DETROIT – Eligible Stellantis employees could see the largest profit sharing payments in 35 years, totaling more than $14,000.
UAW-represented Stellantis employees, about 43,000, will be paid out profit sharing checks on March 11, 2022. The eligible profit sharing amount is $14,670, but actual payments based on individual compensated hours.
Recommended Videos
The large payments are due to some incredible numbers reported by the automaker on Tuesday. Stellantis said Wednesday that it made 13.4 billion euros ($15.2 billion) in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group and would pay out record profit-sharing checks to unionized U.S. workers.
The earnings nearly tripled profits compared with its pre-merger existence as two separate companies, as the maker of Jeep, Opel and Peugeot vehicles exploited cost efficiencies from combining the businesses.
The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021. Revenue for the combined business rose 14%, to 152 billion euros.
“Employees are the heart of Stellantis. It is thanks to their continued focus on execution and excellence that we were able to achieve record results in our first year as Stellantis,” said Carlos Tavares, Stellantis CEO. “Every Stellantis employee took on an extraordinary task in 2021 of combining two automakers while facing serious external challenges. Our goal is that all employees benefit from the company’s profitable growth. We are pleased to reward and thank our team members for their tireless commitment.”
More: Automaker Stellantis reaps $15B profit in 1st year of merger