Fiat Chrysler Automobiles (FCA) had such a strong financial performance in 2017 that it is cutting profit-sharing checks to about 40,000 employees.
FCA Profit Sharing 2017
The average payment will be about $5,500 to UAW-represented employees who are eligible. Since 2009, hourly employees have received an average of more than $23,000 in profit sharing.
FCA has invested $10 billion in U.S. manufacturing operations and has created more than 25,000 jobs over the last nine years. Last June, the company spent $350 million to move production of the Jeep Cherokee from its north plant in Toledo, Ohio, to Belvidere, Illinois. The effort created 300 new jobs.
FCA then began a $700 million overhaul of the Toledo plant so it could make the new Jeep Wranglers, a move that added another 700 jobs. Now, FCA is ready to begin production on the new Ram 1500 in the company’s new assembly plant in Sterling Heights, MI. The company spent about $1.5 billion to transform the Detroit-area facility from unibody to body-on-frame production. That plant will also add 700 new jobs.
Finally, FCA also earmarked $2 billion to bring 4,500 new jobs to assembly facilities in Warren, MI and the south plant in Toledo, OH. The Warren plant will be upgraded to make the Jeep Wagoneer, the Grand Wagoneer, and the Ram Heavy Duty – a result of moving production to the U.S. from Mexico. The south Toledo plant is being retooled to build a new Jeep truck.
The company plans to have everything completed by 2020.