Eric D. Lawrence Detroit Free Press Published 7:24 AM EST Feb 7, 2019 Fiat Chrysler Automobiles workers will receive an average of about $6,000 in profit-sharing this year, according to figures released Thursday. The company announced the profit-sharing total, which is to be distributed on March 8, along with its earnings for 2018. For 2018, the company said it made $8.16 billion (7.2 billion euros) before interest and taxes, up 3 percent, with net profit of $4.08 billion (3.6 billion euros), up 3 percent, and revenues of $130 billion (115 billion euros), up 4 percent. For the final quarter, FCA said it had earnings before interest and taxes of $2.27 billion, up 7 percent, net profit of $1.47 billion (1.3 billion euros), and revenues of $34 billion (30 billion euros). The profit-sharing checks for FCA's 44,000 UAW-represented workers are up from the $5,500 checks last year, but non-management workers also got $2,000 bonuses tied to U.S. tax law … [Read more...] about Fiat Chrysler Automobiles workers to get $6K in profit sharing
Automobiles
Business Vietnam automobile industry faces collapse after Toyota announcement about possible production end Two Vietnamese beg for social experiment on Lunar New Year’s Eve
The automotive industry in Vietnam is facing a collapse after Toyota has announced that it may stop assembling automobiles in the Southeast Asian country, considering future cuts in taxes on ASEAN vehicles. >> An audio version of the story is available here As announced early this month by Yoshihisa Maruta, president of Toyota Motor Vietnam, the Vietnamese unit of the world’s largest carmaker is mulling over putting an end to production and switching to imports in order to enjoy the preferential tax treatment an ASEAN trade pact will offer in the next three years. ASEAN stands for Association of Southeast Asian Nations, including Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar, and Vietnam. According to the road map of the ASEAN Free Trade Area (AFTA), automobiles under ten seats imported from ASEAN countries are entitled to a 50 percent rate this year. The rate will be cut to 40 percent next year, 30 percent the … [Read more...] about Business Vietnam automobile industry faces collapse after Toyota announcement about possible production end Two Vietnamese beg for social experiment on Lunar New Year’s Eve
Vietnamese automobile market expands strongly in 2018
Despite difficulties in the first half of 2018, the domestic automobile market saw impressive growth compared to the previous year with nearly 290,000 vehicles sold during the year, an annual rise of 5.8 percent. According to the Vietnam Automobile Manufacturers’ Association (VAMA), sales of passenger cars grew 27.7 percent, while those of commercial and special-use vehicles dropped 19.2 percent and 48.5 percent, respectively. The association noted that in the last four months of 2018, automobile sales expanded strongly. More than 25,000 vehicles were sold in September, 29,040 in October and 30,902 in November and 34,234 in December, with the latter figure the highest level for a month in two years. Imports were greatly impacted by a decree which tightened regulations on cars shipped to Vietnam, allowing domestically-produced and assembled automobiles to drive the market’s growth. By the end of 2018, sales of domestically assembled vehicles rose 10.6 percent, while that of … [Read more...] about Vietnamese automobile market expands strongly in 2018
Automobile market expands strongly in 2018
Illustrative image (Source: presstv.com) Hanoi (VNA) – Despite difficulties in the first half of 2018, the domestic automobile market saw impressive growth compared to the previous year with nearly 290,000 vehicles sold during the year, an annual rise of 5.8 percent. According to the Vietnam Automobile Manufacturers’ Association (VAMA), sales of passenger cars grew 27.7 percent, while those of commercial and special-use vehicles dropped 19.2 percent and 48.5 percent, respectively. The association noted that in the last four months of 2018, automobile sales expanded strongly. More than 25,000 vehicles were sold in September, 29,040 in October and 30,902 in November and 34,234 in December, with the latter figure the highest level for a month in two years. Imports were greatly impacted by a decree which tightened regulations on cars shipped to Vietnam, allowing domestically-produced and assembled automobiles to drive the market’s growth. By the end of 2018, sales of … [Read more...] about Automobile market expands strongly in 2018
Vietnamese automobile sector accelerates economy in 2018
Besides record-breaking achievements, the automobile industry was a growth highlight of Vietnam’s economy in 2018, particularly with the introduction of a made-in-Vietnam branded car. Despite being a new enterprise, VinFast has its own advantages upon entering the market, such as owning the first automobile manufacturing technologies from Germany in Vietnam. With a sound vision and high-quality human resources, the company has quickly come to own large manufacturing factories and a nationwide distribution system. Contrary to the acquisition of domestic enterprises by foreign conglomerates in the field of fast-moving consumer goods in the automobile industry through merges and acquisitions, Vietnamese enterprises have expanded their activities, increasing competitiveness both at home and in foreign countries. According to experts, Vietnam’s automobile enterprises have many choices in choosing projects to invest in and cooperate with. There remains huge potential with … [Read more...] about Vietnamese automobile sector accelerates economy in 2018