Published: Sat, January 13, 2018
Global News | By Stacy Ballard

Fiat Chrysler to Give US Workers $2000 Bonuses After Tax Bill

Fiat Chrysler to Give US Workers $2000 Bonuses After Tax Bill

Fiat Chrysler said the actions were made possible in part by passage of the US tax reform legislation.

FCA, like Ford and GM, will soon announce profit-sharing bonuses for hourly employees.

The company will upgrade the Warren Truck Assembly Plant in MI to produce heavy-duty Ram trucks and add jobs there to support the increased volume. The automaker also reiterated that it would gift $2,000 bonuses to each and every 60,000 hourly and salaried employees in the United States.

"These announcements reflect our ongoing commitment to our USA manufacturing footprint and the dedicated employees who have contributed to FCA's success", said Sergio Marchionne, FCA's CEO, in a statement.

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According to reports, the automotive major is expected to unleash its new light pickup truck, the Ram 1500, in the next few days.

To accommodate the increased production volume, FCA will add 2,500 jobs - a figure that is "above and beyond" the job creations announced a year ago. That plant previously produced the Chrysler 200 sedan which has been dropped from the line-up. He says employees should also share in the tax savings.

The unit of Fiat Chrysler Automobiles, around 6 p.m. on Thursday, issued its statement. Since 2011, the Company has invested more than $5.7 billion in its USA facilities and hired almost 15,000 hourly employees by keeping labor costs competitive. That's part of a broader plan that included shifting Jeep Cherokee production from Toledo to Belvidere, Ill. This has resulted in the change in priorities among the vehicle manufacturers who are now manufacturing more trucks while making a reduction in their auto production, as per sources.

The company's stock is now moving with a +ve distance from the 200 day SMA of approximately 64.98%, and has a solid year to date (YTD) performance of 31.28% which means that the stock is constantly adding to its value from the previous fiscal year end price.

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"While the news is positive, the UAW is reviewing the details", Rothenberg said, noting union officials would likely have more to say later.

Fiat Chrysler revealed its plans to modernise the plant, in Warren, Michigan, on the eve of the North American International Auto Show in Detroit, which is to open to the media and industry visitors on Sunday. More than 2,000 new jobs will be added at these two plants to support production, FCA pointed out.

The latest plant investments are subject to the negotiation and final approval of incentives by state and local entities.

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