Stellantis outlines profit-sharing plan for union workers
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Stellantis workers at the Kokomo and Tipton plants who are represented by the United Auto Workers union are eligible to receive a profit-sharing check of up to nearly $14,000, the automaker announced Thursday.
Stellantis, which owns the Jeep, Ram, Chrysler, Dodge and Fiat brands, said its net profit grew 11% in 2023 to about $20 billion dollars. The eligible profit sharing amount is up to $13,860 for each member of its UAW-represented workforce. About 38,000 employees are eligible to receive the payment.
Stellantis employs about 7,000 people in Indiana at four plants in Kokomo and Tipton.
The increase in net profit announced by the world’s third largest automaker comes despite a 13% decrease in net profits in the second half of 2023 because of the impact of targeted strikes by the UAW, the Associated Press reported. The strikes affected Stellantis, Ford Motor Co. and General Motors.
The strike action at Stellantis’ Toledo Assembly Complex in Ohio led to the temporary layoff of hundreds of workers in Kokomo, Inside INdiana Business reported in October.
However, Stellantis and joint venture partner Samsung SDI in South Korea are investing a total of $5.8 billion to build two electric vehicle battery plants in Kokomo and create 2,800 jobs.
The first plant is slated for completion in 2025.