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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 abandoned the Spider to focus on crossovers

As much as enthusiasts like to forget or deny it, automakers are in the business of making money, and sometimes that means doing things that seem counter to a brand's image or history. Alfa Romeo, for example, is attempting to make a comeback in the US. The make has a long history of making sporty vehicles, so news that Alfa has ceased plans on some new cars in order to focus on crossovers should be disappointing, but far from surprising. The new Fiat 124 Spider, based on and build alongside the Mazda Miata, was originally supposed to be a new Alfa Romeo Spider. A while back, Fiat Chrysler Automobiles CEO Sergio Marchionne has said that as long as he's in charge, Alfas will be built in Italy. That seemed to be reasoning enough for the new car's switch to Fiat, but Automotive News is reporting that the company actually abandoned the new Spider in order to build SUVs. The Spider isn't the only vehicle that appears to be off the table. While the new BMW 3 Series-sized Giulia is set to hit dealers later this year, larger sedans meant to compete against the 5 Series and 6 Series have been axed. Alfa's first crossover, the Stelvio, is expected to debut later this year. The company has plans for a Giulia-based crossover as well. A lot of this seems counter to Alfa and FCA's five-year plan that was announced fewer than three years ago. Then, the 400,000 annual sales target worldwide by 2018 powered by Italian-designed and -built engines. In actuality, the company has struggled to get even the Giulia to market, delaying everything else in its wake. Related Video:

Alfa Romeo Giulia, new SUV delayed

Damn it, Alfa Romeo. You had one job. One job. Just return to the North American market. That's it. And just when we thought that long-awaited event was actually in sight, thanks to the new, high-performance Giulia Quadrifoglio sedan, we're being forced to report what we've reported so, so many times before – Alfa's US return has (probably) been delayed. Citing supplier sources, Automotive News Europe reports that not only has the new Giulia's European launch been delayed six months, to mid 2016, but the Italian brand's first SUV also won't arrive until at least early 2017. That's six and nine months later than each vehicle was expected, respectively. US on-sale dates for both vehicles were slated for at least three to six months after hitting European dealers. If ANE's report is correct, this virtually guarantees we won't see the Giulia Quadrifoglio before autumn 2016/winter 2017, while the Giulia-based SUV's US arrival is effectively pushed back to spring or summer of 2017. The delay in the Giulia is being blamed on additional work on safety and ride characteristics, ANE's sources claimed. The Quadrifoglio was to be followed by four-cylinder variants in March, but this delay means the high-performance Giulia will be on its own until the end of 2016 in Europe, and early- to mid-2017 in the US. It's unclear if these issues are to blame for the delay in the SUV, although considering it's based in part on the Giulia, that seems like a reasonable assumption. Naturally, and we're guessing annoyingly for Fiat Chrysler executives, this latest delay is raising further questions about the company's long-term plan for its troubled Turin-based brand. ANE quoted multiple analysts who called out Sergio Marchionne's overly ambitious plans for Alfa, although Morningstar's Richard Hilgert said it best: "I would be impressed if the brand sold 200,000 [units per year]," Hilgert told ANE. "I think Marchionne set an overly-lofty target as a shock treatment to a patient in cardiac arrest. The idea being to get an immediate dramatic response, but his plan for 400,000 units in 2018 would have the patient immediately get up and run a five-kilometer race." Related Video: