Strikes in US plants cause $3.2B loss for Stellantis

BERLIN

Stellantis, the world's third-largest vehicle manufacturer, reported that the prolonged strikes that have restricted production at its North American plants in recent weeks have cost approximately €3 billion (some $3.2 billion) in lost revenue.

Announcing its financial results for the third quarter of the year on Tuesday, the company said its third quarter revenue rose 7% year-on-year to €45.1 billion, beating estimates of €43.7 billion.

Six weeks of strikes in the US over wage increases caused a €3 billion decline in Stellantis' revenue.

After more than a month of strikes against the three major car manufacturers Ford, GM and Stellantis in the US, Stellantis Group signed a tentative agreement with the United Auto Workers Union (UAW) last week.

*Writing by Gokhan Ergocun from Istanbul