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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

FCA will pay you to hack its systems

FCA is willing to pay you to hack its cars, as long as you tell the company how you did it. In an effort to enhance cybersecurity and prevent future incidents like the Jeep Cherokee hack last year, FCA announced it's working with Bugcrowd to find vulnerabilities in its vehicle software. Bugcrowd labels itself as a crowdsourced application security testing company. Users, or independent security researchers as Bugcrowd calls them, can find exploits or vulnerabilities in FCA systems. They then submit the information to Bugcrowd, who in turn supplies the info to FCA. The goal is to update systems and close any possible security breaches. FCA is offering bounties from $150 to $1,500 to any Mr. Robot types, with payment based on the size and severity of the flaw. FCA wants hackers to focus specifically on the UConnect website and the company's iOS and Android apps. No bounties will be given for anything outside the scope of those three things. Bugcrowd says it will not take any legal action against anyone who submits an exploit. While we think it's good that the company is taking steps to address these problems, it's not a groundbreaking maneuver. Other companies employ similar systems. Earlier this year, both Tesla and Uber announced that they're willing to offer up to $10,000 to hackers who find vulnerabilities in their system. For years, Microsoft has been paying hackers to find exploits. It also seems that FCA took its time to announce this plan, considering the Jeep hack happened nearly a year ago. If the partnership works, we can expect other automakers to make similar deals. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: FCA, Bugcrowd Jeep Safety Technology Infotainment Smartphone FCA

Chrysler delays 2014 Jeep Cherokee media launch

Chrysler is making the unusual move of delaying the first media drives of the 2014 Jeep Cherokee, which were slated to start next week in Seattle. And while something like this is a rare occurrence, and one that most of the Autoblog staff can't recall happening this publicly or so close to the event itself, it won't effect the actual on-sale date of the new Cherokee, which is set to hit showrooms in September.
"Over the last couple of weeks during final quality and durability testing, we have discovered the opportunity to further improve powertrain calibration," Chrysler told Automotive News. This marks the second notable delay in the Cherokee's short life, after production was delayed for roughly a month earlier this summer.
Still, we'd rather Chrysler make sure the Cherokee is ready for primetime before flying media in from around the country. It shows a willingness to get things right the first time, rather than offering media drives and then tweaking the car after the fact.