Ford re-issued full-year earnings guidance that was withdrawn during the strike, but it trimmed its expectations. The company now expects to earn $10 billion to $10.5 billion before taxes in 2023
The company cuts the number of planned jobs by about one third to 1,700 from 2,500. The annual battery cell output will drop from enough for 400,000 vehicles per year to about 230,000
Five large factories have turned down the four year and eight month deal by fairly large margins. Voting continues at Ford, where the deal is passing with 66.1%
The Democratic president wanted to show that his policies could deliver for workers, rather than repeat the decades of factory closures that had gutted parts of the Midwest
The contract with GM is similar to those reached by Ford and Stellantis. The deal will last four years and eight months and includes 25% general pay raises and cost of living adjustments
Jeep maker Stellantis has reached a tentative contract agreement with the United Auto Workers union that follows a template set earlier this week by Ford, two people with knowledge of the negotiations said Saturday
The deal would include cost-of-living pay increases that could lift the total pay raises above 30% and would be used as a model to seek similar contract settlements with GM and Stellantis
The company posted net income of more than $3 billion from July through September, down 7% from the same period last year due to lost production from the strike, and also increased warranty costs
Shawn Fain said Stellantis and GM have made wage offers that matched Ford’s 23% over the life of a four year contract, but insisted that the companies can go further
‘Wall Street didn’t build this country, the middle class built this country, and unions built the middle class,’ the president said Tuesday. ‘You deserve what you’ve earned, and you’ve earned a hell of a lot more than you’re getting paid’
The former president will bypass the second Republican presidential debate on Sept. 27 to instead visit striking autoworkers in Michigan, where he has looked to position himself as an ally of blue-collar workers
In a video statement late Monday, United Auto Workers President Shawn Fain said more factories may be picketed if there is no significant progress in talks by the end of the week