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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

Ram providing horsepower for 142nd Kentucky Derby

More than 120,000 people will descend on Louisville, KY for the 142nd Kentucky Derby this weekend. Seersucker, bowties, and very large, obnoxious hats will be the most common attire among those in attendance, all of whom will have an unquenchable thirst for mint juleps. Ram wants to capture their attention. The truckmaker has announced a new "multi-tier sponsorship" of Churchill Downs and the Kentucky Derby, and will serve as a major advertiser during Saturday's race. The company will air two 30-second advertisements during NBC's broadcast. The first, titled "Truck People – Derby" is up top, while Ram is saving the second, "Never Settle," for race day. Beyond the ads, racegoers will be treated to on-site displays around the track, which is perhaps the best evidence of a truck's toughness – if the official truck of the Kentucky Derby can survive its notoriously "decadent and depraved" infield, it can probably handle towing a boat or hauling topsoil. The three trucks, a Rebel, a 1500 Limited, and a dual-axle 3500 Limited will even be decked out in jockey-like styles. To help build up to its Derby involvement, Ram has released a first-person point-of-view video, just in case you've ever wondered what kind of view the jockeys have as they lap the one-mile dirt track. You can see that video below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Some 2014-19 Ram ProMasters recalled for shifter cables that could detach

The National Highway Traffic Safety Administration (NHTSA) has issued a recall for hundreds of thousands of 2014-2019 Ram ProMaster vans with a 3.6-liter engine. Campaign No. 20V036000 states that the shifter cables on these vans could disconnect from the transmission, which could lead to a variety of unsafe situations. The new recall comes after Fiat Chrysler Automobiles (FCA) has issued transmission-related recalls for several other brand products in recent years. Jeep and FCA were thrust into the spotlight in 2016, when "Star Trek" actor Anton Yelchin's shocking death was linked to what was deemed an unintuitive shifter design. FCA recalled more than 1 million vehicles with a rocker-style eight-speed ZF shifter, including Jeep Grand Cherokees, Chrysler 300s, and Dodge Chargers. The design was unclear to some, and that confusion lead to dangerous rollaways. In 2017, FCA was back in the news when it announced a transmission recall for 1.8 million Ram trucks that had a faulty interlock that could result in the transmission shifting out of park. And in 2019, FCA announced two more transmission recalls, this time for 320,000 Dodge Darts and 51,788 Fiat 500s, both of which had cable bushings that could degrade due to temperature and moisture.  FCA's unsettling pattern has bled into the new decade, as 222,207 ProMasters have been recalled for an entirely separate transmission issue that could once again lead to a rollaway risk. The NHTSA estimates approximately three percent of these vehicles could have built with a transmission gear shift cable that was kinked during production. According to the recall document, "the vehicle population was determined to include all ProMaster vehicles equipped with a 3.6-liter engine from the beginning of 2014 MY production on April 23, 2013, through September 14, 2019, when the vehicle manufacturing process was revised." If the shift cable separates, the shifter is no longer connected to the transmission. The driver, then, would not be able to shift properly, or the transmission could be in a different position than believed. If the driver thinks the vehicle is parked, but it is actually still in drive or neutral, the vehicle could unintentionally move. As a precautionary measure until the vans are checked and fixed, FCA suggests owners use the parking brake when parking these vehicles. FCA will begin notifying owners on March 13, 2020 and plans to replace the damaged parts free of charge.