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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 betting big on Levante SUV

In 2014, Maserati was booming thanks to a sales spike, and executives contemplated capping production. The company's fortunes, however, have changed quickly this year. Its sales dropped 13 percent globally to 8,281 cars in the second quarter, and earnings were down 30 percent, according to Automotive News. This performance has led the company to pin its future hopes on the launch of the Levante crossover. The Levante arrives in the first half of 2016. An official debut is scheduled for sometime this year, according to the company's five-year plan, though the unveiling might be pushed back until the 2016 Detroit auto show in January, Automotive News reports. The Levante shares a platform with the Ghibli and reportedly will use its V6 engines. The crossover also is expected to have all-wheel drive. Patent drawings suggest a look reminiscent of the earlier Kubang concept (pictured above). FCA explains some of Maserati's current weakness is due to problems in China. Deliveries were down 37 percent there in the second quarter, according to Automotive News, and the country's weak economy isn't expected to let up soon. Related Video:

Maserati to halt production for one week in November

When it comes to selling cars, exciting new product is king. This is a fact Maserati is learning the hard way as it struggles to hit aggressive internal sales targets set by its Fiat Chrysler Automobiles ownership. And now a report from Reuters indicates that Maserati will be forced to shutter its Grugliasco plant near Turin, Italy, for one full week in November. Rewind back to 2013 and things were looking really good at Maserati. The brand had rolled out a new version of its four-door flagship, the Quattroporte, a smaller and somewhat more accessible sedan one rung below in the form of the Ghibli, and a new line of twin-turbo engines in both six- and eight-cylinder guises. A sales spike seemed imminent. That's exactly what appeared in 2014, as Maserati topped our end-of-the-year sales chart with a monster 171-percent gain in the United States when compared to the year prior. Like we said, product is king. The first signs of trouble brewing at Maserati rose into our consciousness in January of 2015, as, here in the States, the Italian brand took a monster nosedive in sales. That month's 20-percent decline would prove no anomaly, as February's 43-percent decline would attest. For the next few months of 2015, sales remained basically flat as allegations of shady sales accounting practices hit the news. In September, the last month sales data is available, the brand saw a drop of nearly 34 percent. How does Maserati expect to fix its lagging sales? Exciting new product, naturally, this time in the form of the long-awaited, highly anticipated Levante crossover. While Maserati's history is full of grand-touring coupes and four-door sedans, CUVs are all the rage right now. In other words, as long as the Levante isn't terrible, it really ought to bring the brand's sales back to 2014 levels. Following the Levante, Maserati has promised a new coupe based on the design of the Alfieri Concept it showed off at the 2014 Geneva Motor Show, and that will surely bring another hefty dose foot traffic into showrooms as the next product wave. FCA is banking on turning Maserati from a niche player into a meaningful contributor to its sales chart. If that plan has any hope of turning into a reality, it's clearly going to take a lot more shiny new product to make it happen. Here's hoping the Levante is the next positive step in that direction. Related Video: