Stellantis, the result of a merger between Fiat Chrysler and PSA Group in 2020, manufactures vehicles under more than a dozen brands, including Jeep, Dodge and Chrysler.
File Photo by Roger L. Wollenberg/UPI | License Photo
Feb. 23 (UPI) -- Stellantis said on Wednesday that it's giving significant revenue-sharing checks to workers after earning more than $15 billion in net profit for 2021 -- the automaker's first full year after a merger between Fiat Chrysler and PSA Group.
In its earnings report, Stellantis said its profit for last year totaled $15.1 billion -- an increase of 179% compared to 2020.
Stellantis manufactures vehicles under more than a dozen brands, including Jeep, Dodge and Chrysler.
The automaker said that cost-cutting measures and strong sales were the main factors in the increase in profits -- even in the face of a global semiconductor chip shortage that slowed the industry. Stellantis said it increased prices for raw materials and other dealership inventories, which boosted vehicle prices.
With the revenues, the company said it will distribute profit-sharing payments to UAW-represented workers of almost $15,000, according to the Detroit Free Press -- the largest amount in its history.
"It is thanks to their continued focus on execution and excellence that we were able to achieve record results in our first year as Stellantis," CEO Carlos Tavares said in a statement. "Every Stellantis employee took on an extraordinary task in 2021 of combining two automakers while facing serious external challenges."
Stellantis was created by a merger in 2020 of Fiat Chrysler and Peugeot.
Feb. 23 (UPI) -- Stellantis said on Wednesday that it's giving significant revenue-sharing checks to workers after earning more than $15 billion in net profit for 2021 -- the automaker's first full year after a merger between Fiat Chrysler and PSA Group.
In its earnings report, Stellantis said its profit for last year totaled $15.1 billion -- an increase of 179% compared to 2020.
Stellantis manufactures vehicles under more than a dozen brands, including Jeep, Dodge and Chrysler.
The automaker said that cost-cutting measures and strong sales were the main factors in the increase in profits -- even in the face of a global semiconductor chip shortage that slowed the industry. Stellantis said it increased prices for raw materials and other dealership inventories, which boosted vehicle prices.
With the revenues, the company said it will distribute profit-sharing payments to UAW-represented workers of almost $15,000, according to the Detroit Free Press -- the largest amount in its history.
"It is thanks to their continued focus on execution and excellence that we were able to achieve record results in our first year as Stellantis," CEO Carlos Tavares said in a statement. "Every Stellantis employee took on an extraordinary task in 2021 of combining two automakers while facing serious external challenges."
Stellantis was created by a merger in 2020 of Fiat Chrysler and Peugeot.
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