STLA: big profits, profit-sharing (updated)
Thanks to high profits in the United States, around 40,500 union employees in the country will get profit-sharing checks averaging $14,760. It’s a mild increase form last year, and comes as car prices have shot up due to supply-chain constraints.
Stellantis is a new company, still, but the results still set a record with a roughly $18-billion net profit; adjusted margin hit 13%. What’s more, Stellantis became a bigger BEV player with a 41% year-over-year growth, key to fighting Tesla (whose European sales shot up by a factor of ten, but remain small) and Volkswagen. Battery-electric car sales are rising fast in Europe, where fuel is far more expensive.