U.S. automaker Chrysler, which just three years ago received a rescue from the federal government, made $1.7 billion last year, and anticipates making more than $2 billion this year due to strengthening American demand for autos, according to information released today by the company. And workers will be receiving some of the spoils:
All eligible Chrysler Group LLC’s salaried and hourly workers will receive either a performance bonus or a profit-sharing check, according to CEO and chairman Sergio Marchionne. [...]
In the email, Marchionne did not release how much the employees would receive. But based on Chrysler’s current contract with the United Auto Workers, eligible union members should receive profit sharing checks of about $2,250.
Conservatives of all stripes scoffed at the auto bailout, claiming that it would be the death knell of the auto industry (or even American capitalism). But three years later, with America’s auto companies thriving and investing in new American operations, the governments actions have been largely vindicated. This chart shows how the rescue of the auto industry turned sweeping job losses into job gains:
Ford also released its earnings report this week, making $1.6 billion in the fourth quarter and $5.7 billion for the year.