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Stellantis expects strike to cost it $795 million in third-quarter profits

MILAN — Automaker Stellantis said Tuesday that the autoworkers strike in North America is expected to cost the company around 750 million euros ($795 million) in profits — less than its North American competitors. The Europe-based maker of Jeep, Fiat and Peugeot reported a 7% boost in net revenues to 45.1 billion euros, with production halts caused by the strikes costing the company 3 billion euros in sales through October. The net revenue boost was due to higher volumes in all markets except Asia. Chief Financial Officer Natalie Knight told journalists that StellantisÂ’ strike impact was lower than the other Big Three automakers due to its global profile as well as some high-profile cost-cutting measures, calculating the hit at around 750 million euros ($795 million.) GM, the last carmaker to reach a deal to end the strike, reported an $800 million strike hit. Ford has put its impact at $1.3 billion. “We continue to be in a very strong position globally and in the U.S. This is an important market for us, and weÂ’re highly profitable and we are very committed to our future," Knight said. “But mitigation is core to how we act, and how we proceed.” Stellantis has canceled appearances at the CES technology show in Las Vegas next year as well as the LA Auto Show, due to the strike impact. Stellantis on Saturday reached a tentative agreement with the United Auto Workers Union to end a six-week strike by more than 14,000 workers at its assembly plants in Michigan and Ohio, and at parts warehouses across the nation. Stellantis does not report full earnings for the third quarter, instead providing shipments and revenues. It said that global sales of electric vehicles rose by 37% over a year earlier, powered by the Jeep Avenger and commercial vehicle sales. North America continued to be the revenue leader, contributing 21.5 billion euros, an increase of 2% over last year, and representing nearly half of global revenues. Europe, the next biggest performing region, saw revenues grow 5% to 14 billion euros, as sales rose 11%. Related video: Earnings/Financials UAW/Unions Alfa Romeo Chrysler Dodge Fiat Jeep Maserati RAM

Behind the scenes of our subcompact crossover comparison

The cameras had been set up for almost an hour, and now, the living room filled with the sweetness of freshly brewed blonde roast. The late-summer sun had just started peaking over towering maples. In a week the colors will start changing, the inevitable sign of the coming gray skies and snow. Half past eight, the editors arrived. The Scandinavian inspired house that served as the headquarters for our subcompact crossover comparison couldn’t accommodate all seven of us, so they had stayed at a turn of the century farmhouse down the road. While geese, chickens, cats and sheep made for an authentic Northern Michigan farm experience, ingredients for a good nightÂ’s sleep they were not. Within minutes Red Bulls cracked open and short, cocoa-colored mugs appeared, filled with a variety of caffeinated beverages.  “I thought we were gonna have fried eggs,” Editor-in-Chief Greg Migliore said, smiling, before refusing a muffin. Associate Producer Alex Malburg ran from camera to camera, adjusting focus and exposure, trying to keep up with the ever-changing light, which poured into the room faster each minute.  “I was promised food. IÂ’m not filming.” Consumer Editor Jeremy KorzeniewskiÂ’s sarcasm thinly veiled his true feelings. To keep the group content I promised a craft-services buffet next time.  For the second time, we shot our comparison just outside of Traverse City. While we took advantage of a local off-road park for the first, this round proved a bit more tame, utilizing the hilly, winding, wine-country roads that define the region.  An air of nervousness could be detected. Only one person knew the outcome of our test, Senior Green Editor John Beltz Snyder. I found myself both impressed and surprised he had kept this secret overnight, though I came to find out later that he revealed the winner to Producer Amr Sayour on the drive to dinner the evening before.  The cameras started rolling, the audio recording, but the caffeine hadnÂ’t yet entered the bloodstream, with one exception. Associate Editor Joel Stocksdale sipped his lime green Mountain Dew. That seemed to be working, as he passionately laid out his argument for the Kia Soul and his preference for winter tires over all-wheel drive. From behind the camera I silently disagreed with him. “No one buys winter tires,” Jeremy argued. As we consumed more coffee, the sun came up, and so did the energy of the debate.

FCA to test Jeep car-sharing and other pilots

Fiat Chrysler plans to launch a trio of pilot programs in Boston aimed at boosting sales of its Jeep cash cow and other brands, according to media reports. The programs, which involve car-sharing and subscription services, are expected to roll out starting this month. Bloomberg reported earlier this month that Jeep is launching two small pilot programs in Boston — one in which owners can rent out their Jeeps through peer-to-peer car-sharing startup Turo, the other a three-month subscription service in partnership with Avis Budget Group in which owners can swap their Jeeps for other vehicles, like a Ram 1500 pickup or a Dodge Challenger. There's also a third program in the works, according to Motor Authority. It's called "Car Borrowing" and it's also a partnership with Avis. According to the report, it'll allow Jeep owners in Boston starting next month to purchase six "Jeep Coins," each good for a one-day rental of most Chrysler, Dodge, Jeep and Ram vehicles, valid for a year. Participants will be able to pick up the borrowed vehicles or have them delivered. The former two programs will reportedly be limited to the first 100 owners who register for each. Jeep brand manager Tim Kuniskis says the programs will help develop new prospective customers and help generate customer feedback to see whether the programs are right for the brand and could be offered at the dealerships at the point of sale. Avis would supply the inventory in the subscription pilot, and participants would be able to swap models up to six times in three months, two with delivery and the remainder by picking them up. It wasn't clear what services would be offered with the program. In a blog post, Turo CEO Andre Haddad said the "Jeep Freedom Experience" program was aimed at introducing Jeep enthusiasts to new models of mobility and was a natural fit, since Jeep models "have long been among the most popular vehicles for guests on Turo," and the Wrangler and Cherokee rank tops in the company's recent study ranking vehicles based on their potential return by sharing them on the platform. "As Turo hosts, Jeep buyers can get help covering their payments, offset the cost of ownership entirely, or even turn a profit," Haddad wrote.