Stellantis’ UAW Employees Get $14,760 Bonuses After $17.9B Profit in 2022
Despite supply chain limitations and other logistical hurdles, the automaker had a good 2022.
United Automobile Workers members working for Stellantis, the Detroit Three member with the smallest slice of the American market-share pie, will be receiving the largest profit-sharing checks of any U.S.-based automaker this year. The company's overall 2022 profits rose 26% despite 2% lower overall deliveries. In North America, profits rose 23% to $14.8 billion. Around 40,500 workers in NA will receive $14,760 profit-sharing checks as a result, as Automotive News reports.
General Motors was not far behind in terms of the value of the profit-sharing checks distributed to its union employees. Checks of up to $12,750 are being distributed to thousands of UAW members working for the company on account of solid 2022 sales figures. Ford, who did not have as strong a year as Stellantis or GM, will distribute checks at an average of $9,176 to many union workers.
As with other automakers, Stellantis predicts 2023 will be a good year for the company as well. It says its average vehicle price will likely go down this year, and supply chain issues like the chip shortage are finally coming to an end. The result will be more supply and lower prices, which it thinks will attract more buyers.
Stellantis is also riding on strong sales in Europe, where the other half of the conglomerate, the former PSA group containing Peugeot, Citroen, DS, Opel, and Vauxhall had a good year as well. Indeed, the automaker claimed all of its regions showed increased profits despite difficulties delivering vehicles.
This all occurred despite Stellantis offering no BEVs for sale in the United States. Indeed, electric vehicles still are not profitable for most legacy automakers. GM says it will lose money on its EVs until 2025, despite a very scalable architecture to support these vehicles. Stellantis will likely do no better.
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