By Bloomberg
January 12, 2018

Fiat Chrysler Automobiles (fcau) will send $2,000 checks to workers in the wake of the U.S. tax bill, joining giants including Wal-Mart Stores and AT&T in sharing the spoils of a lower corporate rate with employees.

The Italian-American automaker said the bonuses will be paid out to about 60,000 U.S. workers. Fiat Chrysler also is investing more than $1 billion at a truck factory near Detroit to produce heavy-duty versions of the Ram pickup starting in 2020. The plant will add 2,500 jobs, according to a statement.

Fiat Chrysler is paying double the bonus that phone carrier AT&T (t) said it would pay workers after President Donald Trump and Congress cut the U.S. corporate tax rate to 21% from 35% late last year. Wal-Mart (wmt) said earlier Thursday it will boost wages to $11 an hour and also write checks for as much $1,000 to employees.

The investment follows a dramatic jump in Fiat Chrysler stock amid optimism about its product lineup being revamped with fresh trucks and sport utility vehicles. The company’s U.S.-listed shares have surged 31% already this year after almost doubling in 2017. The automaker is set to reveal revamped Ram 1500 and Jeep SUV models at the Detroit auto show next week.

SPONSORED FINANCIAL CONTENT

You May Like

EDIT POST