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Stellantis takes $3 billion revenue hit from autoworker strikes

today 10/31/2023
Stellantis, the maker of Chrysler and Jeep, has incurred a loss of $3.2 billion in revenue due to the recent strikes by autoworkers in North America. The company announced that it had reached a tentative agreement with the United Auto Workers union, but the six-week industrial action had already impacted production and sales. Despite this setback, Stellantis reported better-than-expected revenue for the July-September period, with a 7% increase compared to the same quarter in 2022. Electric vehicle sales also saw a significant rise of 37% from the previous year. The UAW considers the deal that ended the strikes as a major victory, which includes a 25% wage increase over the next four and a half years and the reopening of a closed Illinois assembly plant. Additionally, Stellantis has reached an agreement with Canadian union Unifor following a strike in Canada. The company's shares saw a rise of over 2% in morning trading.
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