Stellantis UAW profit sharing checks down sharply for 2024 calendar year
Automaker Stellantis issued its 2024 financial report Wednesday, indicating that net revenues for 2024 were down 17% compared to the previous year; with net profit for 2024 down 70% compared to the previous year.
In addition, inventories on Dec. 31 were 18% lower year over year, which includes a 20% drop in U.S. dealer stock.
The year-end figures are "consistent with the updated financial guidance released in September," the press release said.
With that, the upcoming 2024 profit sharing for eligible, UAW-represented employees will be $3,780. The amount is based on the company's North America financial report, per negotiations in the 2023 UAW-FCA collective bargaining agreement. About 38,800 employees will receive profit sharing, based on their individual hours worked.
The Stellantis profit-sharing checks last year were $13,860.
Stellantis said in its press release that it expects to work with dealer groups in the U.S. and Europe to "accelerate the return to growth." The company also expects to appoint a new chief executive officer early this year; and will launch 10 new products in 2025.
"While 2024 was a year of stark contrasts for the Company, with results falling short of our potential, we achieved important strategic milestones," JohnElkann, chairman, said in a prepared statement.
"Notably, we began the rollout of new multi-energy platforms and products, which continues in 2025, started production of EV batteries through our JVs, and launched the Leapmotor International partnership. Stellantis' dedicated and talented people are driving forward with energy and determination, engaging with key stakeholders and moving decision-making closer to our customers. We are firmly focused on gaining market share and improving financial performance as 2025 progresses."