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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 GranTurismo Folgore teases itself around Monterrey

Maserati began teasing the GranTurismo Folgore toward the end of Car Week on Twitter and Instagram with a caption that read, "A rose gold wrap suited to the Golden Coast. Impossible to keep it secret. We’re touring California with the new GranTurismo Folgore and an audacious Italian-American entertainer. The air is electric. Keep following us down this road." Maserati seems to have meant the line about not keeping secrets more literally than one would expect, because it nonchalantly parked an uncamouflaged car in the same rose gold wrap at a charging station on the Monterey peninsula before the teases began. It had been thought that the automaker might debut the coupe over the weekend, which could have happened. Autocar says the Italians hosted a private preview for potential customers — that, apparently, was the secret.  This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Maserati teased a different prototype draped in a blue wrap earlier this year before the Formula E grand prix in Rome. This version, with its Homeric rosy hue and quasi-three-spoke wheels is what we've been waiting for. We like what we see. Yes, it's highly reminiscent of the GranTurismo that went off the market in 2019. Why should that bother us? That coupe is still beautiful. From what we can tell of the Folgore, the updated lines should make the coming EV even more so. Guests at that putative private event might know what powers the 2+2, but we don't. We know the battery-electric Grecale crossover will get an EV powertrain with 590 horsepower, the much more expensive GranTurismo should handily outdo that even if it doesn't touch the 1,200-hp figure some believe possible. We expect to get that info when the official debut happens in the coming months. The official GranTurismo Folgore launch is scheduled for next year, probably joined sometime in the year by its droptop sibling, the GranCabrio Folgore. It's thought there will be an ICE-powered version for the two-door as well, maybe offering the choice of an unaided 3.0-liter Nettuno V6 or a hybrid centered around the V6 or a 2.0-liter four-cylinder. Certain markets sell the Ghibli sedan with a 2.0-liter hybrid; however, that option is viewed as a long shot for the new GranTurismo.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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.