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DETROIT — Ford Motor is set to report its third-quarter earnings after the bell Thursday. Here's what Wall Street is expecting, according to average estimates compiled by LSEG, formerly known as Refinitiv. Aside from earnings, Wall Street will be watching the impact of the United Auto Workers union's nearly six-week strike against the automaker, which ended Wednesday night for Ford after the sides reached a tentative agreement. Barclays analyst Dan Levy estimates the total strike impact to Ford was $600 million to $700 million. That would be less than the $800 million impact, including $200 million in the third quarter, GM reported Tuesday.
Persons: Dan Levy, Ford, Levy Organizations: DETROIT, LSEG, United Auto Workers, Ford, Barclays, GM
SAN FRANCISCO (AP) — Ford on Thursday reported significant growth in the third quarter, although its financial results fell short of Wall Street estimates. The results came out just a day after Ford reached a tentative contract agreement with the United Auto Workers union. The Ford deal could set the pattern for agreements with the other two automakers, where workers will remain on strike. The UAW called on all workers at Ford to return to their jobs and said that will put pressure on GM and Stellantis to bargain. Shares in Ford Motor Co., which is based in Dearborn, Michigan, were down 3.4% in after-hours trading following the earnings report.
Persons: — Ford, Ford, John Lawler, Lawler, “ We’re, , Farley, Kumar Galhotra, , Shawn Fain, Tom Krisher Organizations: FRANCISCO, Ford, EV, United Auto Workers, General Motors, UAW, Ford Motor Co, Associated Press Locations: Kentucky, Marshall , Michigan, Dearborn , Michigan, Detroit
DETROIT (AP) — Ford Motor Co. Executive Chairman Bill Ford called on autoworkers to come together to end a monthlong strike that he says could cost the company the ability to invest in the future. Many jobs will be lost,” said the great grandson of company founder Henry Ford. Ford has 57,000 UAW workers compared with 46,000 at GM and 43,000 at Stellantis. Ford said the strike at the Kentucky plant is harming tens of thousands of Americans who work for parts suppliers and Ford dealers. Fain said on Wednesday that Ford told UAW bargainers for nearly two weeks that it would make another counteroffer on economic issues.
Persons: , Bill Ford, Ford, , Henry Ford, ” Ford, , Shawn Fain, Fain, Kumar Galhotra, “ Ford hasn’t, “ We’ve, they’re, ” Galhotra Organizations: DETROIT, — Ford Motor Co, America, United Auto Workers, Ford, GM, United Auto Workers union, Detroit, Kentucky, Plant, UAW, General Motors, Lincoln, UAW bargainers Locations: Dearborn , Michigan, America, Stellantis, Mexico, U.S, Louisville, Kentucky
CEO of used-car retailer CarMax , Bill Nash, told CNBC's Jim Cramer it's "a little early" to tell what effect the United Autoworkers Union strike will have on his company's business. "I think as far as the UAW strike [is concerned], it's a little early to tell the impact it's going to have on the business — you know, it really depends on how long it goes, and if there's going to be an expansion," Nash said. The UAW began its strike on three Detroit automakers — Ford Motor , Stellantis and General Motors — last month. CarMax will continue to monitor the strike, Nash said, but added so far it hasn't played into the overall industry. Nash also discussed how inflation and high interest rates are affecting customers looking to buy both newer and older models.
Persons: Bill Nash, CNBC's Jim Cramer it's, Nash, Motors —, CarMax, hasn't Organizations: United Autoworkers Union, UAW, Detroit, Ford
CNN —People shopping for electric vehicles starting next year will be able to get a $7,500 federal tax credit off the sticker price while at the dealership, rather than having to wait months to receive their tax returns. The changes to how car buyers can get the federal tax break on EVs — part of the Inflation Reduction Act — were announced by the Biden administration on Friday, and are being rolled out to car dealerships before they take effect starting January 1. More foreign companies are building EV factories in the US in order to take advantage of the tax credits in the future. The Biden administration is currently contacting dealers with information on how they register with a new federal website to eventually offer consumers up-front tax credits. Car dealers will then be reimbursed by the government within 72 hours of selling the car, according to a Treasury news release.
Persons: Biden, , Laurel Blatchford, Ford Organizations: CNN, Treasury, , IRS, General Motors, Volkswagen, George Washington University
In a few cases, according to NHTSA, ARC air bag inflators could be blocked by small pieces of debris, stopping the gases from escaping as they should. In May 2023, General Motors recalled 1 million GM vehicles with the air bags. NHTSA estimated the risk of one of these inflators rupturing at one in every 370,000 air bag deployments. But officials said the only way to know if an air bag has the defect is for it to actually rupture. NHTSA and various automakers are still working to get vehicle owners to replace all the air bags involved in that recall.
Persons: Jacob Tarvis, Marlene Beaudoin, Tarvis, inflators, Kia Optima, General Motors, , Donna Glassbrenner, Steve Gold, Gold, , — Ford Organizations: CNN, Traffic Safety Administration, ARC Automotive, Delphi Automotive Systems, NHTSA, ARC, Chrysler Town &, General, GM, BMW, Fiat Chrysler Automobiles —, Hyundai, Kia, Benz, Porsche, Tesla, Toyota, Volkswagen Locations: United States, Canada, Turkey, Traverse
The high-profile contract fights have played out across the country, just as public opinion has been turning more in favor of organized labor. UPSThe union representing more than 325,000 UPS workers, the International Brotherhood of Teamsters, spent months negotiating a new contract with the company. The workers’ key demands included better pay for part-time workers, whom the company relies on heavily during busy periods, and improved heat safety. The work stoppage has grown in scope since, with the union expanding its strike to include spare-parts distribution centers for G.M. has pointed to growth in profits and chief executive compensation in making its demands for improved compensation for its members.
Persons: they’ve, , Shawn Fain Organizations: United Automobile Workers, SAG, Writers Guild of America, International Brotherhood of Teamsters, Gallup, Bureau of Labor Statistics, Hollywood, Guild of America, UPS, United Auto Workers, U.S, — Ford, General Motors, Teamsters Locations: Hollywood, Staten
The ongoing United Auto Workers strike could present a risk to the fight against inflation, according to Barclays. According to Sriram, this could consequently put upward pressure on auto prices, which have played an outsize role in persistent inflation pressures. "We think upside risks to core inflation are likely to materialize primarily in used car prices in the event of a sharp inventory drawdown," said Sriram. "Used car prices, which account for 3.5% of core CPI (but only 0.5% of core PCE), tend to be sensitive to new car inventories, more so in this post-pandemic period, with car inventories tight and new car prices substantially elevated." She noted that the strike will not likely affect auto prices through October.
Persons: , Pooja Sriram, Sriram, — CNBC's Michael Bloom Organizations: United Auto Workers, Barclays, — Ford, General Motors Locations: July's
DETROIT (AP) — Ford Motor Co. said Monday that it's pausing construction of a $3.5 billion electric vehicle battery plant in Michigan until it is confident it can run the factory competitively. The move comes as the company is in the midst of national contract talks with the United Auto Workers union, which wants to represent workers at battery factories and win them top wages. In February, Ford announced plans to build the plant in Marshall, Michigan, employing about 2,500 workers to make lower-cost batteries for a variety of new and existing vehicles. But Ford spokesman TR Reid confirmed Monday that plant construction has been paused and spending has been limited on it. Earlier this year Virginia dropped out of the race for the same Ford plant after Republican Gov.
Persons: , Ford, Marshall, TR Reid, , Shawn Fain, Sarah Lightner, Ford “, , ” Lightner, Sam Abuelsamid, Abuelsamid, Biden, Glenn Youngkin, Joey Cappelletti, David Koenig Organizations: DETROIT, — Ford Motor, United Auto Workers union, UAW, Ford, Detroit, General Motors, EV, Amperex Technology, . Ltd, Republican State Rep, Guidehouse, Republican Gov, Chinese Communist Party, ____ Associated Press Locations: Michigan, Marshall , Michigan, Detroit, Marshall, China, U.S, Virginia, Lansing , Michigan, Dallas
Members of the United Auto Workers (UAW) union hold a practice picket in front of Stellantis headquarters in Auburn Hills, Michigan, on September 20, 2023. Regardless of the outcome, the United Auto Workers strike threatens to cause already high car prices to escalate. However, if the strike expands, or, alternatively, if the striking autoworkers' demands are met for a 40% pay raise along with other benefits, that could put pressure on automakers, dealers and, ultimately, car shoppers. Either way, consumers will pay more down the road, he added. "Inevitably yes, no matter what."
Persons: , Stellantis —, Ivan Drury, Edmunds, Drury Organizations: United Auto Workers, UAW, Big Three, — Ford, GM, Finance Locations: Auburn Hills , Michigan, Missouri , Michigan, Ohio
A Unifor strike would disrupt Ford's Oakville Assembly Plant that produces the Ford Edge and Lincoln Nautilus crossovers. F-Series, Mustang could be disruptedIf a prolonged Canadian strike occurs, the work stoppage could eventually impact U.S. production of the vehicles. Gasoline V8 models make up about 50% of Mustang and 20% of F-150 models sold in the U.S. Large F-Series trucks exclusively have V8 engines. But a majority of those vehicles sold have diesel V8 engines rather than gasoline, according to the company. The Canadian union picked Ford as its "target" company instead of following the UAW's new strategy of bargaining with all three automakers.
Persons: Ford, Carlos Osorio, Wheaton, Lana Payne, Jerry Dias, Cole Burston Organizations: Ford DETROIT, Ford, United Auto Workers, General Motors, Chrysler, Plant, Ford Edge, Lincoln Nautilus, Reuters, Detroit, UAW, Worker Institute, Cornell University, Unifor, Detroit automakers, U.S, Canadian Locations: Oakville, Oakville , Ontario, Canada, U.S, Mexico, Toronto , Ontario
United Auto Workers (UAW) members on a picket line outside the Stellantis NV Toledo Assembly Complex in Toldeo, Ohio, US, on Monday, Sept. 18, 2023. Thousands of United Auto Workers members are striking against three major Detroit automakers — Ford, GM and Stellantis — at plants across the U.S. Autoworkers at Ford Motor Company were among the first to adopt a five-day, 40-hour workweek in 1926 at a time when people regularly topped 100 hours per week. By 1938, the Fair Labor Standards Act cut the workweek to 44 hours, then down to 40 hours two years later. "I think it will move the public toward thinking the four-day workweek is the appropriate workweek," Creighton says.
Persons: , Stellantis, Shawn Fain, That's, Cathy Creighton, they'd, Jonathan Cutler, Creighton Organizations: United Auto Workers, UAW, Stellantis NV, Detroit, — Ford, GM, Labor, Cornell University's Industrial, Labor Relations Buffalo Co, National Labor Relations Board, Ford Motor Company, Fair Labor, Wesleyan University, NPR, Cathy Creighton Cornell University ILR Locations: Stellantis NV Toledo, Toldeo , Ohio, U.S
The UAW union late last week went on strike to pressure the "Big Three" to raise worker wages. The strength of President Biden's economic message could hinge on the outcome of the strike. Biden has sought to sharpen his 2024 economic pitch, but voters aren't fully sold on his message. AdvertisementAdvertisementBiden is now sitting in the Oval Office, and the United Auto Workers strike is giving him the most challenging labor crisis of his presidency, as the economic pitch for his reelection bid could sink or swim depending on the outcome. And over the last — the past decade, auto companies have seen record profits, including the last few years, because of the extraordinary skill and sacrifices of the UAW workers," he said at the White House.
Persons: Biden's, Biden, Joe Biden, , Julie Su, Gene Sperling, Susan Walsh, Adam Wren, Denny Butler, Donald Trump, Butler Organizations: UAW, aren't, Service, Teamsters, Wall Street, United Auto Workers, — Ford, General Motors, Detroit automakers, Ford, AP, White, Democratic Party Locations: Wall, Silicon, Pittsburgh, Wayne , Michigan, Wentzville , Missouri, Toledo , Ohio, Michigan, Kokomo, Ind
Biden leads Trump and DeSantis in swing state Michigan by 3 and 6 points respectively. Trump won the state in 2016 and Biden flipped it back in 2020. Ron DeSantis in Michigan, the Midwest battleground state key to his reelection chances next year. (In the 2020 presidential race, 97% of Michigan Democrats backed Biden and 94% of Republicans supported Trump, according to CNN exit polling.) "No one wants to strike," Biden said during his remarks at the White House.
Persons: Biden, Trump, Joe Biden, Donald Trump, Ron DeSantis, Hillary Clinton, Gretchen Whitmer, Dana Nessel, Jocelyn Benson, Sen, Debbie Stabenow, , Stellantis, Julie Su, Gene Sperling Organizations: UAW, Service, Florida Gov, Susquehanna Polling, Research, Trump, Michigan Democrats, Republicans, CNN, Kent County, Michigan, Democratic, United Auto Workers, — Ford, General Motors, Ford, White Locations: Michigan, Wall, Silicon, DeSantis, Wolverine, Detroit, Kent, Grand Rapids, Lansing, Wayne , Michigan, Wentzville , Missouri, Toledo , Ohio
US stocks fell on Friday as investors fret about a potential slowdown in the semiconductor space. Reuters reported that Taiwan Semiconductor told its suppliers to delay some order shipments. Investors are also turning their attention to the Federal Reserve's meeting next week. Technology stocks led the decline after Reuters reported that Taiwan Semiconductor told its suppliers to delay some order shipments amid concerns of a slowdown in the space. It represents the first time in history that employees at the Big 3 — Ford, General Motors, and Stellantis — went on strike at the same time.
Persons: Ford, Stellantis — Organizations: Reuters, Taiwan Semiconductor, Service, iShares Semiconductor, United Auto Workers, Detroit's, General Motors, Dow Jones, Nasdaq Locations: Wall, Silicon
Sen. Bernie Sanders (I-VT) and UAW President Shawn Fain (left) speak at a rally in support of United Auto Workers members as they strike the Big Three automakers on September 15, 2023 in Detroit, Michigan. Sen. Bernie Sanders addressed striking autoworkers in Detroit on Friday, calling on working people across the U.S. to stand in solidarity with the walkout. Sanders called out General Motors CEO Mary Barra, Stellantis CEO Carlos Tavares and Ford CEO Jim Farley, all of whom made over $20 million last year, about their pay. "It is time for you to end your greed," Sanders said. "Let us all, every American, in every state in this country stand with the UAW," the senator said.
Persons: Sen, Bernie Sanders, Shawn Fain, Sanders, Mary Barra, Carlos Tavares, Jim Farley, — Ford, Stellantis — Organizations: UAW, United Auto Workers, Big, General, Ford, General Motors Locations: Detroit , Michigan, Detroit, Vermont
Ford Motor 's (F) stock may offer clues into Wall Street's current attitude toward potential strikes by the United Auto Workers union, CNBC's Jim Cramer said Wednesday. The UAW has been negotiating new contracts for its 146,000 members with the three Detroit automakers — Ford, General Motors (GM) and Jeep-owner Stellantis (STLA). "I want to watch Ford as a barometer," Cramer said on "Squawk on the Street." The UAW also may decide to implement targeted strikes at certain plants, CNBC reported Tuesday night, citing union officials. In an interview earlier Wednesday on CNBC, UAW President Shawn Fain was asked whether Ford, which employs the most UAW members of the Detroit Three, was the least likely to be struck.
Persons: CNBC's Jim Cramer, , Stellantis, Ford, Cramer, Jim Cramer's, he's, Shawn Fain, Fain Organizations: Ford, United Auto Workers, UAW, Detroit, — Ford, General Motors, CNBC, Cramer's Charitable Trust, Club, UBS, GM Locations: Cramer's
“The automakers can’t plead poverty,” Fields told CNN on Wednesday, noting the industry’s recent string of profitable years. [Automakers’] CEO pay went up 40%. “But I do think he’s quite misplaced in that if there’s a work stoppage… there will be lots of people hurt,” the former Ford CEO said. However, economists say a UAW strike is unlikely to cause a recession, though it would do damage to local economies and parts suppliers. You can’t fault them for trying to deal with inflation that is hurting their families,” the former Chrysler CEO said.
Persons: Mark Fields, ” Fields, , , Jim Farley, Fields, CNN’s Vanessa Yurkevich, “ We’re, ” Farley, Shawn Fain, , ” Fain, Jake Tapper, Bob Nardelli, ” Nardelli, Goldman Sachs, “ It’s, Fain, Nardelli, Ron Gettelfinger, Ford, CNN’s Chris Isidore Organizations: New York CNN Business —, Detroit, Ford, GM, CNN, Chrysler, United Auto Workers, UAW, UPS, American Airlines, West Coast, TPG Capital, Anderson Economic Group, Big Locations: Mexico, Chihuahua
In this article F Follow your favorite stocks CREATE FREE ACCOUNT2024 Ford F-150 PowerBoost Platinum hybrid FordDETROIT — Ford Motor plans to double production of a hybrid version of its F-150 pickup truck as the company grapples with slower-than-expected sales of its all-electric vehicles. Ford expects to increase sales of the V-6 hybrid model during the 2024 model year to roughly 20% in the U.S. The automaker declined to release specific production figures, but it likely equates to tens of thousands more of the hybrid vehicles. 2024 Ford F-150 Powerboost Platinum hybrid Ford"We are balancing growth, profitability and returns," Farley said during an earnings call. "I certainly think that hybrid, our PowerBoost hybrid, help folks transition into full electric," Emmert told CNBC.
Persons: Ford, Jim Farley, Farley, Kumar Galhotra, Ford Ford, John Emmert, Emmert Organizations: DETROIT, Ford Motor, Ford, U.S, United Auto Workers, General Motors, UAW, Detroit, Toyota Motor, CNBC Locations: North America
Ford’s EV losses climb but overall profits rise
  + stars: | 2023-07-27 | by ( Chris Isidore | ) edition.cnn.com   time to read: +6 min
Automotive revenue rose 12% to $42.4 billion, $2 billion more than forecasts. And those losses are going to rise, at least in the short term. In response, other automakers, including Ford, have responded with EV price cuts of their own. The current contract between the UAW and the “Big Three” unionized US automakers — Ford, General Motors and Stellantis — expires on Sept. 14. “When it comes to building in America and partnering with UAW, Ford stands out from all the other automakers, and most other major industrial companies,” he said.
Persons: Ford, EVs, Tesla, Jim Farley, , Farley, , John Lawler, , Sean Fain, Fain, ” Fain Organizations: New, New York CNN, Refinitiv, Ford, Ford Blue, Ford Pro, United Auto Workers, UAW, — Ford, General Motors, SK, GM, EV, Blue Locations: New York, America, EVs, Korean, American
Ford increased its full-year adjusted earnings forecast to a range of between $11 billion and $12 billion, up from a prior forecast $9 billion and $11 billion. It also upped its expected adjusted free cash flow to a range of $6.5 billion to $7 billion from earlier guidance of $6 billion. However, he said, electric vehicle adoption is taking place more slowly than the company expected, in part because of higher costs. Ford's traditional business operations, known as Ford Blue, earned $2.31 billion during the quarter, while it's Ford Pro commercial business earned $2.39 billion. Ford said its adjusted earnings before interest and tax, or adjusted EBIT, jumped to $3.79 billion, up from $3.72 billion a year ago.
Persons: EVs, Motors, John Lawler, it's, Ford, CNBC's Michael Bloom Organizations: DETROIT, Ford, it's Ford Pro, Refinitiv
As a longtime big Hollywood star and hitmaker, Ford had already achieved an immortality of a kind. It’s pretty clear from his newest venture, the overstuffed if not entirely charmless “Indiana Jones and the Dial of Destiny,” that while Indy may not in fact be immortal, the brain trust overseeing this installment wishes he were. They haven’t simply brought the character back for another go, they have also given him a digital face-lift. That said, the altered Indy is cognitively dissonant; I kept wondering what they’d done to — or perhaps with — Ford. “Raiders” was created by Spielberg’s pal, George Lucas, who saw it as a homage to the serials that he’d loved as a kid.
Persons: Steven Spielberg, , Harrison Ford’s, Dr, Henry Walton Jones Jr, Spielberg, Ford, “ Indiana Jones, , Indiana Jones, — Ford, Spielberg’s, George Lucas, Lucas, Humphrey Bogart Organizations: “ Raiders, Indy, Hollywood, Raiders Locations: Kingdom, , Sierra Madre
Ford conducts engineering layoffs in U.S. and Canada
  + stars: | 2023-06-26 | by ( Michael Wayland | ) www.cnbc.com   time to read: +3 min
DETROIT — Ford Motor confirmed Monday it will carry out layoffs this week, primarily affecting engineering jobs in the U.S. and Canada, as the automaker seeks billions in cost-cutting measures as it restructures its business operations. Ford has been restructuring its operations for several years under its Ford+ plan, led by CEO Jim Farley. The automaker cut 3,000 workers in North America in August and has more recently conducted 3,800 layoffs in Europe. The company has instructed units affected by the cuts to work remotely this week as the layoffs are conducted, the people confirmed. Ford is not the only automaker to reduce its headcount, as it realigns its business to focus more on electric vehicles.
Persons: Jim Farley, Ford, Farley, headcount, General Motors, Stellantis Organizations: DETROIT, Ford Motor, Ford Pro, General Locations: Detroit, U.S, Canada, North America, Europe
Ford Motor could be in for big gains ahead, according to Jefferies. Analyst Philippe Houchois upgraded the company's shares to buy from hold in a Tuesday note. The firm said Ford's recent investor event raised its confidence that the automaker has a solid plan and management that will help it close a gap with its rivals. "There is something grounded and 'back-to-basics' in Ford's strategy of focusing on its strengths." Houchois thinks the company's road map to improvement across three of its divisions — Ford Blue, Model e and Ford Pro — is helping the company do more with less.
Michael Wayland/CNBCDETROIT — Ford Motor's largest competition in electric vehicles isn't U.S. leader Tesla or crosstown rival General Motors — it's Chinese automakers, CEO Jim Farley said Thursday. Farley said Chinese companies such as Warren Buffett-backed BYD are ahead of the large U.S. automakers and startups on electric vehicles, specifically battery chemistry and other emerging technologies. And they were always committed to electric," Farley said when asked which company is doing EVs right. Farley's comments echo those of industry experts and investors regarding the growth of BYD and other Chinese automakers, which have government backing in China. Farley also noted BYD's battery advantages compared to the current U.S. industry standard of lithium-ion batteries.
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