. employees as it targets cutting about 3,500 hourly workers here, according to news reports.

The parent of Chrysler is offering buyouts to more than 33,000 mostly workers in the U.S., Reuters reported.

A company executive told employees in an email that it must streamline operations in order to compete, particularly on electric vehicles, and that the buyouts are being offered to employees with at least 15 years of service with the company, Reuters said.

Stellantis brands include Jeep and Ram, along with Alfa Romeo . The Amsterdam-based company was formed in 2021 when Fiat Chrysler and the French PSA Group merged.

Other brands are trimming their workforces in order to cut costs, including General Motors, which offered buyouts to most salaried employees in March toward a $2 billion cost-cutting goal.

DIG DEEPER: GM Offers Worker Buyouts