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☆ Elon Musk started a price war that Tesla can't win
▼ + stars: | 2023-11-12 | by ( Linette Lopez | ) www.businessinsider.com time to read: +15 min

Elon Musk has started an electric-vehicle price war that Tesla can't finish. In April, Ford CEO Jim Farley said Tesla's cuts could start an unsustainable price war. If it slides back into the red because of its price cuts, expect investors to run in another direction. In China, Tesla's price cuts even sparked protests among owners who paid more for their vehicles. Waging price war during a downturn is a challenge unlike any Tesla has faced before.

Persons: Elon Musk, Tesla, Mark Schirmer, crumb, John Zhang, Musk, —, he's, hasn't, — it's, Frederic J . Brown, Ford, John Lawler, Schirmer, I've, it's, Jim Farley, Elon, Oliver Zipse, Zhang, they're, they'd, Zach Kirkhorn, Linette Lopez Organizations: Cox Automotive, —, Revenue, Wharton School, Ford, BMW, Getty, GM, Mercedes, EV, Hyundai Locations: AFP, China

☆ United and Rashford unhappy with striker's form says Ten Hag
▼ + stars: | 2023-11-10 | by ( Lori Ewing | ) www.reuters.com time to read: +3 min

MANCHESTER, England, Nov 10 (Reuters) - Manchester United and Marcus Rashford are unhappy with his recent performances manager Erik ten Hag has said after the striker's red card contributed to their midweek Champions League loss but the Dutchman believes he will rediscover his form. "We have to win every game, so we are very disappointed if losing any game," Ten Hag said. It's always about being in the process, thinking about the process, and then it's about managing their process. Ten Hag, whose performance as manager has been called into question during his side's poor run of form, was asked if he trusts his players as United flopped after Rashford's red card. Bruno Fernandes scored in added time in United's 1-0 win at Fulham last Saturday that allowed Ten Hag to breathe easy for one night at least.

Persons: Marcus Rashford, Erik ten Hag, FC Copenhagen's Elias Jelert, Marcus, Rashford, Ten Hag, United's, It's, Bruno Fernandes, Scott McTominay, Lori Ewing, Ken Ferris Organizations: Manchester United, Champions League, FC Copenhagen's, Premier League, United, LUTON, Old, Luton Town, Liverpool, Manchester City, England, Brentford, Fulham, Thomson Locations: MANCHESTER, England, Old Trafford, Copenhagen, Fulham

☆ Southgate said VAR checks left him bored in Spurs v Chelsea thriller
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 9 (Reuters) - Endless VAR stoppages during Tottenham Hotspur's chaotic 4-1 home defeat by Chelsea on Monday left watching England manager Gareth Southgate bored, he said on Thursday. Southgate was in the stadium and was as bemused as some of the fans at times when lengthy VAR decisions were being made. "Now the flip side of that is I think all the decisions were right in the end. Time taken to make VAR decisions, especially offside incidents, has become a frustration for fans. Manchester United's Marcus Rashford was sent off away to FC Copenhagen on Wednesday, after a VAR check, and Southgate said it was the right call.

Persons: Gareth Southgate, Southgate, Ange Postecoglou, Postecoglou, Manchester, Marcus Rashford, He's, Martyn Herman, Toby Davis Organizations: Chelsea, Monday, Premier League, Tottenham, Southgate sympathised, Malta, FC Copenhagen, United, Manchester, Thomson Locations: North Macedonia

☆ The F-150 Lightning is fast, fun, and comfortable — and you probably don't need one
▼ + stars: | 2023-11-09 | by ( Tim Levin | ) www.businessinsider.com time to read: +6 min

The 2023 Ford F-150 Lightning Platinum. The 2023 Ford F-150 Lightning Platinum. The 2023 Ford F-150 Lightning Platinum. The 2023 Ford F-150 Lightning Platinum. AdvertisementAdvertisementThe 2023 Ford F-150 Lightning Platinum.

Persons: —, I've, Ford, Tim Levin, It's, Cruise, spry, Dan Barbossa, Alexander Edwards, Barbossa Organizations: Ford, Service, New, Honda, Strategic Locations: New York City, New York, legroom, Berkeley , California

☆ Ford's Chicago plant UAW workers vote to ratify deal with automaker
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

A United Auto Workers (UAW) union member wears a pin while picketing outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. REUTERS/Luke Sharrett/File Photo Acquire Licensing RightsNov 8 (Reuters) - Workers at Ford Motor's (F.N) Chicago assembly plant have voted to ratify a proposed contract with the automaker, the United Auto Workers (UAW) union's local chapter said in a Facebook post on Wednesday. UAW Local 551 said 57% of votes cast were in favor of the deal. Ford employs about 4,500 hourly workers at the assembly plant, which also manufacturers the Ford Explorer. A majority of workers at Ford's Michigan assembly plant have already voted to approve the tentative deal.

Persons: Luke Sharrett, Stellantis, Tesla, Nathan Gomes, Shivansh, Sriraj Organizations: United Auto Workers, UAW, REUTERS, Workers, Ford, Ford Explorer ., Chrysler, General Motors, Detroit's Big, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Chicago, Ford's Michigan, Dearborn , Michigan, Bengaluru

☆ Rashford sees red as Man United give up two-goal lead to lose in Copenhagen
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

"The red card changes everything," a beleaguered Ten Hag told TNT Sports. "We controlled the game until the red card. The night marked the first Champions League loss for United in which they led by two or more goals. It was their first defeat after taking a two-goal lead in all competitions since a 5-3 loss to Leicester City in September 2014. The defeat spoiled a feel-good return to Copenhagen for Hojlund, who was born in the Danish capital and whose younger brothers Emil and Oscar both play for Copenhagen.

Persons: Marcus Rashford, Rasmus Hojlund, Erik, Hojlund, Scott McTominay's, Kamil Grabara, Rashford, Elias Jelert, Mohamed Elyounoussi, Harry Maguire's, Diogo Goncalves, Andre Onana, Bruno Fernandes, Lukas Lerager, Rasmus Falk's, Roony Bardghji, Emil, Oscar, Lori Ewing, Toby Davis Organizations: COPENHAGEN, Manchester United, League, FC Copenhagen, United, Hag, TNT Sports, Galatasaray, Bayern Munich, Copenhagen, of, Champions League, Man City, Leicester City, Thomson Locations: Copenhagen, Hojlund

☆ Man United boss Ten Hag laments 'harsh' Rashford red card
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

"I think first we played very good until the red card. The red card changed everything. Rashford's red card was given after he planted his foot on the ankle of Elias Jelert to protect the ball and it drew the ire of Ten Hag. The loss was United's first in the Champions League in which they led by two or more goals. Ten Hag said the Rashford red was not the first questionable decision that has gone against them this season.

Persons: Marcus Rashford's, Erik, Hag, Rasmus Hojlund's, Elias Jelert, Owen Hargreaves, Marcus, He's, Paul Scholes, Lori Ewing, Toby Davis Organizations: League, FC Copenhagen, United, Premier League, TNT Sports, TNT, Champions League, Leicester City, Fulham, Thomson Locations: COPENHAGEN, Manchester

☆ Highlights of UAW's deals with Detroit Three automakers
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

The logo of Ford is seen on a 2020 Ford Explorer car at Ford's Chicago Assembly Plant in Chicago, Illinois, U.S. June 24, 2019. REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsNov 8 (Reuters) - Workers at Ford's (F.N) Chicago assembly plant have voted to ratify a proposed contract with the automaker, the United Auto Workers (UAW) union's local chapter said on Wednesday. Union workers are voting on contracts from each of Chrysler-owner Stellantis (STLAM.MI), General Motors (GM.N) and Ford after the first coordinated strike against Detroit's Big Three automakers. The ratification comes after the automakers and the UAW reached tentative deals over the last few weeks to end a costly strike following marathon negotiations. Following is a roundup of tentative agreements and demands from the UAW:Source: UAW statementsReporting by Nathan Gomes, Aishwarya Jain and Abhinav Parmar in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Kamil Krzaczynski, Stellantis, Nathan Gomes, Aishwarya Jain, Abhinav Parmar Organizations: Ford, Plant, REUTERS, United Auto Workers, UAW, . Union, Chrysler, General Motors, Detroit's Big, Thomson Locations: Chicago , Illinois, U.S, Chicago, Bengaluru

Selling more hybrid and electric trucks and improving the fuel efficiency of Ram combustion models is critical to Chrysler parent Stellantis. A Hemi V-8 will still be offered in Ram heavy-duty trucks. The company has not disclosed future production plans for light-duty Ram Classic trucks, which are based on previous generation Ram designs. Stellantis has previously said it will sell an all-electric Ram pickup called the Ram Rev starting in late 2024. The all-electric Ram REV has a 168 kWh battery pack in the base model that costs thousands more.

Persons: Steve Marcus, Ram, Ford, Stellantis, Tim Kuniskis, Joe White, Matthew Lewis Organizations: REUTERS, Rights DETROIT, American, Chrysler, Detroit, Silverado, General Motors, GM, Ford, GMC, Thomson Locations: Las Vegas , Nevada, U.S, Detroit, Sierras

LOS ANGELES (AP) — The Los Angeles Rams are signing quarterback Carson Wentz, a person with knowledge of the deal tells The Associated Press. The source spoke to the AP on condition of anonymity Tuesday because Wentz needed to pass a physical before the deal could be announced. Wentz has been out of the NFL this season after starting seven games last season for the Washington Commanders. The Rams (3-6) are in need of another passer behind Matthew Stafford, who missed Los Angeles' dismal loss at rainy Green Bay last weekend with a thumb injury. Los Angeles attempted to make it through the season with Stafford and Rypien as the only quarterbacks on their roster.

Persons: Carson Wentz, Wentz, Matthew Stafford, Brett Rypien, Sean McVay, Stafford, Stetson Bennett, John Wolford, Bryce Perkins, Baker Mayfield, Les Snead, Jared Goff, Goff, Nick Foles, ___ Organizations: ANGELES, Los Angeles Rams, Associated Press, NFL, Washington, Indianapolis, Rams, Angeles, Stafford, Las Vegas, Tampa, Bowl, Los Angeles, Eagles Locations: Los Angeles, Rypien, Georgia, Detroit, Philadelphia

☆ Ford is losing dealers' trust after a rocky year for the EV transition
▼ + stars: | 2023-11-07 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Nearly half of Ford dealers said they have "no trust" in their franchise in new survey. Ford dealers have had a tough year balancing EV demand. AdvertisementAdvertisementIt's been a tough year for Ford dealers, and it's becoming clear some are losing patience. Ford came in dead last in a recent survey on dealers' level of trust in their franchises, with 46% of Ford dealers surveyed by Kerrigan Advisors saying they had "no trust" in their franchise. This breakdown in trust and pessimism about the future shouldn't come as too much of a surprise after the year Ford dealers have had.

Persons: Ford, —, Kerrigan, Elon Musk, Cameron Johnson, Martin French Organizations: Ford, Service, Kerrigan Advisors, Survey, Magic City Auto Group, Nissan, Lincoln, Toyota, Lexus, Subaru Locations: Virginia

Ford envisions at least three new electric vehicles that will preserve jobs at several factories. Those and other closely held production plans by Detroit's automakers have emerged in details of the tentative contract agreements that ended the six-week strikes by the United Auto Workers union. The UAW's success in gaining commitments from the companies to build new electric vehicles at several factories represented a particular achievement. The automakers have all embraced the transition to electric vehicles as a large-scale and long-term commitment. And not all the companies’ production plans under the contract, of course, involve electric vehicles.

Persons: —, Biden, What's, Ford, Stellantis, ___ Veiga Organizations: DETROIT, Ford, General Motors, Detroit's automakers, United Auto Workers, Workers, EVs, EV, Dodge, Jeep, Cherokee, UAW, Kentucky, Plant, Expedition, Lincoln Navigator, Lincoln, Ohio Assembly Plant, Hill Assembly, Honda, Chevrolet Silverado, GMC Sierra, Fairfax Assembly Plant, GM, Detroit automakers, Toyota Tacoma Locations: Belvidere , Illinois, Toledo, Warren , Michigan, Sterling Heights , Michigan, Detroit, Dodge Durango, Rouge, Dearborn , Michigan, Louisville, Cleveland, Rock , Michigan, Hill, Hill Assembly Plant, Tennessee, Orion Township , Michigan, Fairfax, Kansas City , Kansas, Lansing , Michigan, Los Angeles

☆ Here are 4 big trades for the portfolio this week and 2 difficult rating changes
▼ + stars: | 2023-11-03 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +5 min

Our trades and decisions on stock ratings were driven more by earnings, company-specific developments and portfolio management rather than any broad commentary on the market. The stock soared more than 5% on the news, adding to those gains throughout the rest of the week. Estee Lauder's new "Profit Recovery Plan" provided little comfort because it's not expected to kick in until the company's fiscal years 2025 and 2026. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: week's, Ford, Estee Lauder, Estee, it's, Veralto, Locker, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Dow Jones, Nasdaq, Federal Reserve, U.S . Labor Department, Ford, United Auto Workers, GE HealthCare Technologies, Oracle, DuPont de Nemours, DuPont, CNBC, Traders, New York Stock Exchange, Getty Locations: oversold, China, FL, New York City

☆ Ford buys EV charging startup in bid to help rescue its electric dreams
▼ + stars: | 2023-11-03 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Ford has bought an electric charging startup called AMP, TechCrunch reported. AdvertisementAdvertisementFord is buying an electric charging startup as it tries to reinvigorate its flagging EV push. The auto giant is purchasing Auto Motive Power (AMP), an electric charging startup that makes battery management software, as it seeks to overhaul its charging technology and reduce the cost of its electric vehicles. A Ford representative told TechCrunch that the deal aimed to accelerate its efforts to encourage EV adoption and improve its charging technology. Other car makers have taken a similarly cautious approach to electric vehicles in recent months, with several ditching ambitious targets amid slowing demand.

Persons: —, Ford, it's, Bill Ford, Harald Wilhelm, Elon, carmaker Organizations: Ford, TechCrunch, Service, Auto Motive, The New York Times, Benz, EV, GM, Subaru Locations: California, Kentucky

☆ This $1,600 speaker system makes your electric truck sound like it has a V8 engine. People joked it's the EV equivalent of sticking a playing card in your bike spokes.
▼ + stars: | 2023-11-02 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +4 min

A demo of the system shows a Ford F-150 Lightning making V8 engine sounds. After all, though Ford's electric truck might have a massive frunk, its motor is far quieter than its gasoline-powered counterparts. Borla, a company that designs and manufactures exhaust systems, is now selling a $1,600 aftermarket "active performance sound system for EV." Another company called Thor Tuning sells an "electric exhaust system" for EVs. And car companies like Hyundai and Dodge have gotten in on the action too, producing electric cars with built in electric exhaust sound systems.

Persons: —, TFLstudios, Borla Organizations: Service, Shelby Mustang, Kufatec, Hyundai, Dodge Locations: TikTok

He said the UAW's new contracts were so good they had even led to nonunion auto workers getting raises. Honda (7267.T) told Reuters it was evaluating the recent UAW deals with the Detroit Three automakers and would remain competitive. "If (Toyota workers) come calling, which they have, we're going to educate them and be there for them," Smith told Reuters. Toyota's move earlier this week to raise wages is in line with the strategy the Japanese automaker and other nonunion automakers have used to keep UAW organizers at bay. Nonunion automakers have kept hourly wages close to the UAW rates at the Detroit Three.

Persons: Shawn Fain, Fain, It'll, Tim Smith, Smith, Elon Musk, Toyota's, Joseph White, David Shepardson, Lisa Baertlein, Ben Klayman, Matthew Lewis, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit, Toyota, UAW, nonunion, Honda, Reuters, Detroit Three, General Motors, Ford, Louisville Assembly, GM, National Labor Relations Board, NLRB, Tesla, Thomson Locations: WASHINGTON, U.S, United States, Georgetown , Kentucky, Louisville, Tesla's Fremont , California, Fremont, Detroit, Washington, Los Angeles

☆ Estee Lauder, Canada Goose slash annual targets as China recovery falters
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

An Estee Lauder cosmetics counter is seen in Los Angeles, California, U.S., August 19, 2019. The company also estimated annual sales to decrease 2% to an increase of 1%, compared with the previous forecast of an increase between 5% and 7%. Canada Goose expects full-year revenue to be between C$1.20 billion ($864.49 million) and C$1.40 billion, compared with its previous forecast of C$1.40 billion to C$1.50 billion. Canada Goose also saw revenues in the United States region decline nearly 11% as demand for high-end goods by affluent shoppers sag. Shares of Estee fell about 13% in premarket trading while U.S.-listed shares of Canada Goose were down 11%.

Persons: Lauder, Lucy Nicholson, Estee Lauder, Estee, Goose, Tom Ford's, Ananya Mariam Rajesh, Aatrayee Chatterjee, Shounak Dasgupta, Maju Samuel, Sriraj Organizations: REUTERS, Canada Goose Holdings, L'Oreal, Canada, U.S, Thomson Locations: Los Angeles , California, U.S, China, Canada, Asia, Korea, Hainan, Estee, United States, Bengaluru

☆ Ford claims Pan Am decathlon crown as Chile downs U.S. in soccer
▼ + stars: | 2023-11-01 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

SANTIAGO, Oct 31 (Reuters) - Chileans celebrated one of their biggest nights of the Pan American Games on Tuesday with Santiago Adolfo Ford claiming decathlon gold and the women's soccer team winning a 2-1 thriller over the U.S. to reach the final. The judo competition closed with Cuba beating Brazil to win the mixed team title and the great Idalys Ortiz adding another gold to her glittering resume. It was the perfect Pan Am Games goodbye for the 34-year-old four-times Olympic medallist, who has announced she will retire after next year's Paris Summer Games. Fencing was an all-American battle on Tuesday with Tokyo Olympic bronze medallist Nick Itkin and Magda Skarbonkiewicz taking gold. The U.S. continues to top the medal table with 76 gold while it closes in on 200 total medals with 178.

Persons: SANTIAGO, Santiago Adolfo Ford, Ford, Jose Fernando Ferreira, Ryan Talbot, Damian Warner, Karen Araya, Yanara Aedo, Dominican Republic's Jose Alnardo Gonzalez, Caridad Garcia, Kasey Knevelbaard, Canada's Charles Philibert, Thiboutot, Colombia's Arnovis, Jesus Dalmero, Idalys Ortiz, Ortiz, Driulis Gonzalez, Nick Itkin, Magda Skarbonkiewicz, romped, Miles Chamley Watson, Maia Chamberlain, Amy Wang, Rachel Sung, Brazil's Giulia, Bruna Takahashi, Jorge Campos, Andy Diez, Brazil's Hugo Calerano, Vitor Ishiy, Steve Keating, Robert Birsel Organizations: Pan American Games, Ford, Canada's Tokyo, Pan Ams, Vina del Mar, Estadio Sausalito, U.S, Cuba, Pan, Tokyo Olympic, Brazil's, Thomson Locations: Toronto, Lima, Vina del, Chile, Mexico, Dominican, U.S, Brazil, Cuba, Canada, Venezuela, Cuban, Santiago

☆ 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

☆ 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

☆ Here's an update on 10 of our companies that reported earnings and how we feel about each stock
▼ + stars: | 2023-10-31 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

GOOGL YTD mountain Alphabet YTD Alphabet (GOOGL): The quarter from the Google parent was mixed . On one hand, we were pleased to see revenue growth acceleration and beats at Search and YouTube. For Alphabet to catch up in the AI race, it might be forced to invest more aggressively, creating an imbalance between revenue growth and expense growth. AMZN YTD mountain Amazon YTD Amazon (AMZN): This was a fantastic quarter that checked a lot of boxes for us. While AWS cloud revenue growth may not have accelerated as some optimistic bulls had hoped for, it stabilized.

Persons: Jim Cramer's, Here's, inflect, We're, Mark Zuckerberg's, Danaher, Ford, Decker YTD Stanley Black, Decker, Jim Cramer, Jim, Benoit Tessier Organizations: Jim Cramer's Charitable, CNBC, Sciences, Microsoft, Google, Web Services, LIN, Linde, Honeywell, Aerospace, Technologies, Materials, Productivity Solutions, Ford, UAW, Meta, Inc, Viva Technology, Porte de Locations: China, North America, breakeven, Porte, Paris

Union wages, and the battles to keep them, have elevated the fortunes of countless Black families, Brooks said. “Black people could take advantage of that and buy homes in neighborhoods throughout Detroit,” Perry said. “Without the union jobs, (employers) can do anything, say anything and you're out the door,” she said. Only about 25% of Detroit's residents are in that range, and about two-thirds of city residents earn less than $50,000 per year, Goss said. Martin described her childhood during the 1970s and 1980s in her predominantly Black Detroit neighborhood as among the “happiest times” of her life.

Persons: WAYNE, Britney Johnson, Johnson's, “, ”, Tracy Brooks, Johnson, Brooks, Bobbie Allen Sr, Allen, ” Brooks, Andre Perry, ” Perry, Mike Duggan, Anika Goss, Goss, Yolanda Martin, Martin, Tracy Hadden Loh, ” Martin, ” ___ Jefferson, Rhonda Shafner Organizations: Black, United Auto Workers, Ford, Union, General Motors, Ford Motor, Blacks, Brookings Metro, Brookings Institution, Daimler Chrysler, Fiat Chrysler, PSA Peugeot, Detroit Future, Chicago . Locations: Mich, Ford's Wayne, Texas, Michigan, Detroit, Stellantis, U.S, Chicago, Black Detroit, Rosedale, Grandmont, Novi, New York

DETROIT — The United Auto Workers and General Motors have agreed to a deal that will put an end to collective bargaining talks between the union and Detroit automakers following more than six weeks of targeted U.S. labor strikes, sources told CNBC. GM is the final Detroit automaker to reach a deal with the union following historically contentious talks. Tens of thousands of workers across the country went on strikes after the sides failed to reach agreements by a Sept. 14 deadline. Ford Motor was the first to reach a tentative agreement with the union, on Wednesday, followed by a deal with Chrysler-parent Stellantis on Saturday. The headline economics of the deals, such as 25% wage increases, were patterned off of Ford's initial deal.

Organizations: DETROIT, United Auto Workers, General Motors, Detroit, CNBC, GM, UAW, Bloomberg, Ford Motor, Chrysler

“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

☆ 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

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