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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

Maserati GranTurismo EV reappears in spy photos

Maserati made it clear that it was working on a new electric sports car last year, and that it would be a successor to the GranTurismo sports coupe. The car has reappeared in these spy photos, and they give us a better look at the car than the official teaser images. The camouflage also appears to feature an additional name. Let's first talk about the name. In addition to the regular Maserati name, the camouflage now has another word: "Folgore." Translated from Italian, it means "lightning" or "thunderbolt." Maserati brought up this name a couple years ago when it started talking about its future electric vehicles, and it first referenced an electric version of the MC20 mid-engine sports car. So this confirms this prototype is electric, and that it will probably be known as the GranTurismo Folgore. As for the looks, the Folgore actually looks a whole lot like the internal-combustion car it will replace. That's no bad thing, though, since the old coupe is still a looker. The front fascia has the most obvious changes with a grille that's more of a simple oval shape, still bearing a large Maserati trident. The headlights are more vertical now, which helps tie it to the MC20. Looking at the rest of the car, the proportions are still very classic with a long nose and short deck, despite not needing that front-end space for an engine. The fenders are still voluptuous, and the rear lights are similarly shaped to the old car, though much slimmer. We're expecting to see the GranTurismo Folgore revealed this year, which is slightly later than Maserati initially planned. The MC20 Folgore powertrain previewed a couple years ago featured three electric motors, one at the front and two at the rear, and it would likely be carried over to the GranTurismo. Power was estimated at more than the combustion MC20's 620 horsepower. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

UPDATE: Stellantis says it is not selling Maserati

In a joint statement, Stellantis and Maserati have refuted reports that the Italian brand could be sold: Stellantis has no intention of selling the Trident brand, just as there is no intention of aggregating Maserati within other Italian luxury groups. Stellantis restates its unwavering commitment to Maserati’s bright future as the unique luxury brand within the 14 Stellantis brands. Maserati is in a transition period toward electrification with its Folgore BEV program: today the Trident offers GranTurismo and GranCabrio in ICE and BEV versions, Grecale in ICE, mild-hybrid and BEV versions, while we confirm that successors of the Quattroporte and Levante are also in preparation. Maserati's mission is to write the future of mobility through the best performance in the luxury segment, focusing on the desires of its customers. To achieve its goals, the brand precisely targets a highly specific audience. Maserati is therefore setting up a series of initiatives to expand its presence in the global market, to strengthen its brand image and to underline the uniqueness of its products. Maserati is facing a major challenge and must remain focused on its objectives in the coming months. Stellantis reaffirms its commitment to its entire portfolio of 14 iconic brands and recalls that each of them has a 10-year horizon to build a profitable and sustainable business, while recognizing that market volatility and temporary situations may cause fluctuations. The original story continues: Maserati posted disappointing sales and revenue figures shortly after Stellantis CEO Carlos Tavares warned that the group can't afford to have brands that don't make money. While nothing is set in stone, one of the group's executives said that selling the brand isn't off the table. Industry trade journal Automotive News Europe (subscription required) learned that Maserati sold approximately 6,500 cars globally between January and June 2024, down from around 15,300 units during the same time period in 2023. It posted an adjusted operating loss of ˆ82 million (about $88.7 million) during the first six months of the year, compared to a profit of ˆ121 million (about $130 million) in 2023. "The first half has been disappointing," admitted Natalie Knight, the chief financial officer at Stellantis, on a call with journalists.