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FCA US Hourly Employees To Get $6,000 Profit-Sharing Checks

 
Old 02-12-19, 04:48 AM
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4TehNguyen
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Default FCA US Hourly Employees To Get $6,000 Profit-Sharing Checks

Meanwhile when GM is laying off people...

https://moparinsiders.com/fca-us-hou...haring-checks/

Approximately 44,000 UAW-represented FCA US employees will be receiving average profit-sharing payments of $6,000, based on FCA US’ financial performance in 2018. Employees will receive the payment of the profit-sharing funds on March 8th, 2019.

According to FCA, U.S. hourly employees have received on average more than $29,000 in profit-sharing since 2009.

As negotiated in the 2015 FCA US LLC-UAW Collective Bargaining Agreement, the 2018 profit-sharing payment is based on the adjusted EBIT margin performance of the North American region reported in the FCA N.V. financial results and on individual compensated hours.

UAW Vice President Cindy Estrada, head of the union’s FCA department, said in a statement, “We look forward to working with FCA for continued success in building great union-made vehicles here in the United States long into the future.”

Last year, FCA US paid its 40,000 hourly UAW employees profit-sharing checks averaging about $5,500 for the their financial performance in 2017. In total, FCA has invested more than $10 billion and created nearly 30,000 new jobs in the U.S. since 2009.
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Old 02-12-19, 05:51 AM
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How many Costco memberships can they get with their bonuses?! (Remember Paul Ryan and the tax "cut")

That is excellent if one looks at the average salary, good for them.

Isn't it rather funny that on the evening news, it's news that "refund checks are smaller" and "price of household items are rising fast?" We knew about these last year, but they only made the news starting last week.

Anyway to be fair, GM's average profit sharing is $10,750 this year, more than FCA. So GM workers win.

https://www.freep.com/story/money/ca...gs/2747184002/
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Old 02-12-19, 06:24 AM
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Originally Posted by 4TehNguyen View Post
Meanwhile when GM is laying off people...

FCA US Hourly Employees To Get $6,000 Profit-Sharing Checks
Good point. Not only that, but, unlike some other manufacturers, FCA also has enough sense to keep their Dodge Charger and Chrysler 300 sedans in production.....they apparently aren't going anywhere. That will ensure that the workers in those plants continue to have jobs....and profit-sharing checks.


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Old 02-12-19, 06:48 AM
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Originally Posted by mmarshall View Post
Good point. Not only that, but, unlike some other manufacturers, FCA also has enough sense to keep their Dodge Charger and Chrysler 300 sedans in production.....they apparently aren't going anywhere. That will ensure that the workers in those plants continue to have jobs....and profit-sharing checks.
If FCA keeps building cars that don't sell except with huge discounts, there won't be any profit to share and then no jobs.
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Old 02-12-19, 06:53 AM
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Originally Posted by oldcajun View Post
If FCA keeps building cars that don't sell except with huge discounts, there won't be any profit to share and then no jobs.

https://www.roadandtrack.com/car-cul...-live-forever/
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Old 02-12-19, 09:21 AM
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Originally Posted by oldcajun View Post
If FCA keeps building cars that don't sell except with huge discounts, there won't be any profit to share and then no jobs.
Wait, no profit - no jobs??

Someone might want to run this by the Democrats.
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Old 02-12-19, 09:29 AM
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Originally Posted by -J-P-L- View Post
Wait, no profit - no jobs??

Someone might want to run this by the Democrats.
That's not always true. Take Sears for example. I gave up about 2 years ago, they kept sending me $15 off $30! $15 off $15! $30 off $30! I got so tired of the free tools they filled my basement and my wife says no more (the sad part is I'm not making it up--I have every kind of Channellock plier imaginable, full polish wrenches, deep sockets, shallow sockets, 1/4, 3/8, 1/2, sae, metric, hammers, specialty screwdrivers, clamps, some I don't even know how to use). We're not talking about a Bed Bath and Beyond where everything is 20% off everyday because the prices are so high. These were promotions where the entire transaction was basically free. I even used some of this free cash to buy a BMW jack pad adapter from ECS Tuning, only catch was I had to pick it up at Sears after ECS drop shipped it to them. So there can be jobs without profits.

edit price has gone up but imagine getting a $30 off $30 from Sears, and being able to buy this with that Sears freecash. My buddy at the time was saying it's people like you who are running a once great co. into the ground

https://www.ecstuning.com/b-ecs-part...AaAjlUEALw_wcB

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Old 02-12-19, 09:29 AM
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Let's not make this political folks. Car chat not the debate forum
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Old 02-12-19, 09:34 AM
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This was an interesting read. Thanks for the posting it.
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Old 02-12-19, 09:46 AM
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I know nothing about the Chrysler V8, other than my bro had it in his RAM 1500 and it was like 390 HP. I don't remember him saying he had any issues with the engine (suspension yes). So personally, whether I ever get one or not, I'm glad that there's an American mfg. who still has a V8, and still has a manual. Again, I may never buy one, but I would feel a sense of loss if we basically agreed no more manuals, no more V8s, all turbo 4's and V6's. That is sad for carmaking in general imho.
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Old 02-12-19, 05:58 PM
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FCA has come back from the dead, and then engineer the incentives into their pricing and marketing strategy. Rest assured they make a profit on every single car and truck they sell, if they didn't they wouldn't sell them anymore. Same with every automaker.

With the strides FCA has made the last few years with overall build quality and QA/QC, the time is rapidly approaching where they will be leading the pack. In many ways, they already are.
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Old 02-12-19, 09:24 PM
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Originally Posted by ArmyofOne View Post
FCA has come back from the dead, and then engineer the incentives into their pricing and marketing strategy. Rest assured they make a profit on every single car and truck they sell, if they didn't they wouldn't sell them anymore.
I doubt that this is true. FCA survives on the significant income from Ram and Jeep. The largest single volume for the Dodge and Chrysler sedans and coupes is to rental car fleets which are sold at huge discounts. Even their retail sales are subsidised which comes out of corporate profit. This is not unique to FCA - for many years Ford has been profitable because they sell nearly a million F150 trucks a year at fairly large profits. My original point was that using profits from trucks and SUV's to subsidise sedans is not a great long term business plan. Ford was the first to recognize this and GM is now following. It was just a couple of years ago that FCA dumped the Chrysler 200 due to poor retail sales. Up to that time it was the favored mid-sized rental car and had evolved into a pretty good car for rental use.
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Old 02-13-19, 08:39 AM
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Originally Posted by ArmyofOne View Post
Rest assured they make a profit on every single car and truck they sell, if they didn't they wouldn't sell them anymore. Same with every automaker.
Originally Posted by old cajun
I doubt that this is true.
I'm with Josh (ArmyofOne) on this one. Though there may be an occasional exception, here and there, on vehicles with high production costs (like EVs, fuel-cell and plug-in-hybrids), on most vehicles, the automaker does make a profit....even on entry-level sedans. It's just a question of how much. That's why GM and Ford, with the claims that they have to drop their sedan-lines because of low sales, aren't fooling anyone who actually knows the market. If one looks past the rhetoric, it's not necessarily low sedan sales that the bean-counters actually object to, but the fact that they simply make more per unit on trucks and SUV...particularly on larger ones. In other words, the average profit the company makes on the average sedan just isn't satisfying them any more, so they simply want to get rid of them....under the guise of poor sales.
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Old 02-13-19, 10:12 AM
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Originally Posted by oldcajun View Post
I doubt that this is true. FCA survives on the significant income from Ram and Jeep. The largest single volume for the Dodge and Chrysler sedans and coupes is to rental car fleets which are sold at huge discounts. .
I agree. The FCA cash cows are the Ram and Jeep products. Their RWD cars they are very likely making big profit as well. But the smaller cars, forget it.
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