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☆ Rivian and Lucid shares plunge after weak EV earnings reports
▼ + stars: | 2024-02-22 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +2 min

Shares of electric vehicle makers Rivian and Lucid plummeted Thursday after the companies reported disappointing results and stagnant production in their fourth-quarter earnings after the bell Wednesday. Rivian forecast it will make 57,000 vehicles in 2024, slightly less than the 57,232 vehicles the company produced last year. Rivian and Lucid make up a fraction of EV sales compared with the industry leader, Tesla. A Cox Automotive analysis found that Rivian accounted for just over 4% of EV sales in 2023, while Lucid made up 0.5%. Electric truck maker Nikola reported worse-than-expected revenue and a slightly better-than-expected loss per share in its earnings Thursday.

Persons: Lucid, RJ Scaringe, Peter Rawlinson, EVs, Tesla, Nikola, — CNBC's Michael Wayland Organizations: Wall, LSEG, Cox, EV Locations: Saudi Arabia

☆ Ford, UAW reach local labor deal to avert strike at Kentucky plant
▼ + stars: | 2024-02-21 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

Ford Super Duty trucks are seen at the Kentucky Truck assembly plant in Louisville, Kentucky, U.S., April 27, 2023. Ford and a United Auto Workers local union reached a tentative deal on Wednesday to avert a strike at the automaker's most profitable plant. The UAW had threatened that nearly 9,000 workers at Ford's Kentucky truck plant would strike on Friday if local union demands were not resolved. The UAW said Tuesday the deal addresses local issues related to skilled trades, ergonomics and health and safety. Workers at the plant produce Ford Super Duty pickups as well as Ford Expeditions and Lincoln Navigator SUVs.

Persons: Ford, —, — CNBC's Michael Wayland Organizations: Ford Super Duty, United Auto Workers, UAW, Workers, Ford, Ford Expeditions, Lincoln, Big Three, — Ford, General Motors, Local Locations: Kentucky, Louisville , Kentucky, U.S, Ford's Kentucky, Louisville

☆ Stellantis offers raises, inflation protection measures to UAW as strikes continue
▼ + stars: | 2023-09-16 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The standoff between the UAW and major automakers Stellantis, Ford and General Motors reached a fever pitch Friday, with the union starting work stoppages after an agreement wasn't met by a Thursday night deadline. UAW President Shawn Fain said earlier this week that Stellantis had previously offered a 17.5% increase. Under the new proposal, starting pay for supplemental employees would increase by $4.22, or nearly 27%, to $20 an hour. Stellantis leadership also pushed back against the union's descriptions of the automaker's plans to close or sell 18 facilities. The company has said it aims to run parts distribution centers more efficiently and continue shifting resources toward electric vehicles.

Persons: Stellantis, Mark Stewart, General Motors, wasn't, walkouts, Shawn Fain, Ford, Jim Farley, Stewart, Joe Biden, — CNBC's Michael Wayland Organizations: United Auto Workers, Detroit, Ford, General Motors, UAW, General, GM, CNBC

☆ Stellantis offers 14.5% pay increase to UAW, days before possible strike
▼ + stars: | 2023-09-08 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

Demonstrators during a United Auto Workers (UAW) practice picket outside the Stellantis Mack Assembly Plant in Detroit, Michigan, US, on Wednesday, Aug. 23, 2023. The automaker's offer would provide a 14.5% wage increase over the four-year term of the proposed deal for most of Stellantis's roughly 43,000 UAW-represented hourly workers. The proposed wage increase is larger than those offered to the union by rivals General Motors and Ford Motor, which offered raises of 10% and 9%, respectively. But the proposed deal still falls well short of the union's demands, which include a 40% hourly pay increase, a 32-hour workweek, and restoration of traditional-style pension plans, among other items. Only about 30% of Stellantis's UAW-represented workers — those hired before October 2007 — currently have pension plans.

Persons: Stellantis, —, Mark Stewart, Rich Boyer, Shawn Fain, CNBC's Michael Wayland Organizations: United Auto Workers, UAW, Mack Assembly Plant, Detroit, Union, America, CNBC, General Motors, Ford Motor, Stellantis's UAW, GM, Ford, America's Locations: Mack, Detroit , Michigan, U.S

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