GM’s Pretax Profits Mean a $12K Bonus for its Union Workers

Last year was a good one for GM. With popular cars, a return to profitability in South America, and pretax profits of $12.8 billion, the company had reason to celebrate (even despite a hefty tax bill that ate through profits).

GM’s employees, though, also have a reason to celebrate. Union-represented workers will get a share of the profits to the tune of $11,750 for all their good work.

Although it’s not simply through largesse, GM’s workers are getting the biggest bonus out of the big three. Ford’s workers are receiving profit-sharing checks worth $7,500, while FCA’s workers get $5,500.

As we reported yesterday, GM’s strong year is thanks, in part, to a record breaking fourth quarter. Thanks to a focus on crossovers and trucks, as well as a strong auto market in general, the company saw very strong profits.

New tax laws, though, meant that GM reported a net loss of $4.9 billion for the year.

Still, the company was pleased with its results, and is bullish about the future.

“The actions we took to further strengthen our core business and advance our visions for personal mobility made 2017 a transformative year. We will continue executing our plan and reshaping our company to position it for long-term success,” said CEO Mary Barra, in a statement.

Comments