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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

Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

FCA and UAW deal could mean huge production shakeups

The big labor contract between Fiat Chrysler Automobiles and the United Auto Workers is likely to lead to some very serious production shakeups across the company's North American manufacturing operations. That's according to a new report from Automotive News, which details the sweeping changes at no fewer than five production facilities in Michigan, Illinois, Ohio, Mexico, and Poland. So without further ado, here's what's going where, presented in easy to digest bullet form. Ram 1500 production would move from Warren, MI to Sterling Heights, MI Warren, MI would be retooled for unibody production and would handle the Jeep Grand Wagoneer and could potentially build Grand Cherokees to ease the strain on Detroit's Jefferson North factory Chrysler 200 production would move from Sterling Heights, MI to Toluca, Mexico Dodge Dart production would move from Belvidere, IL to Toluca, Mexic Fiat 500 production, which is currently handled by Toluca, would be concentrated in Poland, where the Euro-spec Cinquecento is built Jeep Cherokee production would move from Toledo, OH to Belvidere, IL to make room for Wrangler and Wrangler Pickup production Like we said, those are some big changes. But, as FCA CEO Sergio Marchionne said in an earlier interview with Automotive News, this kind of shakeup would make a lot of sense. In that August interview the exec said that automakers moved truck production to Mexico because they were "threatened" by the UAW. "The only thing [the UAW] want is to move the truck back. Which is right. If you move the truck back here, which is [the UAW's] domain, [and move] all the cars that we get killed on somewhere else, we could actually make sense of this bloody industry and actually increase the number of people employed in this country and really share wealth because we are making money," Marchionne told AN. News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing UAW/Unions Chrysler Dodge Fiat Jeep RAM Sergio Marchionne FCA toluca warren sterling heights