Jeep maker Stellantis said it is cutting 1,100 jobs at a U.S. factory as it seeks to reduce high inventory levels that have weighed on its performance.

KEY TAKEAWAYS Stellantis announced plans to cut a manufacturing shift and lay off around 1,100 workers at an Ohio plant producing the Jeep Gladiator pickup.The company, which is struggling with excess inventory and competition from Chinese rivals,

Stellantis NV, the owner of the Jeep and Ram brands, said it would lay off about 1,100 workers at its Jeep plant in Toledo, Ohio, the latest in a series job cuts as the automaker contends with bloated inventory and declining sales.