Stellantis said today that the strikes in North America over pay increases would cost it less than €750m in terms of profitability, after a negative impact on group revenue of around €3 billion.
Unions' unprecedented six-week campaign of coordinated strikes in the US and Canada, which started last month and expanded in October, are ending this week after tentative agreements that won record salary increases for workers at the Detroit Three automakers.
Chief financial officer Natalie Knight, who started the job in the summer, said on a media call that the €750m impact on profitability was the smallest among the Detroit Three.
"We're looking at everything in terms of where should we approach (mitigation actions). And I think you will continue to hear more about that mitigation as we go forward," she said in a media briefing.
Presenting its third-quarter sales results, Stellantis today confirmed its forecast for a double-digit margin on adjusted operating profit and positive industrial free cash flow this year.
"We believe we continue to be in a very strong position globally and in the US," Knight said.
Net revenue at the world's third largest automaker rose 7% in the July-September quarter to €45.1 billion, topping the €43.7 billion expected by analysts in a Reuters poll.
The increase was mainly due to improved volumes and consistent pricing power but was partially offset by foreign exchange rates, the company said in a statement.
Consolidated shipments rose 11% in the quarter to 1.427 million vehicles, Stellantis said.
