Say what you will about the UAW, but union members are making bank as Stellantis has announced they’ll be eligible for a profit sharing check of up to $14,760 (£12,254 / €13,915).
While final payments will be based on “individual compensated hours,” roughly 40,500 employees will have a big smile on their face come March 10. This is due to the 2019 UAW-FCA Collective Bargaining Agreement, which calls for employees to benefit when the automaker does.
That’s certainly the case as Stellantis earned a net profit of €16.8 ($17.8 / £14.8) billion last year on net revenues of €179.6 ($190.5 / £158.2) billion. Those were increases of 26% and 18% respectively, and the company noted “all regions are growing and delivering record profitability.”
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This is part of the reason the automaker’s board of directors approved a share buyback of up to €1.5 ($1.6 / £1.3) billion. The company noted the move was enabled by their “significant cash flow generation and strong balance sheet,” and will take place before the end of the year.
Shareholders and UAW members aren’t the only ones benefiting as the company will distribute a record €2 ($2.1 / £1.7) billion to recognize employee performance worldwide. While the UAW payout appears to be included in that total, Stellantis noted it’s €200 ($212 / £176) million more than last year.
CEO Carlos Tavares remarked it’s “fair recognition of the contribution of all Stellantis employees to make Stellantis win in a very demanding economic context.” He went on to say, “When the company does well, all employees do well – that’s what our pay-for-performance culture is all about.”
Besides talking about earnings and profit sharing, Stellantis revealed EV sales climbed 41% to 288,000 units last year. The automaker currently offers 23 different EVs, across its various brands, and has plans to add nine more in 2023. That number will increase to 47 by the end of 2024 and the company is slated to have more than 75 by 2030.
