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Published 2 months ago

Carmaker Stellantis' second-half profits hit by North American strikes

  • Carmaker Stellantis reported a 13% decrease in net profits in the second half of 2023 due to strikes in North America, impacting its profit center.
  • The strikes led to increased pay across the industry and higher vehicle costs as Stellantis shifts away from gasoline-fueled vehicles. In the second half of the year, North American revenues dropped 5.6% to 40.5 billion euros.
  • Stellantis anticipates a "turbulent" year ahead and expects higher labor costs in North America due to a union deal. Full-year profit rose 11% to 18.6 billion euros, and the company plans to increase dividend payments by 16% this year.
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