Current:Home > ContactStellantis expects North American strike to cost it 750 million euros in third-quarter profits -Wealth Pursuit Network
Stellantis expects North American strike to cost it 750 million euros in third-quarter profits
View
Date:2025-04-11 14:44:09
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! (55)
Related
- What do we know about the mysterious drones reported flying over New Jersey?
- Send off Summer With Major Labor Day Deals on Apple, Dyson, Tarte, KitchenAid, and More Top Brands
- Owners of Scranton Times-Tribune, 3 other Pennsylvania dailies sell to publishing giant
- Love Is Blind’s Marshall Debuts Girlfriend of One Year on After the Altar
- FACT FOCUS: Inspector general’s Jan. 6 report misrepresented as proof of FBI setup
- Emergency services leave South Africa fire scene. Now comes the grisly task of identifying bodies
- Cities are embracing teen curfews, though they might not curb crime
- Alaska board of education votes to ban transgender girls from competing on high school girls teams
- Taylor Swift makes surprise visit to Kansas City children’s hospital
- Biden approves Medal of Honor for Army helicopter pilot who rescued soldiers in a Vietnam firefight
Ranking
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- Oprah Winfrey and Dwayne Johnson start Maui wildfires relief fund with $10M donation
- Trump-era rule change allowing the logging of old-growth forests violates laws, judge says
- NYC mayor pushes feds to help migrants get work permits
- The Best Stocking Stuffers Under $25
- Florida father arrested 2 years after infant daughter found with baby wipe in throat
- Khloe Kardashian Makes Son Tatum Thompson’s Name Official
- Shay Mitchell Shares Stress-Free Back to School Tips and Must-Haves for Parents
Recommendation
Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
Dog repeatedly escapes animal shelter, sneaks into nursing home, is adopted by residents
Biden to travel to Florida on Saturday to visit areas hit by Hurricane Idalia
Trump trial in Fulton County will be televised and live streamed, Georgia judge says
Former longtime South Carolina congressman John Spratt dies at 82
New Mexico authorities raid homes looking for evidence of alleged biker gang crimes
A look inside Donald Trump’s deposition: Defiance, deflection and the ‘hottest brand in the world’
Affected by Idalia or Maui fires? Here's how to get federal aid