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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

Fiat Chrysler CEO says final merger talks with Peugeot going well

BRUSSELS — Fiat Chrysler's chief executive Michael Manley said on Wednesday that merger talks with Peugeot owner PSA  to create the world's No. 4 carmaker are progressing well and he hopes to have a deal within 12-14 months. Speaking to Reuters on the sidelines of an industry meeting, he said he doesn't expect any major obstacles that could delay a final agreement. "Talks are progressing really well," Manley said about negotiations with the French carmaker ahead of a briefing by the European automotive association (ACEA), of which he is president. His comments come a month after the two carmakers agreed to a binding deal worth about $50 billion to combine forces in response to a slowdown in global demand and mounting costs of making cleaner vehicles amid tighter emissions regulations. Manley's timeline for completing the deal by early 2021 is in line with a forecast made by the companies in December. Fiat and Peugeot are now getting into the details of how the merger will work, including choosing which vehicle platforms — the technological underpinnings of a vehicle — will fit which products in a combined company. Because customers in different locations still prefer vastly different cars, there is room for multiple platforms in a combined group, Manley said. "That global platform is an elusive beast," he added. "This concept of a massive global platform in my mind is almost a myth, but that doesnÂ’t mean to say weÂ’re not going to recruit significant volume." Related Video:    

Fiat 500X Pop gets Sport Appearance Package

At last November's L.A. Auto Show, Fiat debuted a new trim for the 500X compact crossover, the 500X Sport. Attempting to add a "youthful, sporty appearance" to the 500X lineup, the Sport model included the new Rovente Red color, shed the dark molding and cladding on other trims, and adopted new exterior elements like fog lights and dual chrome-finished tailpipes. The model hasn't made it to the Fiat USA site yet, but Mopar Insiders says there is more sportiness on the way for the 500X. The base Pop trim will get a Sport Appearance Package to inject some exterior pizzazz at for thousands less than the price of the Sport model. The package add the front and rear fascias from the Sport model, front fog lights, body-colored wheel arch moldings and side sills, 18-inch aluminum sport wheels, dark gray accents throughout, and "dual bright exhaust tips." As far as we can tell, the Pop with the Sport Appearance Package differs outside from the proper Sport trim by retaining the halogen projector headlights, fitting darker fog light housings, and being limited to 18-inch wheels. The standard Pop only comes with 17-inch wheels, the standard Sport trim with an 18-inch wheel but it offers an optional 19-inch wheel wrapped in Michelin rubber. Also, major options on the Pop don't change, meaning it won't offer the choice of a black roof as on the Sport trim. The Sport trim makes a host of changes to the inside, too, which the Sport Appearance Package doesn't. Buyers can order the jaunty overhaul for the Pop in four colors: Bianco White, Grigio Moda, Italia Blue, and Rovente Red. The Sport Appearance Package will cost $795, meaning one could get out for $27,030 after destination but before taxes and fees. The Sport trim was announced with an MSRP of $29,390, making it the second-most-expensive 500X in the range, above the $27,740 Trekking, below the $30,990 Trekking Plus. The Sport Appearance Package has not appeared on the Fiat USA configurator yet, but it shouldn't be far off.  Update: A previous version of this story incorrectly stated the Sport trim was not on the Fiat USA configurator. Only the Sport Appearance Package hasn't appeared yet. The mistake has been corrected. Related Video: