Stellantis Reports €3 Billion Revenue Loss Due to Prolonged Strikes in North American Plants
Stellantis' revenue up 7% year-on-year in Q3
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Stellantis, the world's third-largest vehicle manufacturer, disclosed that the extended labor strikes that disrupted production at its North American facilities in recent weeks have resulted in an estimated revenue loss of approximately €3 billion (equivalent to $3.2 billion).
In its quarterly financial report released on Tuesday, the company revealed that its third-quarter revenue experienced a notable year-on-year increase of 7%, reaching €45.1 billion, surpassing earlier projections of €43.7 billion.
The substantial €3 billion decline in Stellantis' revenue can be attributed to six weeks of labor strikes in the United States, primarily concerning wage increases.
Following over a month of strikes affecting the three major car manufacturers in the United States, including Ford, GM, and Stellantis, Stellantis Group reached a tentative agreement with the United Auto Workers Union (UAW) last week. This development marks a significant step in resolving the labor disputes that have impacted the company's North American operations.
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