Stellantis was formed in January by the merger of the French PSA, parent company of Peugeot, Citroen and Opel, the Italian-American Fiat Chrysler is counting this year on higher sales. Last year sales of the now fourth largest automaker in the world were still under considerable pressure from the coronavirus crisis.
The company expects sales to grow in all regions this year, especially in Europe, North America and South America. Last year, Fiat Chrysler’s sales went down 22 percent due to the crisis and production disruptions in the car industry due to the pandemic. For PSA it was a contraction of almost 28 percent.
The fourteen Stellantis brands, including DS, Abarth, Vauxhall, Jeep, Ram, Dodge, Maserati, Alfa Romeo and Lancia, account for about 9 percent of car sales worldwide. Only Volkswagen, the alliance Renault-Nissan-Mitsubishi and Toyota Motor are even bigger.
Stellantis is headquartered in Amsterdam and is headed by CEO Carlos Tavares, who previously headed PSA. Tavares said he wants to improve profitability this year by earning billions in financial benefits from the merger, including on development costs.
As a result of FCA’s financial performance in 2020, Stellantis announced today that the eligible profit sharing amount of $8,010 will be paid to UAW-represented employees on March 15, 2021. Actual payments will be based on individual compensated hours. Approximately 43,000 employees are eligible to receive the payment.
With this payment, U.S. hourly employees have received on average more than $44,700 in profit sharing since 2009.
The 2020 profit sharing payment was calculated on the terms negotiated as part of the 2019 UAW-FCA Collective Bargaining Agreement, based on the year-end Adjusted EBIT margin of the North American region reported in the FCA legacy operations financial results.
Stellantis UAW workers are to receive profit-sharing checks this year of $8,010.
The announcement of the payouts to about 43,000 UAW-represented workers came early Wednesday, the same day the company released its first earnings report since it was created in January from the merger of Fiat Chrysler Automobiles and Peugeot-maker PSA Group.
The checks represent an increase from the $7,280 checks FCA workers received last year. The Free Press reported earlier that Ford workers are getting $3,625 and those at General Motors are receiving $9,000 this year.
