TOLEDO, Ohio — UAW members employed by Stellantis will receive profit-sharing checks of $14,760 this year, the largest amount per worker among the Detroit Three automakers.
Stellantis announced the amount Wednesday, which is a slight increase over last year's total of $14,670. At the time, Stellantis said it was the largest profit-sharing amount the company had announced in 35 years.
The checks will be paid March 10 and are based on individual compensated hours. About 40,500 workers - including many of those at Jeep's Toledo Assembly Complex - are eligible to receive the payment.
Not only is it good news for union workers, but also for northwest Ohio.
"From my years associated with the plant, when we got our checks we spent it here and we sought out places that were locally connected. There's that connection between this workforce and the community just from the branding, the Jeep Fest, everything else," Lucas County Commissioner Pete Gerken said. "There's some really strong connection between that workforce and the Lucas County community and I think that will be of value to everybody else."
Gerken added that with inflation costs, this money won't just be "fun money" for many, but an essential part of their annual income.
Stellantis, General Motors and Ford are contractually obligated to share a percentage of annual profits with UAW members.
"The new formula more accurately reflects the contributions of UAW members to the success of Stellantis," UAW Vice President Rich Boyer said Wednesday in a statement. "Today’s announcement that eligible UAW-Stellantis members will receive a record average profit-sharing amount of $14,760 confirms that the skill, dedication, and hard work of UAW members are a critical part of the success of Mopar, Chrysler, Jeep, RAM, Wagoneer and Dodge.
"The financial strength of Stellantis primarily relies on the company’s UAW workforce as evidenced by its financial report. Our members are the backbone of this company. We will continue to call on Stellantis to show our members the respect that is due to them by demanding that they provide a safe working environment to all employees and job security by investing in America."
Earlier this year, General Motors announced profit-sharing checks of $12,750 and Ford announced checks of $9,176.
"The significant contributions of our UAW-represented workforce enabled us to announce strong 2022 second half and full year financials today,” said Mark Stewart, Stellantis North America COO. “These results reflect the discipline and determination with which they have approached the new vision for our company. I am proud of what this team was able to achieve last year in spite of the challenges we continued to face.”
Stellantis also released its 2022 financial report Wednesday. The maker of Jeep SUVs and Ram pickup trucks announced a $17.9 billion net profit in 2022, up 26% from 2021.
Stellantis saw a 13% adjusted operating income margin in 2022, an increase from 11.8% the previous year. The company's Dare Forward 2030 strategy aimed at doubling revenues, which was introduced in early 2022, calls for a 12% profit margin.
Cost-cutting measures, such as idling the Illinois plant that produces the Jeep Cherokee, also contributed to gains.
"In addition to our record financial results and the focused execution of the Dare Forward 2030 strategic plan, we also demonstrated the effectiveness of our electrification strategy in Europe," CEO Carlos Tavares said in a statement. "We now have the technology, the products, the raw materials, and the full battery ecosystem to lead that same transformative journey in North America."
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