European car company Stellantis announced its withdrawal from next year's CES exhibition due to increased losses caused by the UAW strike.

CTOnews.com, Oct. 19 (Xinhua)-- European car giant Stellantis issued an official press release on Tuesday local time, announcing that it will cancel its participation in next year's CES (International Consumer Electronics Show).

Stellantis said in an official press release that withdrawing from the CES show was one of the company's "contingency plans" due to the growing losses caused by the UAW strike. It said the company was taking comprehensive measures to mitigate its financial impact, protect capital and continue to demonstrate the results of its transformation to a mobile technology company "in other ways". Stellantis claimed that the top priority of the current leadership is to "maintain the fundamentals of the company's business and protect the company's future development."

Earlier, Stellantis and Ford had announced that they would lay off 1250 employees because of the UAW strike.

Stellantis also announced on Friday that it would cut 700 jobs at two plants in Indiana, and later said it was temporarily laying off 1340 workers in three states as a result of a four-week strike.

CTOnews.com previously reported that earlier this year Stellantis participated in CES 2023 and showed products such as Ram 1500 Revolution concept pickup trucks and Peugeot Inception concept cars.

The Ram 1500 Revolution is still in the state of a concept car built on the STLA Frame platform with a maximum battery capacity of 200kWh and a range of up to 805km. It was originally scheduled for production in 2024.