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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

Watching a 2010 Dodge Challenger become a Plymouth GTX is a restomod education

We cover a lot of restomods, many of them one-off SEMA show cars and low-volume builds from professional shops that sell for hundreds of thousands of dollars. Autoevolution tells the story of Steve Mirabelli, who creates Mopar restomods as a hobby when home from his day job as a NASCAR Sprint Cup car builder for Hendrick Motorsports. Working on his own, the stuff we've seen from Mirabelli so far deserves to sit at the same table as Kore and Ring Brothers. First he spent four years turning a 2006 Dodge Charger SRT8 into a 1968 Dodge Charger, the cardinal feat being the proportions; many builds leave the modern Charger's thick sides uniting a nosecone and high Daytona wing. Mirabelli didn't let himself off so easy, finding a '68 Charger abandoned in a field to lay over the '06 chassis, then working the proportions — such as adding 11 inches to the wheelbase — so that the 20-inch wheels look like they could have been stock fitment in '68.    His current build is recasting a 2010 Dodge Challenger R/T into a thid-gen Plymouth GTX, May 6 representing two years since the first video documenting the process. These videos are another highlight. For anyone who's ever wanted to see every step in how the professionals turn classic cars into modern monsters, Mirabelli's criminally under-watched YouTube channel is the place to go. There are 43 videos so far on the GTX transformation, with Mirabelli taking time to explain and demonstrate his thought process and methods every step of the way. It's an online course in restomodding, maybe the perfect final binge before returning to our outdoor lives.  Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.    

Stellantis wants to outfit cars with AI software to drive revenue

MILAN — Carmaker Stellantis announced a strategy Tuesday to embed AI-enabled software in 34 million vehicles across its 14 brands, hoping the tech upgrade will help it bring in 20 billion euros ($22.6 billion) in annual revenue by 2030. CEO Carlos Tavares heralded the move as part of a strategy that would transform the car company into a “sustainable mobility tech company,” with business growth coming from features and services tied to the internet. That includes using voice commands to activate navigation, make payments and order products online. The company is expanding existing partnerships with BMW on partially automated driving, iPhone manufacturer Foxconn on customized cockpits and Waymo to push their autonomous driving work into light commercial vehicle delivery fleets. StellantisÂ’ embrace of artificial intelligence and expansion of software-enabled vehicles is part of a broad transformation in the auto industry, with a race toward more fully electric and hybrid propulsion systems, more autonomous driving features and increased connectivity in automobiles. Ford and General Motors also are banking on dramatically increased revenue from similar online subscription services. But the automakers face immense competition for monthly consumer spending from movie and music streaming services, news outlets, Amazon Prime and others. Stellantis, which was formed from the combination of PSA Peugeot and FCA Fiat Chrysler, said the software would seamlessly integrate into customers' lives, with the capability of live updates providing upgraded services over time. New products will include the possibility to subscribe to automated driving features, purchase usage-based car insurance or even increase the power of the vehicle with a tune-up to add horsepower. As a baseline, Stellantis generates 400 million euros in revenue on software-generated services installed in 12 million vehicles. To meet the targets, Stellantis will expand its software engineering team of 1,000 to 4,500 in North America, Asia and Europe. More than 1,000 of the expanded team will be retrained in house. Stellantis also announced a new partnership with Foxconn to develop semiconductors to cover 80% of the companyÂ’s needs and simplify the supply chain. The first microchips from the partnership are targeted to be installed in vehicles in 2024.