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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

Dodge, Jeep, Ram showcasing electric wares over the next four months

Mopar Insiders took notes on Stellantis' half-year earnings call. Seems three of the eight Stellantis brands operating in the U.S. will be making big announcements about coming electric offerings in the next few months. Dodge is up first. We've been writing about the house of the muscle car trying to put on an extra special show during its Speed Week in Detroit in August, the span between Roadkill Nights and the Woodward Dream Cruise. Seems that's confirmed with the presentation of a "Gateway" muscle car and a "Future" muscle car. The former is expected happen on August 16 and be the Hornet PHEV, Dodge's version of the Alfa Romeo Tonale PHEV. The plug-in hybrid Tonale Q4 uses the powertrain from the Euro-market Jeep Compass 4xe, but gets a larger battery pack and produces a total 275 hp. We're looking forward to finding out if brand overlords decided the Dodge should have more, less, or the same output as the Alfa, and the same battery pack or the smaller Compass pack. The latter "Future" vehicle is expected to bow the day after. This would be a concept version of the Challenge e-muscle car that we've been salivating over for too long. Given two of Stellantis' most powerful motors slotted into the STLA Large platform, output north of 800 horses seems to be the consensus. The production version isn't slated for sale until the end of 2023, so the model on showroom floors will likely differ slightly from what we see next week. It's Jeep's turn in September, the off-road brand shining light on the plug-in hybrid options headed to showroom floors here. That should mean news on the Renegade 4xe and Compass 4xe anticipated in the U.S. in 2024, and a Gladiator 4xe the year after. Wagoneer and Cherokee electrification plans could be on the docket, too, as well as plans for wider global distribution of the Jeepster we've seen in Europe.  Finally, two months later, Ram takes the stage for updates on its electric Revolution. So far, that entails the Ram Promaster BEV, a van likely to combine years of experience from the Fiat Ducato Electric and the Peugeot E-Boxer that have been serving fleets in Europe. MI thinks November topics will include a 79-kWh battery, four drive modes, and the chance of the ProMaster getting a side door for delivery fleets like Amazon. Of course, the electric Ram pickup is the meat enthusiasts will have their forks out for.

Marchionne: Midsize pickup still not in the cards; Ram 1500, Jeep Wrangler could use aluminum

During the Fiat-Chrysler briefings on Tuesday, Reid Bigland, head of Ram Trucks, outlined the new product plans for his brand, including confirmation that an all-new light-duty Ram 1500 will launch in 2017. From there, discussions spun off in two directions, with the main questions being: will Ram build a midsize pickup? And, following Ford's move to extensively use aluminum in its new 2015 F-150, will Chrysler be using this weight-saving material for the next round of its fullsize truck, as well?
"I think there is room for a Ram 1000," Fiat-Chrysler CEO Sergio Marchionne (pictured above) told members of the media, saying this is a conversation the automaker has been having internally for several years now. "We've tried this ... we've actually taken it to clinics," Marchionne stated, adding that the "response has been lukewarm."
"I have better use of aluminum in this house than a pickup truck." - Sergio Marchionne