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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

Maserati Levante SUV may be built in Italy after all

In July Fiat halted its investments in Italy, putting on hold plans for the Maserati Levante SUV to be built at the automaker's flagship factory in Turin. But Fiat CEO Sergio Marchionne, whose company owns Maserati, met with unions on Wednesday, and he may announce plans to move forward with production of the SUV at the Mirafiori factory if the CEO and the unions reach an agreement, Bloomberg reports.
Marchionne is reportedly about ready to build new cars at Fiat's largest and oldest factory, on the grounds that 5,300 workers accept extended temporary layoffs through most of next year in a slowing European auto market. If unions don't accept the deal, it's not clear whether Fiat would still consider building the Levante at Mirafiori or not.
The Levante, Maserati's first SUV, is based on the Jeep Grand Cherokee platform, and we reported two years ago that it would be built in Detroit next to its Jeep cousin. Obviously those plans have been altered considerably in the intervening period of time.

2018 Maserati GranTurismo First Drive | Better with age?

There are not many rational reasons for owning a Maserati GranTurismo (or GranCabrio convertible, for that matter). Even Maserati admits this. The short list occupies a single paragraph. Firstly, the GranTurismo is not German. Don't laugh. For some people, that's enough. Secondly, it has rear-seat space and comfort that remains the class benchmark. Thirdly, its cabin is the place where art and craftsmanship meet. There are far more rational reasons to not buy one. Let's tick them off, since we're in the mood. Firstly, it's already had its tenth birthday. It's not jeepers-fast by today's standards and neither is it remotely frugal. It drives the back wheels through a six-speed transmission, so it has 50 percent fewer gear ratios than AMG. Also, the only thing light about it is the weight of its driver-assistance systems. The 4.7-liter GranTurismo and its roofless GranCabrio sibling prospered in the plus-minus ledgers early in their careers, but they now operate outside them, in the sketchbooks of translated emotion. The Pininfarina-designed body is still stunning, a decade on, from any angle. It's had some tickles on the front and rear bumpers to make the grille more like the one on the Alfieri concept car, there are new headlights in the same space and the aerodynamics have been cleaned up so it can streak beyond 186 mph. When we say "streak" we really mean "creep" because it tops out at 187 mph. It has air vents behind the front wheels now, but they're not functional, and neither are the three signature vents high up on the front fenders. Maserati's aero guys tested German cars with working air vents and found their aero contributions were minimal. The air inlet on the MC's is, though, and so are the twin hot-air outlets that give the carbon-fiber hood its exaggerated contours. The big news from the Powertrain Department is that it's been busy eliminating stuff, rather than doing new things. It simplified its life by killing off the entry-level 4.2-liter V8, so the only engine in the entire range now is the Ferrari-built 4.7-liter, 90-degree V8. Don't think of bolting in the torque-rich twin-turbo V6 motor from the Ghibli, Quattroporte or Levante – or the twin-turbo V8, either – since neither are available. The V8 also comes in just the 453 horsepower version, regardless of whether you like the standard GranTurismo Sport or shell out another $17,745 for the $150,570 GranTurismo MC.