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Uaw Strike

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business1 year ago

Ford's Resilient Earnings: Revenue Soars Despite UAW Strike Costs

Despite a $1.3 billion cost from a UAW strike, Ford's 2023 adjusted earnings before interest and taxes (EBIT) reached $10.4 billion, with revenues up to $176.2 billion. The company reported a net income of $4.3 billion for the year, a significant improvement from the previous year's loss of $2 billion. Ford's focus on hybrid and electric vehicles, along with efforts to improve production quality and reduce warranty costs, contributed to its positive performance. The company also announced plans to dial back investments in electric vehicle transition to align with demand and declared dividends for the first quarter.

via Detroit Free Press|
#business#earnings-report#electric-vehicles
business1 year ago

"General Motors Surpasses Q4 Sales and Profit Expectations, Expects Stronger 2024 Profit Despite Slower EV Growth"

General Motors (GM) reported a Q4 sales and profit beat, with revenue of $42.98 billion and adjusted earnings per share of $1.24, and issued an improved profit outlook for 2024, expecting adjusted EBIT of $12 billion to $14 billion. However, the company admitted that the pace of its electric vehicle (EV) growth has slowed, leading to some uncertainty. GM also revealed a $10 billion share repurchase program and a 33% increase in its common stock dividend. Despite the UAW strike, GM's Q4 sales were not significantly affected, and it forecast total US auto industry sales to reach 16 million in 2024. Overseas, GM is projecting a loss in China for Q1, and its Cruise AV business unit is under investigation following an accident involving a robotaxi.

via Yahoo Finance|
#business#ev-growth#gm
economy2 years ago

US Payrolls Rebound as UAW Strike Ends

Economists predict that US payrolls will see a pickup in November as striking United Auto Workers return to vehicle assembly lines, interrupting the recent trend of moderating employment growth. Projections indicate an increase of 180,000 jobs, following a 150,000 advance in October. However, average job growth over the past three months is still down by approximately 100,000 compared to earlier in the year.

via Bloomberg|
#economy#employment-growth#november
business2 years ago

Ford's High Cost Solution: Ending UAW Strike and Hitting the Breaks on EV Plan

Ford Motor fell short of revenue and profit estimates in its third-quarter results due to the impact of the United Auto Workers' strike, causing its stock to drop over 12%. Ford became the first of the Detroit automakers to reach an agreement with the UAW, while Stellantis followed suit. However, General Motors is still without a deal and faced an expanded strike at one of its facilities. Ford's EV unit, Ford Model, reported a higher operating loss compared to last year, despite increased revenue. The newly agreed-upon terms with the UAW will put additional pressure on Ford's ongoing cost efforts. Additionally, Ford announced a postponement of $12 billion in EV investments due to customer reluctance to pay a premium for EVs.

via Benzinga|
#automakers#business#ev-plans
business2 years ago

Ford's Q3 Earnings Fall Short of Expectations Amid UAW Strike and Pending Deal

Ford Motor missed Wall Street's expectations for Q3 earnings due to the UAW strike, causing the company to withdraw its previously announced guidance. The strike, which ended with a tentative deal, impacted Ford's earnings, with an estimated cost of $600 million to $700 million. Ford reported a net income of $1.2 billion for the quarter, compared to a loss of $827 million a year earlier. The company's traditional business operations and commercial business performed well, while its electric vehicle unit incurred a loss. The UAW strike also affected other Detroit automakers, and Ford workers are set to return to work during voting on the tentative agreement.

via CNBC|
#automotive-industry#business#ford
business2 years ago

UAW and Ford Reach Tentative Deal, Ending Record-Breaking Strike

Ford and the United Auto Workers (UAW) union have reached a tentative deal to end the nearly six-week strike, which includes a record pay rise. The agreement, if approved by union leaders and members, would set the standard for talks at General Motors (GM) and Stellantis. The deal includes a 25% wage increase over the life of the contract and pay rises of over 150% for lowest-paid temporary workers. The union also secured the right to strike Ford over future plant closures. The estimated total economic losses from the strike have reached $9.3bn.

via BBC.com|
#business#ford#pay-rise
business2 years ago

"UAW Strike Costs GM $200M Weekly Losses"

General Motors (GM) is losing $200 million per week due to the ongoing UAW strike, causing the company to withdraw its profit outlook for 2023. GM's third-quarter net income fell 7.3% to $3.06 billion, leading to the abandonment of its goal to produce 400,000 electric vehicles (EVs) by mid-2024. The strike has cost the auto industry approximately $9.3 billion as of October 19. Despite the losses, GM beat third-quarter estimates with a 5.4% increase in revenue. The company secured a $6 billion line of credit and cut 164 more jobs due to the strike. Contract negotiations with the UAW are ongoing.

via Fox Business|
#business#costs#ev-production
business2 years ago

UAW Strike Spreads, Thousands Walk Off at Ram Truck Plant

The United Auto Workers (UAW) union has expanded its strike to include a plant that produces Ram 1500 trucks, targeting one of Stellantis' most important and profitable vehicles. UAW President Shawn Fain criticized Stellantis for offering weaker contract proposals compared to Ford and General Motors, including cuts to medical coverage and 401(k) contributions. Stellantis claims to have presented an improved offer, but the union has not provided a counter-offer. The strike, which began on September 15, now involves around 40,000 UAW workers seeking higher pay, improved benefits, and an end to wage tiers. The phased "stand up strike" strategy has been used to play the automakers against each other, with workers going on strike with short notice. While the strike has impacted the automakers' bottom lines, it has been smaller than if more workers had walked out.

via NBC News|
#business#contract-negotiations#labor-dispute
business2 years ago

UAW Strikes Lead to Layoffs in US Auto Industry

The ongoing UAW strike against the Detroit Big Three is leading to significant layoffs among US auto suppliers, with nearly 40% of suppliers having already laid off workers. A recent survey by MEMA revealed that layoffs have increased by almost 10% week-over-week, and half of the suppliers who haven't laid off workers yet plan to do so soon. Additionally, over 30% of respondents indicated that it would take them one to three weeks to ramp up production once the strike ends. MEMA is urging the federal government to provide financial assistance to suppliers, recommending a loan/grant program and other measures.

via TESLARATI|
#auto-suppliers#business#financial-assistance
business2 years ago

Ford Extends Layoffs Amid Prolonged UAW Strike

Ford Motor Co. has announced the layoff of an additional 150 workers due to the production impacts of the ongoing United Auto Workers (UAW) strike, bringing the total number of layoffs to over 2,730. The strike, which includes about 34,000 autoworkers at Ford, General Motors, and Stellantis, has led to ripple effects across the industry. Ford facilities affected by the strike include Kentucky Truck Plant, Chicago Assembly, and Michigan Assembly Plant. The UAW is pursuing a targeted strike strategy, and negotiations with all three automakers are ongoing. The financial impact of the strike on the automakers' results is expected to be disclosed later this month.

via Detroit News|
#auto-industry#business#ford
labor-relations2 years ago

Kentucky UAW facility joins escalating strike

The United Auto Workers strike has expanded to include the Kentucky Truck Plant, one of Ford's largest and most profitable facilities, where 8,700 workers have walked off the job. The plant is crucial for Ford, responsible for 16% of the company's global revenue, and produces popular Ford Super Duty trucks. The strike, now in its fifth week, is also affecting General Motors and Stellantis. The union is pushing for job protection amid the transition to electric vehicles, as well as better pay and retirement benefits. Negotiations between the companies and the union are ongoing, with details limited. Ford has not yet agreed to include EV battery production in the union contract.

via NPR|
#contract-negotiations#electric-vehicles#ford
business2 years ago

UAW Strike: Labor Negotiations and Economic Fallout

The UAW strike, affecting General Motors, Ford, and Stellantis, is demanding a 40% wage increase over a four-year contract, along with other benefits and job security. The strike could result in higher labor costs for the automakers, potentially making them less competitive compared to non-unionized companies like Tesla. The ripple effects of the strike may lead to inflation and higher auto prices across the industry. While the strike is not an immediate threat to the car companies, it could hinder their transition to electric vehicles and give Tesla an advantage. The negotiations between the UAW and automakers are ongoing, with the possibility of a resolution in the near future. Automaker stocks have been relatively unaffected so far, but further plant shutdowns could impact investor sentiment.

via Investor's Business Daily|
#auto-industry-economics#automakers#business
automotive2 years ago

Stellantis Withdraws from CES 2024 Due to UAW Strike

Stellantis, the parent company of Jeep, Ram, Chrysler, Dodge, and Fiat, has announced that it is pulling out of CES 2024, citing the ongoing UAW strike as the reason. The company had planned to showcase its technology at the event but has decided to cancel due to the costs associated with the strike. Stellantis is implementing contingency plans to mitigate financial impacts and preserve capital while continuing to demonstrate its transformation into a mobility tech company through other means.

via Detroit Free Press|
#automakers#automotive#ces-2024
business2 years ago

"Ford Chairman Urges UAW to End Strike, Calls for Deal"

Ford executive chairman Bill Ford has called on the United Auto Workers (UAW) union to end the 32-day strike and reach a new labor agreement, warning of the growing impact on the automaker and the U.S. economy. The strike has expanded to shut down the Kentucky plant, and Ford urged the UAW to come together to bring an end to the acrimonious talks. UAW President Shawn Fain responded by warning that the union could "close the Rouge" with a strike. Ford emphasized the negative impact of the strike on American workers and the economy, while Fain insisted on higher wages and benefits.

via Reuters|
#automotive-industry#bill-ford#business