GM, Ford Prepare Profit Sharing Payouts
General Motors Co. and Ford Motor Co. are preparing to distribute hundreds of millions of dollars in in profit-sharing payments to members of the United Auto Workers union over the next five weeks.
#economics #labor
General Motors Co. and Ford Motor Co. are preparing to distribute hundreds of millions of dollars in in profit-sharing payments to members of the United Auto Workers union over the next five weeks.
Fiat Chrysler Automobiles NV, which has a similar profit-sharing plan with the UAW, hasn’t yet announced its payouts for 2018.
GM plans to disburse awards as great at $10,750 to 46,500 workers on Feb. 22. Ford says its distributions, which will average $7,500, will go to 56,000 employees on March 14.
The amounts are calculated by formulas that apply to each company’s adjusted 2018 pretax earnings in North America. Those EBIT amounts last year were $10.8 billion for GM and $7.6 billion for Ford.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data