The market has been a little shaky recently, but USA Today is reporting that every GM is giving every union-represented employee a profit-sharing bonus of $11,750. You can’t deny CEO Mary Barra has turned GM around. She is quoted as saying: “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.” They only made $12.8 Billion (pre-tax) in 2017… Earnings per share also beat the analysts’ predictions at $6.62 vs $6.50.
They are not alone in giving back, as Ford plans to give $7,500 and Fiat-Chrysler is giving back an average of $5,000. Ford and GM both have nice earnings thanks to streamlining their US operations. Unfortunately, this puts an end to the Australian auto industry along with GM selling off the Opel brand. Our friends down under will now receive Fords built in the US, and Holden will sell re-badged Chevrolets. Opel and their English brand Vauxhall were sold to their French rivals at Peugeot-Citroen.
This gives GM one of the best balance sheets in the business, so our hats are off to the United Auto Workers. What does 2018 have in store? The Silverado is all new for 2019, the Corvette ZR1’s lap time at the VIR is now the fastest, and the top-secret mid-engine supercar will be revealed. Perhaps its time to put some Detroit back in your portfolio. How will auto workers spend their hard earned cash? The best way is to renew your subscription to the world’s best car magazine, so stay with us for all your automotive news.
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