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Marchionne's pay as Fiat CEO falls to $5M

Sergio Marchionne will be buying fewer of his iconic sweaters, as his 2013 pay from Fiat took a dip from $6.24 million to an even $5 million. Marchionne, who was also CEO of Chrysler, made $307,989 thanks to some stocks and benefits from the American company, although he didn't take a salary. Of that $5 million paid by Fiat, $3.19 million came from Marchionne's fixed salary while the remaining $1.8 million was paid for hitting unspecified performance targets.
The news comes from Fiat's compensation reports, which also showed that the 61-year-old, who already owned three million shares in Fiat at the end of 2013, was able to receive an additional 2.3 million shares through a stock incentive program. According to Automotive News Europe, the additional shares would be worth about $25 million at today's prices, although so far, Marchionne has declined to claim the extra shares.
According to ANE, Fiat reported a 2013 trading profit of $4.7 billion.

Half of huge Stellantis engine plant's output will be EV motors by 2024

TREMERY, France — Stellantis said on Wednesday it will speed up the production of electric motors at its factory in Tremery (Moselle), long the world's largest diesel engine plant, to account for 50% of the facility's capacity by 2024. In 2021, diesel still accounted for 67% of production at this plant in northeastern France. But by 2024, diesel engines will make up only 30% of installed capacity. Gasoline engines, which are also used for hybrid electric vehicles, will make up 20% of capacity. Within the last decade, diesel accounted for more than 50% of new car sales in Europe, but the technology has fallen out of favour as the European Union has focused instead on zero-emission solutions for cars. Earlier on Wednesday, EU countries clinched deals on proposed laws to combat climate change, backing an effective ban on new fossil-fuel car sales from 2035 and a multibillion-euro fund to shield poorer citizens from CO2 costs. The shift to electric presents the auto industry with considerable challenges for jobs and training. An electric motor has a third of the parts of an internal combustion engine, requiring fewer parts and hours for production. The Tremery plant, which opened in 1979, has already shed jobs. The factory currently employs around 2,400 people and a nearby gearbox plant in Metz has 1,100 workers, compared to 3,000 and 1,400 respectively in 2019. Stellantis still makes diesel models like the new Citroen C4X. But others like the Peugeot 408 are switching to gasoline and hybrid models only.   Green Plants/Manufacturing Chrysler Electric

FCA's UAW workers to get $8,010 profit-sharing payout

UAW workers at FCA will soon be receiving $8,010 checks, which represent profit-sharing based on the company's 2020 performance. Although FCA's profit margins in 2020 were slimmer than the year prior, the union-employee payouts are slightly larger, due to a change in the formula that was negotiated in 2019 and has now gone into effect. Employees are now paid $900 for every 1% of profit margin FCA achieves in its North American operations. For 2020, the company enjoyed an 8.9% profit margin, and although that was down slightly from 9.1% in 2019, the checks are larger than last year's $7,280 payout. Still, FCA employees didn't fare quite as well as their counterparts at GM, who stand to receive profit-sharing checks of up to $9,000. GM workers did even better last year, netting $10,000. UAW workers at Ford had less to celebrate. They'll receive $3,525, based on the company's 2020 performance. That's a steep drop from last year's $6,600. FCA earned $6.472 billion in North America in 2020. The company is expecting an improved financial performance in 2021, as it's expected to avoid another coronavirus-related shutdown. It's also expected to benefit from the launch of the three-row Grand Cherokee L, as well as the Jeep Wagoneer and Grand Wagoneer, all of which are high-margin products. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.