Report: Fiat Chrysler To Cut 1,300 Jobs At Michigan Plant

According to a report by Reuters, Fiat Chrysler Automobiles NV (NYSE: FCAU) will lay off around 1,300 workers indefinitely and end one of the two shifts at its Michigan plant, which manufacturers the Chrysler 200 sedan.

Reuters noted that sales of the Chrysler 200 vehicle fell 63 percent in the first three months of 2016.

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Reuters added that Fiat Chrysler's decision to slash jobs is consistent with the company's CEO Sergio Marchionne prior commentary to cease making the slow selling sedan in addition to the Dodge Dart, unless a partner would be committed to keep the production going.

Shares of Fiat Chrysler were trading lower by 1.50 percent early Wednesday afternoon.