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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

Stellantis says its 2021 performance has been better than expected

MILAN — Stellantis softened up investors ahead of its electrification strategy event on Thursday by flagging that 2021 got off to a better-than-expected start despite a chip shortage that has hit automakers worldwide. Stellantis, which was formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, faces an investor community keen to hear how it plans to come up with a range of electrified vehicles (EVs) to rival Tesla. At its "EV Day 2021" kicking off at 1230 GMT, Stellantis will disclose significant investments in electrification technology and connected software as it aims to be an industry frontrunner, it said in a statement. In April, Chief Executive Carlos Tavares said it would offer low-emission versions — either battery or hybrid electric — of almost all of its European models by 2025, and they should make up 70% of European sales and 35% of U.S. sales by 2030. Stellantis, the world's fourth-biggest automaker, has 14 brands in its stable, including Jeep, Ram, Opel, Fiat, Peugeot and Maserati.   Stellantis EV Day coverage: Dodge will launch the 'world's first electric muscle car' in 2024 Fully electric Ram 1500 will begin production in 2024 Jeep will have 4xe plug-in hybrid models across the lineup by 2025 Stellantis teases mystery electric Chrysler concept Stellantis previews 4 electric platforms: Here's how they'll be used Fiat says all Abarth models to be electric from 2024 Opel Manta E will be the electric revival of the classic German coupe Stellantis says its 2021 performance has been better than expected   At a similar EV strategy event last week, French rival Renault announced that 90% of its main brand models would be all-electric by 2030, whereas previously it had included hybrids in its target. Germany's Volkswagen, the world's second-biggest automaker after Toyota, expects all-electric vehicles to make up 55% of its total sales in Europe by 2030, and more than 70% of sales at its Volkswagen brand. Stellantis said its margins on adjusted operating profits in the first half of 2021 were expected to exceed an annual target of between 5.5% and 7.5%, despite production losses due to a global shortage of semiconductor supplies. Stellantis shares listed in Milan were down 2.6% at 0920 GMT, underperforming the broader European car index. Bestinver analyst Marco Opipari said Thursday's news was positive but that the stock was suffering from profit taking as it had moved up about 20% since the end of April.

2019 Chevy Silverado 1500 vs. 2019 Ram 1500 vs. 2018 Ford F-150: How they compare

The full-size pickup truck market is seriously hot right now. Both Ram and Chevrolet have introduced completely redesigned trucks, the 2019 Ram 1500 and the 2019 Chevy Silverado, and as the companies slowly roll each one out, more and more information comes to light. We've put together this comparison post to help you keep track of all the features and specifications of each of these new models, along with the updated 2018 Ford F-150. Among the stats we'll take a look at are engines, power, fuel economy, trim levels, weight and more. Weight savings Both the 2019 Ram 1500 and 2019 Chevy Silverado 1500 have gone on a diet for the new model year, similar to the one the F-150 went on in 2015. The Silverado is the weight-loss leader, having shed 450 pounds when comparing quad-cab V8 models. The Ram 1500 lost 225 pounds compared to the current truck. Both trucks achieve their weight loss in part due to the use of aluminum parts. On the Silverado, the hood, doors, and tailgate are aluminum, while on the Ram, just the hood and tailgate are aluminum on the body. Compare that to the F-150, which uses aluminum for all exterior body panels for a total weight loss of up to 732 pounds, which makes the aluminum-intensive F-150 the weight-loss leader. View 160 Photos Engines and transmissions There's only a bit of overlap in powertrains on the Ram 1500 and Chevy Silverado. Each has a V8 for the top engine. The Ram's is a 5.7-liter Hemi V8 making 395 horsepower and 410 pound-feet of torque. The Silverado will once again use a 6.2-liter V8 as its range topper with the same 420 horsepower and 460 pound-feet of torque as the current model. Both of these V8s boast some extra fuel saving technology. The Chevy's 6.2-liter (and some 5.3-liters) comes with the company's latest cylinder deactivation system that can shut off any or nearly all of the eight cylinders. The Ram's V8 boasts an optional 48-volt mild-hybrid system that, in addition to likely helping fuel economy, can provide up to 130 pound-feet of torque right off the line. With the Ram, fuel economy sees an improvement of 2 mpg in the city and combined ratings for 17 and 19 respectively. Highway fuel economy improves by 1 mpg to 23 with two-wheel drive and 22 with four-wheel drive. The Silverado's 6.2-liter V8 only improves city fuel economy by 1 mpg to 16, and actually loses 1 mpg on the highway. The new 5.3-liter engine with the fancy cylinder deactivation does see an improvement over the simpler version.