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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

Alfa Romeo could introduce a new model in June

While the automotive industry's collective attention is turned towards the 2020 Geneva Motor Show opening in March, Alfa Romeo is also looking forward to the party it will throw in Milan, Italy, to celebrate its 110th birthday. The city-wide festivities will culminate with the unveiling of a mysterious new model, according to a recent report. Thousands of Alfisti from all over the world will convene in Milan on June 24 to commemorate the milestone, and Italian website MotoriOnline learned Alfa will take advantage of the media coverage to organize its own mini auto show. The publication added the model we'll allegedly get a preview of will be either a crossover or a coupe. Both are intriguing propositions. While enthusiasts would undoubtedly prefer to see a born-again GTV, or a follow-up to the 8C, sales figures clearly demonstrate the crossover body style is popular all over the world with no risk of falling out of style, and Alfa's only take on it is the Stelvio. The yet-unnamed model that could break cover in Milan will be about the same size as the Jeep Renegade, the Fiat 500X, and the Mini Countryman, among other city-friendly soft-roaders. This positioning rules out the production version of the Tonale concept introduced during the 2019 Geneva show; besides, it's expected to appear at this year's edition of the event. Little would prevent Alfa from using the platform found under the aforementioned Renegade and 500X, as all three carmakers are under the same umbrella, but MotoriOnline speculated the firm's third high-rider will be the first Fiat-Chrysler Automobiles (FCA) product built on a PSA platform. If that's accurate, it signals Alfa will unveil a concept car, not a production model, because the tie-up between the two giants hasn't even been finalized yet. The second option floated by the publication is a heritage-laced two-door developed as a tribute to emblematic past models, like the Duetto and the GTV. While that's plausible, especially considering the event will be a anchored to Alfa's illustrious history, the chances of one day seeing it in showrooms are low because executives gave two-door models the boot when they put together the firm's latest product plan in late 2019. Crossovers remain an essential component of Alfa's future range, however, and the aforementioned product plan clearly states a small SUV will join the range in 2022, a year after the Tonale, with an available electric powertrain.

On Location at the Alfa Romeo Museum with the new Giulia

The most exciting news from the reveal of the new Alfa Romeo Giulia was undoubtedly the 510-hp Quadrifoglio model that will top the lineup. To play up the brand's Italian-ness, as well as the fabulous sound the twin-turbo engine makes, Alfa had opera singer Andrea Bocelli sing the car out onto the stage. The event took place at Alfa Romeo's old headquarters in Arese just outside Milan. It's also the site of the brand's museum, which has been closed to the public for years and was recently expanded and redone. We got a quick preview ahead of the museum's official public reopening on June 30, 2015. Anyone traveling to the Milan area should definitely check it out, even if those who aren't die-hard Alfisti. Before the Alfa event, I got to spend some time at Expo Milano 2015. Expos like it are held every five years now around the world and are the modern-day equivalent to a world's fair. The theme was "Feeding the Planet, Energy for Life" with the pavilions from various countries showcasing displays on food production, shortages, and future solutions. When you're done watching our On Location video, stick around for an Alfa promo reel that teases the Giulia's insanely delicious noise.