(WWJ) — Hourly U.S. autoworkers at Ford Motor Co. are set to receive large profit-sharing bonuses this year, despite last fall’s UAW strike.
Ford workers will get profit sharing checks of up to $10,400, as the company posted a $4.3 billion profit for 2023, according to WWJ AutoBeat Reporter Jeff Gilbert.
The checks are up from about $9,100 last year, according to reports. Workers can expect to receive the checks sometime in March.
Gilbert reports Ford made big money — about $10 billion pre-tax — on gasoline-powered and commercial vehicles last year, but lost $4.7 billion pre-tax on electric vehicles.
And Ford officials expect to lose $5-5.5 billion more in 2024, though overall profits are expected to exceed $10 billion, pre-tax.
Chief Financial Officer John Lawler says the company has had to cut prices when it comes to EVs and they’re doing all they can to make them profitable.
“It’s gonna take us some time. It’s going to be lower spending, we’re going to have more focus on the spending and we’re going to look at really focusing on where we put our dollars for a good return,” Lawler said.
Last month General Motors announced more than 40,000 workers will receive profit-sharing checks of about $12,750.