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Gene Sperling, the White House liaison for the strike talks, was in daily contact with executives at the UAW and the three automakers. By that point, there was enough trust that the misunderstanding did little from the White House perspective to hurt the relationship. The UAW president declined to endorse the president who had engaged in the historic outreach. So as I said we’ll do that when it’s time.”Still, the White House saw itself as building trust with the UAW as the talks progressed. As soon as a tentative agreement was in place, Barra told the gathered negotiators that she needed to text the White House.

Persons: Joe Biden, Shawn Fain, Biden, Fain, Gene Sperling, Sperling, We’re, Donald Trump, “ I’m, ” Biden, ”, Julie Su, Su, umbrage, “, ” Fain, “ We’ll, Ford, Stellantis, Mary Barra, Barra, Tom Krisher Organizations: WASHINGTON, United Auto Workers, General Motors, UAW, GM, Ford, Chrysler, Democratic, White, Democratic White Houses, Associated Press, Democrats, AP VoteCast, Republican, Labor, Biden, AP Locations: Delaware, Michigan, Pennsylvania, Wisconsin, Detroit

☆ First UAW vote at Ford is overwhelmingly in favor ratifying deal
▼ + stars: | 2023-11-02 | by ( Manav Tanneeru | Chris Isidore | ) edition.cnn.com time to read: +2 min

The UAW members in this first vote work at the Michigan Assembly Plant in Wayne, Michigan. There are about 4,800 UAW members at the plant, and nearly 4,000 of those were either on strike or laid-off by the company during the work stoppage. Nearly 4,000 UAW members went on strike October 8 after members rejected an 11th-hour deal reached a week before that appeared to have averted a strike. The Michigan Assembly plant was the first Ford factory to go on strike on September 15, so the workers there lost more paychecks than any other union members at Ford. In total, there are 36 different locals at Ford — 35 still have to vote.

Persons: Mack Trucks, Ford Organizations: New, New York CNN, United Auto Workers, Ford, UAW, Michigan, Plant, General Motors, Michigan Assembly, Ford — Locations: New York, Wayne , Michigan, Wayne, Michigan

☆ Stocks making the biggest moves premarket: AMD, WeWork, Wayfair, Humana and more
▼ + stars: | 2023-11-01 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Advanced Micro Devices — The chipmaker dipped more than 1% after issuing softer-than-expected revenue guidance for the fourth quarter. Match Group — The dating service platforms owner shed 8.3% on weaker-than-estimated revenue guidance for the fourth quarter. Wayfair — The online furniture retailer tumbled 12% after third quarter revenue missed analyst expectations. Yum reported $2.91 billion in revenue, while analysts had expected $3.06 billion in revenue, according to estimates from LSEG. Caesars Entertainment – The gaming stock rose 5% before the bell after topping Wall Street's third-quarter earnings expectations.

Persons: General Motors, Wayfair, Goldman Sachs, ZoomInfo, FactSet, Estee Lauder, —, Kraft Heinz, Paycom, Fred Imbert, Alex Harring, Jesse Pound, Samantha Subin, Sarah Min Organizations: Street Journal, Ford, General, Barclays, CVS, Technologies, Humana, Kraft Heinz, FactSet, Yum China, —, Caesars Entertainment, LSEG Locations: Aetna, China, LSEG

☆ Stocks making the biggest moves midday: Estee Lauder, Yum China, Paycom Software and more
▼ + stars: | 2023-11-01 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Advanced Micro Devices — The stock added 8% after the chipmaker beat analyst expectations for its third-quarter earnings . Estee Lauder also lowered its full-year earnings per share guidance to a range between $2.17 and $2.42, versus its previous guidance of $3.50 per share to $3.75 per share. Third-quarter earnings per share came in above consensus, however. Paycom Software — Shares of the HR and payroll company dropped more than 36% after Paycom's third-quarter revenue came in light of expectations. Trimble — The technology and software stock shed 13% after Trimble's third-quarter revenue came in below estimates.

Persons: LSEG, Estee Lauder, Trimble —, David Barnes, Ford, Jesse Pound, Samantha Subin Organizations: CVS, —, LSEG, DuPont de Nemours —, Garmin, FactSet, Barclays, General Motors Locations: China

☆ Tesla's enduring power is even clearer after the EV competition in Detroit falls flat
▼ + stars: | 2023-10-31 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementThe traditional auto industry has had more than a decade to build viable electric vehicle businesses. Again, maybe the traditional auto companies get a pass. WeWork-level lossesFord's EV business lost $1.3 billion, before interest and taxes, in the third quarter of 2023 – on just $1.8 billion of revenue. Detroit has responded with EV price cuts to try to compete with Tesla. Its auto business had a gross profit margin of more than 16% in Q3.

Persons: Tesla, —, Ford, Elon, haven't, China's BYD, Goldman Sachs, Kelley, Mercedes, Price Organizations: Ford, GM, Service, General Motors, Toyota, Honda, Wall Street, EV, Detroit, Mercedes, Benz, Tesla, LG Energy, Auto Locations: Detroit

☆ Winners and losers of the UAW talks with GM, Ford and Stellantis
▼ + stars: | 2023-10-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

UAW President Shawn Fain warned of a more combative union heading into the talks, but not many, if anyone, expected the union to strategically outmaneuver the companies like it did, leading to record deals for 146,000 UAW members with GM, Ford Motor and Stellantis . UAW members must still vote to ratify the tentative agreements. 1, of course, are the UAW members," said Art Wheaton, a labor professor at The Worker Institute at Cornell University. Some winners, some losers: UAW membersBroadly speaking, the UAW members covered by the new deals are winners, however not everyone faced the financial toll of the union's strikes against the Detroit automakers. They may also be targets of increased organizing efforts by members seeking better wages like those for UAW members.

Persons: Joe Biden, Shawn Fain, Evelyn Hockstein, General Motors, Fain, Tesla, Wheaton, Shawn Fain Fain, they've, Marick, It's, Ford, John Lawler, Masters, I'm, Biden Organizations: United Auto Workers, Reuters DETROIT, General, Detroit, UAW, GM, Ford Motor, Worker Institute, Cornell University, Wayne State University, Ford, Deutsche Bank, Finance, Detroit automakers, Toyota, Hyundai, EVs Locations: Bellville , Michigan, U.S, Detroit, Michigan

MILAN (AP) —Automaker Stellantis said Tuesday that the autoworkers strike in North America is expected to cost the company around 750 million euros ($795 million) in profits —less than its North American competitors. The Europe-based maker of Jeep, Fiat and Peugeot reported a 7% boost in net revenues to 45.1 billion euros, with production halts caused by the strikes costing the company 3 billion euros in sales through October. GM, the last carmaker to reach a deal to end the strike, reported an $800 million strike hit. North America continued to be the revenue leader, contributing 21.5 billion euros, an increase of 2% over last year, and representing nearly half of global revenues. Europe, the next biggest performing region, saw revenues grow 5% to 14 billion euros, as sales rose 11%.

Persons: Stellantis, Natalie Knight, Ford, Knight Organizations: MILAN, Fiat, Peugeot, GM, CES, LA, Saturday, United Auto Workers Union, Jeep, North Locations: North America, Europe, Asia, U.S, Las Vegas, Michigan, Ohio

☆ How to play a possible global electric vehicle meltdown, according to Deutsche Bank
▼ + stars: | 2023-10-31 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Concerns of a global electric vehicle market meltdown are starting to take hold, raising concern over the prospects of certain companies in the space, according to Deutsche Bank. U.S. playbook Deutsche Bank analysts have "limited interest in legacy OEMs, even on pullback and post-strike." The bank also gave its picks for U.S. electric vehicle suppliers, favoring agnostic powertrain suppliers with growth and content, mostly independent electric vehicle and internal combustion engine volumes. Automotive supplier BorgWarner could also benefit from the current electric vehicle environment due to its primary exposure in the Chinese market, he added. A "slower electric vehicle adoption curve" could also help the company's margins, the analyst added.

Persons: Tim Rokossa, Rokossa, Tesla, Didi, XPeng, — CNBC's Michael Bloom Organizations: Deutsche Bank, Motors, Ford Motor, GM, Honda, Ford, playbook Deutsche Bank, U.S, BorgWarner, BMW, EVs, VW Locations: U.S, Europe, China

☆ The UAW strike is over after 46 days. Here are the details of their contract that will leave some workers making up to $42 an hour.
▼ + stars: | 2023-10-31 | by ( Nora Naughton | Associated Press | ) www.businessinsider.com time to read: +6 min

The historic United Auto Workers strike is over. The UAW announced Monday evening it had reached a tentative agreement with GM, the last of the Detroit car companies to complete negotiations. The 25% pay increases by April 2028 agreed to in the new contracts raise top pay to about $42 an hour, according to the union. For historical comparison, the union said its workers saw pay increases of 23% for all the years from 2001 through 2022. Ford was the first to notch a tentative agreement with the union on Oct. 25 after employees spent 41 days on strike.

Persons: —, Ford, Jim Farley, Mary Barra, Fain, Stellantis Organizations: United Auto Workers, GM, Detroit, Service, Big Three Detroit, UAW, Local UAW, Ford, Workers, Ultium, LG Energy, Big Locations: Detroit, U.S, Michigan, Korea

☆ A New Sickle Cell Treatment Will Change Lives — but How Many? - The New York Times
▼ + stars: | 2023-10-30 | by ( Daniela J. Lamas | ) www.nytimes.com time to read: +3 min

And though comprehensive sickle cell care — at dedicated centers with expert hematologists, social workers and pain management specialists — reduces hospitalizations, and is the standard for diseases like cystic fibrosis and hemophilia, which do not disproportionately affect Black people, these centers are few and far between for sickle cell. Into this complicated landscape enters the possibility of gene therapy. It’s important to note that this isn’t the first cure for sickle cell. is expected to review another gene therapy from the company Bluebird Bio that targets sickle cell disease but does not use CRISPR; this was the therapy Mr. Holmes received as part of the N.I.H. When she was 17 and hospitalized, facing the reality of her chronic illness, she told her mother that she was ready to pursue gene therapy.

Persons: Holmes, Elizabeth Ford, Ford Organizations: Vertex Pharmaceuticals, CRISPR Therapeutics, Bluebird

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The GM workers will return to work after an official announcement of the deal, two sources said. Ford shares fell 2% while Stellantis shares were down 1.5% in Milan. Excluding Monday's share moves, GM and Ford shares have lost roughly a fifth of their value since the strike began while Stellantis shares have fallen 1%. "The Street is glad to have this UAW nightmare in the rear view mirror with a less onerous deal than originally feared for the Detroit Big 3," Wedbush analyst Daniel Ives said.

Persons: Rebecca Cook, Stellantis, Patrick Anderson, Shawn Fain, Fain, Joe Biden, Biden, Tesla, Ford, Erik Gordon, Daniel Ives, David Shepardson, Joseph White, Shivansh Tiwary, Deepa Babington, David Gaffen, Peter Henderson, Alistair Bell Organizations: General Motors, REUTERS, Detroit, United Auto Workers, UAW, Reuters, Detroit Three automakers, Ford Motor, Chrysler, Anderson Economic Group, GM, Ford, Democratic, Detroit Three, Detroit automakers, EV, Toyota, University of Michigan, Kentucky, Detroit Big, Thomson Locations: Detroit , Michigan, U.S, Detroit, Milan, Arlington , Texas, Tahoe, Sterling Heights , Michigan, Hill, Tenn, Washington

☆ A confluence of factors 'handcuffed' the automakers in UAW negotiations: Fmr. Ford CEO Mark Fields
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA confluence of factors 'handcuffed' the automakers in UAW negotiations: Fmr. Ford CEO Mark FieldsMark Fields, former Ford president and CEO, joins 'Squawk Box' to discuss the state of the UAW strike, after the union reached a tentative deal with Stellantis following its agreement with Ford, where things stand with GM, and more.

Persons: Mark Fields Mark Fields Organizations: Ford, UAW, GM

☆ Workers at the Detroit 3 are set to make up to $35 more an hour than at Tesla thanks to new union contracts
▼ + stars: | 2023-10-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Detroit's hourly labor costs could soar to $90 an hour, according to one estimate. At Tesla and foreign car companies, that same hourly labor cost sits between $45 and $55 per hour, industry experts estimate. AdvertisementAdvertisementHeading into contract talks this summer, the labor cost gap between the Detroit Three and Tesla was already sizable. While Ford, GM, and Stellantis were spending about $66 an hour on their factory workers, Tesla was spending just $45 an hour. Throughout the strike, Detroit executives warned of the advantage higher labor costs would hand to their competitors.

Persons: —, That's, Tesla, Wedbush, Bill Ford, Shawn Fain, Fain Organizations: UAW, Service, Detroit, United Auto Workers, Ford, GM, Tesla, Toyota, Honda, Volkswagen Locations: Wells

☆ We're not ready to bail on Ford after the UAW deal. But we have lots of questions
▼ + stars: | 2023-10-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

The UAW on Sunday released parts of its tentative agreement with Ford, which was first announced last Wednesday. Modeled after the Ford agreement, the UAW reached a tentative labor deal with General Motors (GM) early Monday and one with Chrysler-parent Stellantis (STLA) on Saturday. The only third-quarter sales beat was in Ford Blue, its legacy internal combustion engine unit, which also includes hybrids. However, Ford Blue missed on EBIT (earnings before taxes and interest). We think the automaker can achieve these goals since it has support from its resilient Ford Blue segment, which continues to be profitable in all regions.

Persons: Ford, week's, It's, Jim Cramer, Shawn Fain, Jim Farley, Jim, they're, we're, Jim Cramer's, Matthew Hatcher Organizations: United Auto Workers, Club, UAW, Sunday, Ford, General Motors, Chrysler, Detroit automaker, Ford Blue, Management, EV, ICE, CNBC, Plant, AFP, Getty Locations: Ford Blue, Michigan, Wayne , Michigan

“We won things no one thought possible," UAW President Shawn Fain said when he announced the tentative agreement last week. More recently, Ford, GM and Stellantis were all offering 23% total pay increases. For historical comparison, the union said its workers saw pay increases of 23% for all the years from 2001 through 2022. SHORTER WORK WEEKThe UAW asked for a shorter work week — 40 hours of pay for 32 hours of work. RIGHT TO STRIKEThe union said it won the right to strike against any of the three companies over plant closures.

Persons: “, Shawn Fain, Ford's, Fain, Ford, ” Organizations: United Auto Workers, Ford, General Motors, GM, UAW, Ultium, LG Energy Locations: U.S, Michigan, Korea

☆ As the market enters correction territory, don't blame the American consumer
▼ + stars: | 2023-10-29 | by ( Tim Mullaney | ) www.cnbc.com time to read: +14 min

Amazon.com Inc | ReutersThe initial third-quarter report on gross domestic product showed consumer spending zooming higher by 4% percent a year, after inflation, the best in almost two years. How is this possible with interest rates on everything from credit cards to cars and homes soaring? But they were below expectations at electric-vehicle leader Tesla , which blamed high interest rates, and at Ford . "And as interest rates rise, the proportion of that monthly payment that is interest increases." At American Express , which saw U.S. consumer spending rise 9%, the mild surprise was the company's disclosure that young consumers are adding Amex cards faster than any other group.

Persons: Bill Ackman, CFRA, Sam Stovall, Ryan Marshall, Wells, Jackie Benson, Tesla, Elon Musk, GM, Mary Barra, Paul Jacobson, John Lawler, Musk, Brian Moynihan, Jeremy Barnum, Sachin Mehra, Zers, Guess they're, Stovall, chargeoffs, John Greene, Morgan Stanley, Ravi Shanker, Spirit, Sundaram, Ethan Allen, they've, Marc Bitzer, Arun Sundaram, Amanda Agati, there's Organizations: Amazon.com Inc, Delta Air Lines, United Airlines, Coldwell, Ford, General Motors, GM, United Auto Workers, UAW, Cox Automotive, Bank of America, JPMorgan Chase, MasterCard, American Express, Discover Financial Services, JetBlue, Whirlpool, Amazon, PNC, Federal, Asset Management Locations: Shakopee , Minnesota, U.S, Covid, PulteGroup, Vermont

☆ UAW expected to announce tentative agreement with Stellantis to end labor strike
▼ + stars: | 2023-10-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

The tentative agreement, which would still need to be approved by union leaders and ratified by members, is patterned off a 4½-year agreement reached between the union and Ford Motor on Wednesday, sources previously told CNBC. The UAW plans to hold a meeting early Saturday afternoon with local Stellantis union leaders following the sides agreeing in principle to the terms of a deal. The tentative agreement is expected to end six weeks of targeted labor strikes by the union after the sides failed to reach new deals for 146,000 UAW members before a Sept. 14 deadline. The union called back more than 16,000 striking Ford workers after reaching a tentative deal with the automaker. It's not immediately clear how much the labor deals will increase labor costs for the companies, which had argued that giving in to all of the union's demands would affect their competitiveness and even long-term viability.

Persons: Stellantis, Shawn Fain, Ford, It's Organizations: United Auto Workers, DETROIT, UAW, Ford Motor, CNBC, General Motors, GM, Bloomberg News, Ford, Deutsche Bank Locations: Sterling Heights, Mich, Illinois

☆ Americans are so anxious about going electric that they're willing to pay up for hybrids
▼ + stars: | 2023-10-28 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementWhile car companies try desperately to gin up demand for their latest electric models, consumers are begging for a compromise: hybrids. In the auto industry, the same logic applies to hybrids, which can provide a more convenient bridge to full EV adoption. Hybrid revolutionThis need for hybrids isn't new. Ford said this week it would postpone $12 billion in new EV investment as the company assesses demand going forward.

Persons: isn't, —, –, they're, Chris Harto, Harto, Akio Toyoda, Cameron Johnson, Ford, Martin French Organizations: Industry, Service, Consumer, EVs, Auto, Consumer Reports, Toyota, Dealers, Magic City Auto Group, Honda Locations: Edmunds, Virginia

☆ Ford’s Cost Problem Isn’t Just About EVs
▼ + stars: | 2023-10-27 | by ( Stephen Wilmot | ) www.wsj.com time to read: +1 min

The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty ImagesFord Motor lost about $37,000 on each electric vehicle it sold last quarter. It doesn’t help that the company’s gas-engine business also costs more than it should—a difference from crosstown rival General Motors that investors are ignoring at their peril. The third-quarter results Ford reported after hours on Thursday weren’t great, with an adjusted operating profit of $2.2 billion. By way of comparison, GM’s operating profit in the third quarter was $3.6 billion.

Persons: Michael Swensen Organizations: United Auto Workers, Ford, General Motors, Chrysler

☆ Stocks making the biggest moves premarket: Amazon, Intel, Enphase Energy and more
▼ + stars: | 2023-10-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Amazon — Amazon's stock surged 7% after the e-commerce giant reported strong third-quarter results and showed a 13% jump in revenue for the period. Intel — The chip stock popped 7% after posting third-quarter results Thursday that topped Wall Street's expectations and offered strong guidance for the current period. Chipotle Mexican Grill — Shares of the restaurant chain rose more than 3% in premarket trading after the company's third-quarter earnings topped expectations. Stanley Black & Decker beat third-quarter earnings expectations , citing "strong momentum" with its cost reduction program. Colgate-Palmolive topped third-quarter earnings expectations on the top and bottom lines and hiked its organic sales growth outlook.

Persons: Pat Gelsinger, Ford, Chipotle, LSEG, LSEG . Stanley Black, Decker, Stanley Black, Sanofi, Newell Brands, Cantor Fitzgerald, —, Jesse Pound, Tanaya Macheel, Pia Singh, Sarah Min Organizations: Intel, Enphase Energy, LSEG, Ford, UAW, Exxon Mobil, Chevron — Chevron, Chevron, Colgate, Palmolive, Sanofi — U.S, Newell, Charter Communications, Disney . Charter Communications, Hasbro, Bank of America, Automotive, Merck —, BMO Capital Markets, Merck

☆ Fact Check: Decade-old US Navy videos shared as Turkish warship nearing Gaza
▼ + stars: | 2023-10-27 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Footage of U.S. Navy aircraft carriers dating back 10 years has been miscaptioned online as showing Turkish warships moving toward Gaza amid the ongoing Israel-Hamas conflict in October. THEY MADE IT CLEAR THEY WILL DEFEND GAZA AS TENSIONS RISE IN MIDDLE EAST.”The video shows two clips of moving aircraft carriers with a CNN logo seen in the lower right corner. The video shows an unmanned X-47B stealth drone launching off the USS George H. W. Bush near Virginia on May 14, 2013. All three camera angles of the aircraft carrier are shown in the U.S. Navy’s video. The clips in the circulating video dates to 2012 and 2013 and show U.S. Navy aircraft carriers, not a Turkish warship.

Persons: Tayyip Erdogan, Gerald R, Ford, Emily Khun, George H, Bush, Harry S, Truman, Read Organizations: U.S . Navy, Twitter, CNN, Turkish, Directorate of Communications, YouTube, U.S, Reuters, Thomson Locations: Gaza, Israel, TURKEY, GAZA, Turkish, Palestine, Virginia, U.S

☆ Stocks making the biggest moves midday: Intel, Chipotle, Juniper Networks and more
▼ + stars: | 2023-10-27 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Intel — Shares of the chipmaker popped 9.3% Friday, a day after Intel reported third-quarter results that topped analysts' expectations. Juniper Networks — The network management software provider climbed 6.1% after exceeding Wall Street's expectations on earnings and revenue for the third quarter. Juniper earned 60 cents per share on an adjusted basis, while analysts surveyed by FactSet expected 55 cents per share. Chipotle Mexican Grill — Chipotle shares led the market higher Friday, gaining 4.5% after the company's third-quarter earnings topped expectations. While profits fell short of Wall Street's expectations, revenue topped estimates.

Persons: Pat Gelsinger, Dexcom, Stanley Black, Decker, Juniper, FactSet, Chipotle, Ford, —, Alex Harring, Samantha Subin, Yun Li, Hakyung Kim Organizations: Intel —, Intel, Juniper Networks, Revenue, Bank of America, LSEG, Enphase Energy, Chevron, Ford, UAW

☆ How the UAW and Ford struck a historic deal
▼ + stars: | 2023-10-27 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

On Wednesday, after 41 days on strike, the UAW and Ford reached a tentative agreement. The Rouge plant in Dearborn, Michigan is where Ford Chairman and fourth generation controlling family member Bill Ford spoke about negotiations for the first-time last week. That speech perturbed UAW President Shawn Fain, who responded with a threat. What comes nextGetting the deal done with Ford was a big hurdle, according to a third source with knowledge. The Ford CEO said the deal the UAW was looking for would bankrupt the company.

Persons: Ford, Bill Ford, Shawn Fain, Jim Farley, ”, Fain, Benjamin Dictor, Dictor, Chuck Browning, “ Ford, “ We’re, Browning, Taylor Glascock, Farley, John Lawler, CNN’s Chris Isidore Organizations: CNN, United Auto Workers, Kentucky, Plant, UAW, Ford, General Motors, Arlington Assembly, UAW Ford Department, Ford UAW, GM, Ford Motor Co, Chicago Assembly Plant, General Motors Co, Stellantis, Bloomberg, Getty Locations: Louisville, GM’s, Arlington, Texas, Michigan, Rouge, Dearborn , Michigan, Dearborn, Chicago , Illinois

☆ GM, UAW may be nearing a labor deal after marathon negotiating session
▼ + stars: | 2023-10-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Both GM CEO Mary Barra and UAW President Shawn Fain participated in the marathon bargaining, however the union leader was doing so virtually, said two of the sources. Fain was attempting to simultaneously negotiate with GM and Chrysler parent Stellantis , which were hosting talks with the union roughly 30 minutes from one another. Spokespeople with GM, Stellantis and UAW declined to comment on specific details of the talks. The union called back striking Ford workers after reaching a tentative deal with the automaker. The strikes have collectively cost GM, Ford and Stellantis billions of dollars in lost production.

Persons: Mary Barra, Shawn Fain, Fain, Mark Stewart, Stellantis, Ford, It's Organizations: DETROIT, United Auto Workers, General Motors, Ford Motor, UAW, GM, Chrysler, North, Stellantis, Ford, Deutsche Bank

☆ Ford shares fall 9% after earnings underline worries about costs and EV plans
▼ + stars: | 2023-10-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford Motor Company's electric F-150 Lightning on the production line at its Rouge Electric Vehicle Center in Dearborn, Michigan, on Sept. 8, 2022. Shares of Ford Motor traded sharply lower Friday after the company reported earnings that missed estimates and said that demand for its electric vehicles was falling short of expectations. Ford reported its third-quarter results after the markets closed Thursday, and they weren't what Wall Street had expected. Ford on Wednesday night became the first of the three Detroit automakers to reach a tentative agreement with the UAW. Ford also withdrew its previous financial guidance for 2023 in light of the pending deal with the UAW.

Persons: General Motors, John Lawler, Jim Farley's, Ford Organizations: Ford, Electric Vehicle, Ford Motor, United Auto Workers, General, Wall, Detroit, UAW, Tesla Locations: Dearborn , Michigan, Kentucky, U.S, North America

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