Tumblr Icon RSS Icon

Chrysler Has Come All The Way Back From Bankruptcy, And Workers Will Reap The Benefits

By Pat Garofalo on January 30, 2013 at 4:01 pm

"Chrysler Has Come All The Way Back From Bankruptcy, And Workers Will Reap The Benefits"

Share:

google plus icon

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.

‹ PREVIOUS
Nearly Half Of Americans Are One Financial Shock Away From Poverty

NEXT ›
Points For Honesty? GOP Lawmaker Proposes Bill That Only Cuts Taxes For The Rich

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.