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☆ A traditional automaker just turned a profit on EVs
▼ + stars: | 2024-02-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Electric vehicles are finally turning a profit for Stellantis, CEO Carlos Tavares said Thursday, and, in contrast to some rivals, it will not cut back on producing EVs. The announcement marks an important milestone for electric vehicles and for traditional automakers, which have struggled to make money on EVs even as demand has grown. Ford, the only company to break out results separately for electric and traditional vehicles, reported that it lost $4.7 billion in EVs last year, or more than $40,000 per vehicle. But he said that EVs, while profitable, are still not as profitable as traditional gas-powered vehicles. That includes profit sharing for about 38,000 United Auto Workers union members at an average of $13,860, down from $14,760 a year earlier.

Persons: Carlos Tavares, ”, Tesla, Traveras, Stellantis Organizations: New, New York CNN —, Fiat Chrysler, PSA Group, Ford, GM, General Motors, Jeep, Chrysler, Dodge, United Auto Workers, UAW Locations: New York, Detroit, EVs, Europe, Paris

Overall, 68.4% of Stellantis workers who cast ballots were in favor of ratification, and the contract was leading by more than 9,600 votes with only three small facilities uncounted. At Stellantis, workers at the large Jefferson North factory that makes Jeep Grand Cherokees voted 70.7% in favor of the agreement. Top assembly plant workers would get immediate 11% raises and earn roughly $42 per hour when the contracts expire in April of 2028. More than half of GM's 46,000 union workers get the top assembly plant wage. Longtime assembly plant workers also wanted to see larger pension increases as well as defined benefit pensions and health care in retirement for workers hired after 2007.

Persons: Stellatis, ”, Shawn Fain, Joe Biden Organizations: DETROIT, —, United Auto Workers, Ford, Workers, General Motors, Jefferson, Cherokees, Detroit, Detroit Mack Assembly, Wayne State University, GM, UAW Locations: Stellantis, Detroit, Detroit Mack

☆ Here’s why saving this Illinois auto plant is a ‘gigantic deal’
▼ + stars: | 2023-11-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

Now the United Auto Workers union can add one more. Illinois is not a political battleground state like Michigan or Ohio, which have far more auto plants. But that plant is now due to reopen as an assembly plant in 2027, building a new midsize pickup truck. President Joe Biden speaks to the United Auto Workers union in Belvidere, Illinois, on Thursday. And it’s what happened with the last GM assembly plant in Detroit, its Hamtramck Assembly plant, that as part of the 2019 labor deal was closed in early 2020 and re-tooled to make electric pickups, reopening in November 2021.

Persons: Joe Biden, Shawn Fain ., “, ”, Jeff Schuster, Fain, Biden, ” Fain, Evan Vucci, ” ‘, Dawn Sims, Stellantis, Schuster Organizations: New, New York CNN —, Motors, Stellantis, Ford, United Auto Workers, UAW, Stellatis, GM, Workers, GlobalData, Chrysler, Hamtramck Assembly Locations: New York, Belvidere , Illinois, Shawn Fain . Illinois, Michigan, Ohio, Belvidere, Illinois, Chicago, Stellantis, Delaware, Edmunds, Sterling Heights , Michigan, Detroit, Hamtramck, Spring Hill , Tennessee, Orion Township , Michigan, Lordstown , Ohio, Warren , Michigan, Baltimore

Now there is only one rule – pony up.”The announcement marks a tactical shift, Fain said. This is the first time that the union has gone on strike against GM, Ford and Stellantis at the same time. GM, Ford and Stellatis have all announced plans to shift from traditional gasoline-powered vehicles to electric vehicles, or EVs. All are expected to pay significantly less than UAW members at those engine and transmission plants are now paid. Details of what GM has agreed upon in relation to workers battery plant workers is not yet known, as GM has not confirmed the tentative agreement on the issue.

Persons: Shawn Fain, ” Fain, Fain, “ We’re, “, they’re, ”, Colin Langan, Ford, Kumar Galhotra, didn’t Organizations: CNN, Big, UAW, Kentucky, Plant, GM, Ford, Wells, Kentucky Truck Locations: Ford’s, Louisville, Wells Fargo

Those three struck plants are a Ford plant in Wayne, Michigan, a GM plant in Wentzville, Missouri and a Stellantis plant in Ohio. A week ago, Fain announced that there had been progress at Ford toward a settlement, and that it would not expand the strike there. But he said the lack of progress at GM and Stellatis meant that the union would expand the strike to 38 parts distribution centers at those two companies. The union had said from the start of the strike that was retaining the option to expand its walkout as a way of increasing pressure on the companies. If the strike does expand on Friday, where it expands will go a long way in determining how much economic pressure the union is putting on the company.

Persons: Shawn Fain, Joe Biden, Biden, Fain, ” Fain, “ Stellantis, Marshall, Ford Organizations: Detroit CNN, United Auto Workers, General Motors, UAW, Ford, GM Locations: Wayne , Michigan, Wentzville , Missouri, Ohio, Marshall , Michigan, Michigan, Kansas City , Kansas

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