Michigan Central Station in Detroit is celebrating its grand reopening after a six-year renovation with a concert featuring top Detroit artists like Diana Ross and Big Sean. Thousands are expected to attend the event, which symbolizes the city's revival and legacy. Detroit Mayor Mike Duggan and other attendees expressed pride in the station's transformation and the city's resurgence.
Ford Motor Co. has completed a massive six-year, multimillion-dollar renovation of Detroit's Michigan Central train station, transforming the once-blighted structure into a hub for mobility projects and innovation. The restored building, now part of a 30-acre mobility innovation district, will house tech-related jobs and programs like Google's Code Next Detroit. This project symbolizes Detroit's broader resurgence from decline and bankruptcy, aiming to attract talent and boost the local economy.
Eminem and Paul Rosenberg are executive producing a star-studded concert at the newly renovated Michigan Central train station in Detroit, featuring Diana Ross, Jack White, Big Sean, and more. The event, organized by Ford Motor Co., will stream live on Peacock and air on NBC, celebrating Detroit's music heritage and the city's ongoing renewal.
Michigan Central Station in Detroit reopens on June 6, 2024, after a six-year, $950-million renovation by Ford Motor Co. The reopening features a free concert with top Detroit artists, public tours, and a phased reactivation of the historic train depot. The event will be streamed live on Peacock and aired on NBC.
Ford Motor Co. revised its restoration plans for Michigan Central Station in response to feedback from Southwest Detroit residents, ensuring the project respects local views and history. Changes include scrapping a large parking garage, creating dual main entrances, and incorporating green spaces. The project aims to unite Corktown and Southwest Detroit, reflecting community input and enhancing the area's connectivity and livability.
Sales of high-priced pickup trucks from Stellantis NV, Ford Motor Co., and General Motors Co. have declined in the first quarter, with Ram pickup sales dropping 15% and F-Series trucks sales falling 10%. This decline is attributed to high borrowing costs affecting consumer demand, with Ford also delaying delivery of over 60,000 models for quality checks and halting shipments of the electric F-150 Lightning due to an undisclosed quality issue.
Ford Motor Co's stock is gaining attention as the company reported a 6.8% increase in U.S. vehicle sales in the first quarter, with strong growth in electric and hybrid vehicle sales. The company's F-Series started the year as America's best-selling truck, and the new F-150 is expected to further drive sales across gas, hybrid, and electric vehicle segments. Ford is set to report its first-quarter financial results in about a month, with analysts expecting earnings of 49 cents per share on revenue of $40.71 billion. As a result, Ford's shares were up 1.47% at $13.46 at the time of publication.
Ford Motor Co.'s Maverick Hybrid is the only Detroit automaker to make Consumer Reports' annual "Top Picks" list, marking the second consecutive year for the Maverick. No Detroit-based auto brand ranked in the top 10 of Consumer Reports' brand rankings, with European and Japanese brands dominating due to solid reliability. Ford's electric Mustang Mach-E also made the "Top Picks" list. Consumer Reports evaluated over 250 vehicles and found that plug-in hybrid demand is growing, leading to expanded testing and rating for those vehicles. The organization's "Top Picks" for 2024 include vehicles from Subaru, Toyota, Ford, Tesla, Mazda, and BMW.
Michigan Central Station, a historic landmark in Detroit, is set to reopen on June 6, more than 30 years after its closure. The 15-story train station, purchased by Ford Motor Co. in 2018, will become the centerpiece of a new Detroit mobility campus. The reopening is highly anticipated, with details of opening festivities yet to be revealed as organizers plan for a large crowd.
After 36 years, the historic Michigan Central train station in Corktown, Detroit, is set to re-open on June 6, 2024, following its purchase by Ford Motor Co. in 2018 for $90 million. The station, closed since 1988, is being renovated into a mobility tech campus, with plans for potential future passenger rail service. The adjacent former Book Depository building, now known as NewLab, has already opened as part of the campus. Additionally, Roosevelt Park in front of the station has undergone a $6 million upgrade and expansion, unifying the park and adding new green spaces and paths.
The United Auto Workers union is threatening to strike at Ford's Kentucky Truck Plant on Feb. 23 if a local contract dispute is not resolved, marking the second potential strike at the plant in a year. The main areas of dispute include health and safety issues, minimum in-plant nurse staffing, ergonomic concerns, and skilled trades worker reduction. Ford stated that negotiations are ongoing, while the union highlighted 19 other local agreements being negotiated with Ford, as well as several more with rivals General Motors and Stellantis. This strike threat follows Ford CEO Jim Farley's remarks about the impact of last year's strike on the company's relationship with the union.
Ford Motor Co.'s credit rating upgrade to investment grade has led to $46.8 billion of debt being removed from junk bond indexes, resulting in the largest monthly decline in the global benchmark of junk debt in 18 years. This upgrade signifies a shift in corporate priorities as companies strengthen their finances amid a potential recession. The decrease in fallen-angel bonds and the expectation of more rising-star upgrades indicate improving credit fundamentals, despite concerns about the economy. Analysts predict that $70 billion to $90 billion of debt will be upgraded to investment grade in 2024, while only $20 billion to $40 billion is expected to be downgraded to high-yield next year.
Ford Motor Co. and Stellantis have announced additional layoffs at their plants in Michigan and Ohio, citing the ongoing United Auto Workers (UAW) strikes as the "direct result" of the dismissals. The strikes have led to a total of 2,730 layoffs at Ford, with 418 workers affected at the Michigan plant. Stellantis is laying off 100 more workers due to the UAW strike at the Toledo Assembly Complex in Ohio. The strike, which began on September 15, has resulted in thousands of layoffs at Detroit's Big Three automakers, with no resolution in sight.
Ford Motor Co. Executive Chairman Bill Ford called for an end to the United Auto Workers' auto strike, emphasizing the importance of the U.S. auto industry's future. Union President Shawn Fain rejected Ford's plea, stating that the strike is about autoworkers against corporate greed. Ford urged the union to side with Ford against foreign competitors, warning that the longer the strike continues, the more advantageous it is for those competitors. The strike, now in its 32nd day, has impacted select Detroit Three facilities and put Ford's profitability at risk.
Bill Ford, executive chair of Ford Motor Co., has called a media briefing to discuss the future of manufacturing as the UAW strike against Ford and the Detroit Three automakers enters its fifth week. The briefing will be held at the Ford Rouge site in Dearborn. Ford CEO Jim Farley previously stated that the UAW was holding Ford hostage in negotiations over battery plants, while UAW President Shawn Fain believes Ford hasn't made enough progress in negotiations. This is the first time the UAW has launched a targeted strike on all three automakers simultaneously.
