{"id":39046,"date":"2023-10-31T10:27:45","date_gmt":"2023-10-31T10:27:45","guid":{"rendered":"https:\/\/prosfunds.com\/business\/stellantis-takes-3-billion-revenue-hit-from-autoworker-strikes\/"},"modified":"2023-10-31T10:27:47","modified_gmt":"2023-10-31T10:27:47","slug":"stellantis-takes-3-billion-revenue-hit-from-autoworker-strikes","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=39046","title":{"rendered":"Stellantis takes $3 billion revenue hit from autoworker strikes"},"content":{"rendered":"<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe3oji9000r27np85bl1syt@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Historic strikes by autoworkers in North America have cost Stellantis \u20ac3 billion ($3.2 billion) in lost revenue, the maker of Chrysler and Jeep said Tuesday.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe3qc0v00063b6ipkab1w0t@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      The company said Saturday that it had reached a \u201ctentative agreement\u201d with the United Auto Workers union (UAW), but not before the six-week industrial action dealt a blow to production and sales. Earlier this month, General Motors (GM) said walkouts by its workers had cost the company $200 million in their first two weeks.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe473tx000g3b6ib0bfit72@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Stellantis (STLA) still reported better-than-expected revenue for the July-September period, up 7% on the same quarter in 2022 at \u20ac45.1 billion ($48 billion). It shipped more than 1.4 million vehicles in the quarter, up 11% on 2022.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe4i2du000l3b6ibklvmklt@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Electric vehicle sales climbed 37% on the previous year, driven by demand for the Jeep Avenger and Citro\u00ebn \u00eb-Berlingo.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe3qc0v00073b6icll0iuds@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      The<strong> <\/strong>UAW has hailed the deal that ended the prolonged walkouts at Stellantis as a major victory. The agreement, which must still be approved by the union\u2019s<strong> <\/strong>members, will see wages rise by 25% over the next four and a half years. It also includes the re-opening of an Illinois assembly plant that was closed in February, originally costing 1,200 jobs.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe4h3oi000i3b6i5mmuhgce@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Separately, Stellantis reached an agreement with Canadian union Unifor Monday, hours after a strike began there.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe3qc0v00093b6iyrony9b7@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Shares in the company were up more than 2% in morning trading in Milan.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe3qgij000c3b6ivax8e8g9@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      <em>\u2014 This is a developing story and will be updated.<\/em>\n  <\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnn.com\/2023\/10\/31\/business\/stellantis-uaw-strike-3-billion-hit\/index.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Historic strikes by autoworkers in North America have cost Stellantis \u20ac3 billion ($3.2 billion) in lost revenue, the maker of Chrysler and Jeep said Tuesday. The company said Saturday that it had reached a \u201ctentative agreement\u201d with the United Auto Workers union (UAW), but not before the six-week industrial action dealt a blow to production [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":39047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-39046","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stellantis takes $3 billion revenue hit from autoworker strikes | Prosfunds<\/title>\n<meta name=\"description\" content=\"Historic strikes by autoworkers in North America have cost Stellantis \u20ac3 billion ($3.2 billion) in lost revenue, the maker of Chrysler and Jeep said\" 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