Stellantis' Profit Fluctuations Amid Industry Challenges

Stellantis, the parent company of Jeep and Dodge, reported a 10% drop in profit for the second half of 2023 due to six-week strikes at the "Detroit Three" automakers. Despite the impact of industrial action, the company's adjusted operating income exceeded analyst forecasts, leading to a more than 4% jump in its shares. Stellantis reached an agreement with the United Auto Workers union, resulting in a $18.9 billion investment in the U.S. and ratified by workers. The company proposed a dividend increase and a 2024 share buyback program after reporting strong earnings for 2023 as a whole.