Chrysler's $1.7 billion Profit Nets Workers' $2,250 Bonuses

[kandace]

Chrysler Group LLC reported Wednesday a net profit of almost $1.7 billion for 2012 and fourth-quarter earnings of $378 million. That was an eightfold improvement over the $183 million the company earned in 2011 and offered further proof of the automaker's turnaround.
It was even better than the $734 million the company would have made in 2011 if it had not paid back its loans from the U.S. and Canadian governments early, and it exceeded the company's previous projections.

CEO Sergio Marchionne said hourly UAW workers will receive profit-sharing checks averaging $2,250; Ford on Tuesday announced its average profit sharing will be $8,300. Salaried Chrysler workers also will get bonuses.

"This is a remarkable accomplishment, and a tribute to the courage, passion and commitment you have showed to restore Chrysler to being a competitive force," Marchionne said in a message to workers Wednesday, a copy of which was obtained by The Detroit News.

Excellent. Wealth redistribution at its finest.

[kandace]

OOOPs. That should read "Nets" not "News" moderators, please change.

[Mom49of4]

Edited for accuracy. lol

[kandace]

Edited for accuracy. lol

Thanks.

[kandace]

No comments from the hating on Obama crowd. Typical.

[ivanbalt]

Ford should bump up its dividends.

[flyboy56]

Ford should bump up its dividends.

Ford has been losing more than £5million EVERY DAY in Europe – with bosses braced for worse to come.

The company is the second biggest carmaker in the US but has been hammered by weak sales in the recession-ravaged eurozone.

The firm has already delivered a devastating blow to UK workers here by announcing the closure of two factories with 1,400 job losses last October.

Ford revealed the full scale of its tremendous problems in Europe yesterday after confirming the division plunged £465million into the red in the last three months of 2012, taking its full-year loss to £1.1billion.

Bosses aren’t expecting any pick-up in the near future, either, with losses forecast to balloon to £1.3billion this year.

Chief financial officer Bob Shanks said: “We’re likely to see, in the eurozone, a recession for the year.

http://www.mirror.co.uk/money/city-n...losses-1562825

[ivanbalt]

Ford has been losing more than £5million EVERY DAY in Europe – with bosses braced for worse to come.

The company is the second biggest carmaker in the US but has been hammered by weak sales in the recession-ravaged eurozone.

The firm has already delivered a devastating blow to UK workers here by announcing the closure of two factories with 1,400 job losses last October.

Ford revealed the full scale of its tremendous problems in Europe yesterday after confirming the division plunged £465million into the red in the last three months of 2012, taking its full-year loss to £1.1billion.

Bosses aren’t expecting any pick-up in the near future, either, with losses forecast to balloon to £1.3billion this year.

Chief financial officer Bob Shanks said: “We’re likely to see, in the eurozone, a recession for the year.

http://www.mirror.co.uk/money/city-n...losses-1562825

Fortunately Europe isn't Ford's only market.

Group profits rose to just over £1billion in the final three months of 2012.

[banner1124]

Ford has been losing more than £5million EVERY DAY in Europe – with bosses braced for worse to come.

The company is the second biggest carmaker in the US but has been hammered by weak sales in the recession-ravaged eurozone.

The firm has already delivered a devastating blow to UK workers here by announcing the closure of two factories with 1,400 job losses last October.

Ford revealed the full scale of its tremendous problems in Europe yesterday after confirming the division plunged £465million into the red in the last three months of 2012, taking its full-year loss to £1.1billion.

Bosses aren’t expecting any pick-up in the near future, either, with losses forecast to balloon to £1.3billion this year.

Chief financial officer Bob Shanks said: “We’re likely to see, in the eurozone, a recession for the year.

http://www.mirror.co.uk/money/city-n...losses-1562825

Given the state of Europe these days is there any automaker that's making money there right now?

[flyboy56]

Fortunately Europe isn't Ford's only market.

It's not Ford's product as I believe they have really turned around since I owned a 1975 Mustang II. Drove like a truck. Europe is struggling more than CNBC is letting on of late.

[ivanbalt]

It's not Ford's product as I believe they have really turned around since I owned a 1975 Mustang II. Drove like a truck. Europe is struggling more than CNBC is letting on of late.

Yikes, Mustang II.

I'm on my 5th Ford and I love em.

[kandace]

Ford is earning record profits in China.

It has been reported by GM, the Detroit-based automaker, that their deliveries of cars and minivans have seen a climb of 14% in China, the world's largest auto market. The same was 251,812 units in October. Besides, Ford has also informed a rise by 48% in its sales over the last year. The company has told that this year, 60,518 vehicles have been sold in the last month.

[banner1124]

Yikes, Mustang II.

I'm on my 5th Ford and I love em.

I do alot of traveling for work (up until recently as I've decided to drive for a bit to see how I like it) and was renting a car weekly. Got to the point where I actually requested the Ford Fusion I liked that car so much.

[flyboy56]

Yikes, Mustang II.

I'm on my 5th Ford and I love em.

The engine was a small block V6 made in Germany. The chassis of the car used standard tools while the engine used metric. I put 160,000 miles on before I sold it. It was still peppy but I did have to do a valve job.

[ivanbalt]

I do alot of traveling for work (up until recently as I've decided to drive for a bit to see how I like it) and was renting a car weekly. Got to the point where I actually requested the Ford Fusion I liked that car so much.

A co-worker had a Fusion rental when we did work in VA. Very nice cars.