The company plans to continue its momentum in 2018.
General Motors will distribute $11,750 profit-sharing checks to union-represented workers after a 2017 that was a success. Pretax profits of $12.8 billion were made by the automotive giant. However, North American profits saw a slight decline from $12.4 billion in 2016 and to $11,750 in 2017. It is proud to announce that it has returned to profitability in South America.
General Motors reported a $3.9 billion loss due to additional charges such as $7.3 billion for tax reform and $6.2 million charge related to Opel’s sale to France’s PSA.
2017 was a transformational year thanks to the actions we took in order to strengthen our core business, and further advance our visions of personal mobility. Mary Barra, Chairman and Chief Executive Officer of GM, stated in an official statement that they will continue to execute their plan and reshape our company for long-term success.
GM is the Detroit competitor with the highest profit-sharing bonus checks. Ford said it would give its employees checks in the amount of $7,500. Fiat Chrysler Automobiles will pay an average of $5,000. The American-Italian automaker will also give $2,000 to its non-senior employees.
Chuck Stevens, executive vice President and chief financial officer, said, “Improvements across all operating segments and a strong focus on cost reductions created a record quarter” and another record year.
Daimler will give eligible employees a substantial bonus of EUR5,700 (or approximately $7,072 at current exchange rate) in April after a record-breaking 2017. The German manufacturer moved 3.3 million vehicles in the 12 months to 2016 – an increase of nine percent over 2016. Mercedes-Benz sold more than 2,373,500,000,000 cars.