Current:Home > ScamsStellantis expects North American strike to cost it 750 million euros in third-quarter profits -Nova Finance Academy
Stellantis expects North American strike to cost it 750 million euros in third-quarter profits
View
Date:2025-04-17 15:38:35
MILAN (AP) —
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 Stellantis’ 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 we’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%.
veryGood! (865)
Related
- Military service academies see drop in reported sexual assaults after alarming surge
- Italy grants citizenship to terminally ill British baby after Vatican hospital offers care.
- Many women deal with unwanted facial hair. Here's what they should know.
- Tai chi helps boost memory, study finds. One type seems most beneficial
- Trump invites nearly all federal workers to quit now, get paid through September
- James Corden heading to SiriusXM with a weekly celebrity talk show
- NBA highest-paid players in 2023-24: Who is No. 1 among LeBron, Giannis, Embiid, Steph?
- I can't help but follow graphic images from Israel-Hamas war. I should know better.
- This was the average Social Security benefit in 2004, and here's what it is now
- See Rachel Zegler Catch Fire in Recreation of Katniss' Dress at Hunger Games Prequel Premiere
Ranking
- Rolling Loud 2024: Lineup, how to stream the world's largest hip hop music festival
- New tent cities could pop up in NYC as mayor removes homeless migrants from shelters
- 3 cities face a climate dilemma: to build or not to build homes in risky places
- 7 bystanders wounded in shooting at Texas college homecoming party, sheriff’s office says
- At site of suspected mass killings, Syrians recall horrors, hope for answers
- French justice minister is on trial accused of conflict of interest
- King Charles III will preside over Britain’s State Opening of Parliament, where pomp meets politics
- Tupac Shakur Way: Oakland street named in rapper's honor, 27 years after his death
Recommendation
Meet the volunteers risking their lives to deliver Christmas gifts to children in Haiti
Shooting in Tacoma, Washington leaves 2 dead, 3 wounded, alleged shooter turns himself in: Police
Tai chi helps boost memory, study finds. One type seems most beneficial
Nobel Peace Prize laureate Narges Mohammadi goes on a hunger strike while imprisoned in Iran
Highlights from Trump’s interview with Time magazine
War took a Gaza doctor's car. Now he uses a bike to get to patients, sometimes carrying it over rubble.
Gov. Youngkin aims for a GOP sweep in Virginia’s legislative elections. Democrats have other ideas
How Melissa Gorga Has Found Peace Amid Ongoing Feud With Teresa Giudice