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☆ UAW workers at GM's Flint plant narrowly vote against new labor deal
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook Acquire Licensing RightsNov 10 (Reuters) - United Auto Workers (UAW) union members at General Motors' (GM.N) Flint assembly plant in Michigan have narrowly voted against a proposed contract with the U.S. automaker, the local chapter said. In a Facebook post on Thursday, the UAW Local 598 said 51.8% of votes cast were against the proposed deal. The vote signals that approval of the deal, which is set to raise costs significantly for GM, is not guaranteed. Union workers are voting on contracts from each of Chrysler-owner Stellantis (STLAM.MI), General Motors and Ford Motor (F.N), after the first coordinated strike against Detroit's Big Three automakers.

Persons: Rebecca Cook, Stellantis, Erik Gordon, Mack Trucks, Nathan Gomes, Shivansh, Sriraj Organizations: General Motors, REUTERS, United Auto Workers, UAW, U.S ., GM, Workers, Chrysler, Ford, Detroit's Big, Silverado, Detroit Three, University of Michigan, Detroit, Honda, Volvo Group, Thomson Locations: Detroit , Michigan, U.S, Flint, Michigan, Bengaluru

☆ Honda Gives U.S. Factory Workers 11% Pay Bump Following UAW Wins in Detroit
▼ + stars: | 2023-11-10 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

Honda is cutting the time it takes to reach the top wage, a change that is similar to one won by the UAW in its negotiations with GM, Ford and Stellantis. Photo: Eugene Hoshiko/Associated PressHonda Motor is giving many U.S. factory workers a 11% pay bump and making other improvements for these employees, a move that follows major gains secured by the United Auto Workers union in Detroit last month. The base wage increase is effective in January, according to a memo viewed by The Wall Street Journal. The Japanese automaker is also cutting the time it takes to reach the top wage in half from six to three years, a change that is similar to one won by the UAW in its negotiations with General Motors , Ford Motor and Chrysler-parent Stellantis .

Persons: Eugene Hoshiko Organizations: Honda, UAW, GM, Ford, Associated Press Honda, U.S, United Auto Workers, Wall Street, General Motors, Ford Motor, Chrysler Locations: Detroit

☆ Honda Boosts U.S. Factory Workers’ Pay by 11% After UAW Wins in Detroit
▼ + stars: | 2023-11-10 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

Honda is cutting the time it takes to reach the top wage, a change that is similar to one won by the UAW in its negotiations with GM, Ford and Stellantis. Photo: Eugene Hoshiko/Associated PressHonda Motor is giving many U.S. factory workers a 11% pay bump and making other improvements for these employees, a move that follows major gains secured by the United Auto Workers union in Detroit last month. The base wage increase is effective in January, according to a memo viewed by The Wall Street Journal. The Japanese automaker is also cutting the time it takes to reach the top wage in half to three from six years, a change that is similar to one won by the UAW in its negotiations with General Motors , Ford Motor and Chrysler-parent Stellantis .

Persons: Eugene Hoshiko Organizations: Honda, UAW, GM, Ford, Associated Press Honda, U.S, United Auto Workers, Wall Street, General Motors, Ford Motor, Chrysler Locations: Detroit

Sustainability-linked loans (SLL), which were first used in 2017, offer slightly cheaper borrowing, typically around 2.5-10 basis points less, if companies meet goals such as cutting their carbon emissions or improving board diversity. These let banks strip the sustainability-linked label from the loans if targets are no longer deemed appropriate. The banks' tougher standards are discouraging some borrowers from using SLLs entirely, bankers and lawyers told Reuters. The Engie spokesman said the utility would not agree to linking an event of default to sustainability targets. "We have stated our willingness to walk away when sustainability targets were too soft," said Brittany Agostino, vice president in the environmental, social and governance group at Los Angeles-based Ares.

Persons: Toby Melville, Banks, Constance Chalchat, Pascale Forde Maurice, Elliot Beard, Simmons, Beard, I've, David Milligan, Norton Rose Fulbright, Gemma Lawrence, Pardew, Brittany Agostino, Fredrik Altmann, Tommy Reggiori Wilkes, Isla Binnie, Shankar Ramakrishnan, Simon Jessop, Alexander Smith Organizations: FCA, Financial, Authority, REUTERS, LONDON, BNP, Corporate, Institutional Banking, Reuters, JPMorgan, Ford Motors, SLLs, CIB's, European, Sustainable Investment Banking, Simmons, Norton Rose, Market Association, BMW, Porsche, Thomson Locations: London, Britain, North America, Asia, Los Angeles, New York

Before autoworkers went on strike in September, Dave and Bailey Hodge were struggling to juggle the demands of working at a Ford Motor plant in Michigan and raising their young family. Both were working 12-hour shifts, seven days a week, to earn enough to cover monthly bills, car payments and the mortgage on a home they had recently bought. They were also saving for the things they hoped life would eventually bring — vacations, college for their two children and retirement. Some days, she’d see her 8-year-old son off to school in the morning. She’d fall asleep with her 14-month-old daughter lying between her and Dave.

Persons: autoworkers, Dave, Bailey Hodge, “, ” Ms, Hodge, she’d, She’d Organizations: Ford Locations: Michigan

☆ Trade Desk shares plunge about 30% on weak guidance tied to auto, Hollywood strikes
▼ + stars: | 2023-11-09 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

The Trade Desk shares plunged about 30% in after-hours trading on Thursday after the ad-tech company issued fourth-quarter revenue guidance that fell well short of analysts' estimates. A Trade Desk spokesperson told CNBC that guidance came "in slightly below consensus, largely because the transitory cautiousness from advertisers in certain verticals, such as U.S. auto and media/entertainment due to the strikes." The United Auto Workers launched targeted strikes at select facilities against the Detroit automakers beginning Sept. 15, and then expanded the stoppages. Trade Desk said third-quarter sales jumped 25% from $493 million a year earlier. Net income increased to $39 million, or 8 cents a share, from $16 million, or 3 cents, a year earlier.

Persons: Jeff Green, Green, Susan Li Organizations: LSEG, CNBC, United Auto Workers, Detroit, UAW, General Motors, Ford Motor, Guild of America, Trade, Meta, Comcast, Cisco Systems Locations: Israel

☆ Biden says all autoworkers deserve deals like those the UAW won from Detroit automakers
▼ + stars: | 2023-11-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden puts on a t-shirt of the UAW Local 1268 during a United Auto Workers (UAW) union members meeting, in Belvidere, Illinois, U.S., November 9, 2023. DETROIT – President Joe Biden said Thursday that all autoworkers deserve contracts like the ones recently won by the United Auto Workers from General Motors , Ford Motor and Chrysler-parent Stellantis . Biden, wearing a red UAW T-shirt given to him by a local union leader, said the deals won by UAW negotiators are "game changers" that set a "new standard" for blue-collar workers. "I'm a little selfish, I want this type of contract for all autoworkers," Biden said during a visit with UAW President Shawn Fain in Belvidere, Illinois. "I told my team, 'Make Stellantis know Belvidere is a priority,' so I got on the phone and let him know personally I thought it was a priority," Biden said.

Persons: Joe Biden, Stellantis, Biden, Shawn Fain, Mark Stewart Organizations: UAW, United Auto Workers, DETROIT, General Motors, Ford Motor, Chrysler, Stellantis North Locations: Belvidere , Illinois, U.S, Stellantis North America, Belvidere

☆ 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

☆ Stellantis' new Ram pickup is an EV — with a gas-powered generator in case the battery runs out
▼ + stars: | 2023-11-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

The 2025 Ram 1500 Ramcharger is expected to go on sale in late 2024 alongside a previously revealed all-electric Ram 1500 truck without a gas-powered engine or range-extending electric generator. That range compares with up to an expected 500-mile range of the all-electric Ram 1500 REV pickup. 2025 Ram 1500 Ramcharger Tungsten RamSimilar propulsion technology — referred to as extended-range electric vehicles, or EREVs — is available in overseas markets, specifically China. For the traditional Ram 1500 models, the biggest change is the company is dropping its well-known Hemi V-8. Ram's 2023 Super Bowl ad debuts the production version of the Ram 1500 REV electric pickup that is expected to go on sale in late 2024.

Persons: Ramcharger, Tim Kuniskis, Kuniskis, Stellantis, Stephanie Brinley, It's, Michael Wayland Organizations: DETROIT, U.S . Environmental Protection Agency, P Global Mobility, General Motors, Chrysler, Jeep, Fiat, U.S, Dodge, CNBC, GM, Ford Motor, Chrysler Pacifica minivan, Cherokee Locations: China, Pontiac, Mich

☆ Automakers Delay Electric Vehicle Spending as Demand Slows
▼ + stars: | 2023-11-07 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

But when the number of electric vehicles sold in the United States grew that much during the third quarter from a year earlier, it was a disappointment. Instead of celebrating, auto executives worried that demand for electric vehicles was slackening, raising questions about their plans to invest tens of billions of dollars to develop new models and build factories. In recent weeks, General Motors, Ford Motor and Tesla cited slower sales and signs that the economy was weakening in announcing that they would delay that spending. future is as strong as ever,” Mary T. Barra, the chief executive of G.M., told analysts on a conference call last month. is waiting several months to begin selling some new electric models, including a battery-powered incarnation of the Chevrolet Equinox sport utility vehicle.

Persons: Carmakers, Tesla, Biden, Mary T, Barra Organizations: General Motors, Ford Motor, Chevrolet Locations: United States

☆ Workers are missing cog in US manufacturing gears
▼ + stars: | 2023-11-07 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

NEW YORK, Nov 7 (Reuters Breakingviews) - There’s a spanner in the freshly restarted U.S. manufacturing machine. Based in part on the planned construction spending, Goldman Sachs analysts estimate that Biden’s initiatives could lead to as many as 250,000 new manufacturing jobs over the next two years. Pay growth is also cooling faster for production and manufacturing jobs, at 4.2% year-over-year in August, down from an 11% annual peak in December 2021 and compared to the national average of 4.5%, according to jobs website Indeed. By 2030, technological and cognitive skills in the manufacturing sector will be in far higher demand as the share of physical and manual tasks drops by more than a quarter from 2016, McKinsey says. The U.S. manufacturing engine may be humming along now, but employment-related complications threaten to throw sand in the gears.

Persons: Joe Biden’s, Biden, Goldman Sachs, There’s, it’s, Sam, Francesco Guererra, Sharon Lam Organizations: Reuters, Deal, Taiwan Semiconductor Manufacturing, Samsung Electronics, Intel, Bosch, Linde, Public, Ford, SK Innovation, Reuters Graphics Reuters, Department, Bureau of Labor Statistics, McKinsey, University of Massachusetts, Economy Research, of Labor Statistics, Thomson Locations: Arizona, U.S, United States, China, Europe, Asia, it’s, Germany, Amherst

☆ Large pickup trucks fare poorly in protecting rear seat passengers - study
▼ + stars: | 2023-11-07 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - Four large pickup trucks fared poorly in tests measuring how rear seat passengers fare in some crashes, the Insurance Institute for Highway Safety said Tuesday. "Like most other vehicle classes, large pickups don't perform as well in the new moderate overlap evaluation as they do in the updated side test," said IIHS President David Harkey. IIHS said front seat safety has been boosted by improved airbags and advanced seat belts typically not available in the rear. The updated test uses a heavier barrier traveling at a higher speed to simulate the striking vehicle. In traffic crashes in 2021, 60% of pickup drivers who were killed were unrestrained - higher than other categories of vehicles.

Persons: Rebecca Cook, IIHS, Ram, David Harkey, Stellantis, David Shepardson, Christopher Cushing Organizations: Ford Motor Company, North American, REUTERS, Rights, Insurance Institute for Highway Safety, Ford, General Motors, Silverado, Toyota, Thomson Locations: Detroit , Michigan, U.S

☆ GM-UAW agreement expected to include more affordable Bolt EUV
▼ + stars: | 2023-11-06 | by ( Paul Lienert | ) www.reuters.com time to read: +3 min

General Motors assembly workers connect a battery pack underneath a partially assembled 2018 Chevrolet Bolt EV vehicle on the assembly line at Orion Assembly in Lake Orion, Michigan, U.S., March 19, 2018. GM said on Monday it would not comment on the tentative agreement pending ratification by the UAW. The UAW summary did not specify products or timing for GM's Fairfax and Lansing plants. GM currently builds the Chevrolet Malibu and Cadillac XT at Fairfax and the Cadillac CT4 and CT5 and Chevrolet Camaro in Lansing. Chief Executive Officer Mary Barra has said the current Bolt will be phased out of production at the end of this year.

Persons: Rebecca Cook, GM's Fairfax, Mary Barra, Ford, ”, Bill Rinna, “ BEV, Sam Fiorani, Stellantis, Paul Lienert, Matthew Lewis Organizations: Motors, Bolt, Orion Assembly, REUTERS, Rights DETROIT, General Motors, Chevrolet, Cadillac, Reuters, UAW, GM, Chevrolet Malibu, Fairfax, Ford, AutoForecast Solutions, Thomson Locations: Lake Orion , Michigan, U.S, Kansas, Michigan, Lansing, Fairfax , Kansas, Fairfax, Lansing ., Detroit

☆ GM is expected to invest $13 billion in U.S. facilities under new UAW deal
▼ + stars: | 2023-11-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors plans to invest roughly $13 billion in U.S. facilities by April 2028, the United Auto Workers union said as part of its recent tentative agreement with the automaker. GM has already announced some of the planned investments such as $4 billion at Orion Assembly in suburban Detroit and $2 billion in Spring Hill, Tennessee, for new electric vehicles. GM was the last Detroit automaker to reach a tentative agreement following Ford Motor and Chrysler-parent Stellantis . GM's U.S. investments through the terms of the 4 ½-tear tentative compared to $8.1 billion announced by the union at Ford and $18.9 billion at Stellantis, including $6.2 billion in previously announced parts plants in Kokomo, Indiana. The details disclosed by the union for GM did not include billions in previously announced investments in four joint-venture battery cell plants in the U.S., including three upcoming facilities.

Persons: Mary Barra Organizations: United Auto Workers, UAW, General Motors, DETROIT –, Motors, GM, Orion Assembly, Detroit, Ford Motor, Chrysler, Ford Locations: Arlington , Texas, DETROIT, Detroit, Spring Hill , Tennessee, Lansing Grand, U.S, Kokomo , Indiana

☆ The UAW’s Next Challenge: Getting Workers to Vote Yes
▼ + stars: | 2023-11-03 | by ( Nora Eckert | Ryan Felton | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a tentative deal with General Motors on Monday, more than six weeks after workers went on strike. The company was the last of the three Detroit automakers to reach a new tentative labor deal. Photo: Rebecca Cook/ReutersUnited Auto Workers leaders bargained for months and called a historic strike before clinching tentative agreements with Detroit’s automakers. UAW members at local chapters across the country begin voting as soon as this week on the labor pacts with Ford Motor , General Motors and Chrysler parent Stellantis . The proposed contracts, which include a 25% wage hike and a return of cost-of-living adjustments, increase pay more than several contracts over the past two decades combined.

Persons: Rebecca Cook Organizations: United Auto Workers, General Motors, Detroit, Reuters United Auto Workers, Detroit’s, UAW, Ford Motor, Chrysler

John J. Kim | Tribune News Service | Getty ImagesDETROIT – United Auto Workers President Shawn Fain wants to expand the union's battle from the Detroit automakers to Tesla , Toyota Motor and other non-unionized automakers operating in the U.S. The UAW has previously failed to organize foreign-based automakers in the U.S. The UAW has previously discussed organizing Tesla's Fremont plant in California with little to no traction in those efforts. "Workers at Tesla, Toyota, Honda, and others are not the enemy — they're the UAW members of the future," Fain said. UAW President Shawn Fain marches with UAW members through downtown Detroit after a rally in support of United Auto Workers members as they strike the Big Three auto makers on September 15, 2023 in Detroit, Michigan.

Persons: Shawn Fain, John J, Kim, We've, Fain, Stellantis, we've, Ford, Bill Ford, Toyota Fain, Bill Pugliano, Tesla, Elon Musk, Musk, Tom Williams Organizations: United Auto Workers, UAW, Tribune, Service, Getty, DETROIT, Detroit, Tesla, Toyota Motor, U.S, General Motors, Ford Motor, Chrysler, Volkswagen, Nissan, GM, Ford, American, . ", Toyota, Honda, Bloomberg News, Bloomberg, CNBC, Cq, Inc Locations: Chicago, U.S, Fremont, California, Kentucky, Detroit, Detroit , Michigan, Fremont , California

☆ 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

☆ UAW’s Six-Week Strike Was Barely a Speed Bump for Jeep’s Hometown
▼ + stars: | 2023-11-02 | by ( Harriet Torry | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a tentative deal with General Motors on Monday, more than six weeks after workers went on strike. The company is the last of the three Detroit automakers to reach a new tentative labor deal. Photo: Rebecca Cook/ReutersThe city that has been home to Jeep since World War II largely shrugged off a six-week strike that mothballed a hulking factory with thousands of workers. Jeep-maker Stellantis ’s Toledo, Ohio, assembly plant was one of the first to face walkouts when the United Auto Workers strike against that company, Ford Motor and General Motors started on Sept. 15.

Persons: Rebecca Cook, Stellantis ’, General Motors Organizations: United Auto Workers, General Motors, Detroit, Ford Motor, General Locations: Toledo , Ohio

☆ Car Companies Agree to Pay Striking Workers in Unusual UAW Win
▼ + stars: | 2023-11-02 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a tentative deal with General Motors on Monday, more than six weeks after workers went on strike. The company is the last of the three Detroit automakers to reach a new tentative labor deal. Photo: Rebecca Cook/ReutersFord Motor , General Motors and Chrysler-parent Stellantis agreed to pay striking workers for their time on the picket lines, as part of new labor deals reached late last month with the United Auto Workers to end the union’s walkout. The move is an unusual one in the union’s history of negotiating with the car companies, according to people familiar with the talks.

Persons: Rebecca Cook Organizations: United Auto Workers, General Motors, Detroit, Reuters Ford Motor, Chrysler

☆ UAW-Stellantis deal includes $18.9 billion in investments, new truck for idled plant
▼ + stars: | 2023-11-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The investments are expected to be completed during the term of the 4½-year tentative agreement, which must still be ratified by the roughly 43,000 UAW members covered by the proposed contract at Stellantis. The tentative labor agreement was reached Saturday after roughly six weeks of targeted strikes by the union against Stellantis, General Motors and Ford Motor. The work stoppages began Sept. 15 after the sides failed to reach deals covering 146,000 UAW members with the automakers by a strike deadline. "For the first time in a long time, we've done the unthinkable: Reopened a plant," Fain said during an online broadcast Thursday, referring to the Belvidere plant, which was idled in February 2022. Heading into the talks, UAW Vice President Rich Boyer, who led the Stellantis talks, made product commitments a priority and stressed that the Belvidere plant was a make-or-break issue.

Persons: Randy Harvard, Stellantis, Shawn Fain, we've, Fain, Rich Boyer Organizations: United Auto Workers, DETROIT –, Chrysler, UAW, Stellantis, General Motors, Ford Motor Locations: Sterling Heights, Mich, DETROIT, U.S, Belvidere , Illinois, Stellantis, Belvidere

☆ US job openings stay elevated, layoffs hit nine-month low
▼ + stars: | 2023-11-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The Job Openings and Labor Turnover Survey, or JOLTS report from the Labor Department on Wednesday also showed layoffs dropping to a nine-month low. There were 1.50 job openings for every unemployed person in September, slightly up from 1.49 in August and way above the pre-pandemic ratio of 1.2. Data for August was revised lower to show 9.497 million job openings instead of the previously reported 9.610 million. Economists polled by Reuters had forecast 9.250 million job openings in September. Job openings dropped 43,000 in federal government and there were 41,000 open positions in the information industry.

Persons: Christopher Rupkey, Conrad DeQuadros, Lucia Mutikani, Chizu Organizations: Federal Reserve, Labor, Survey, Labor Department, Treasury, Reuters, Brean, Institute for Supply Management, United Auto Workers, UAW, Detroit's Big, Ford Motor, General Motors, Chrysler, Thomson Locations: WASHINGTON, U.S, New York

☆ Why dealers say EV sales have slowed
▼ + stars: | 2023-11-01 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

And yet, electric vehicles are piling up at dealership lots. EV and internal combustion engine (ICE) inventory started the year off at about 52 days' supply, according to Cox Automotive. In the case of a 52 days' supply, if automakers were to stop producing cars today, dealers would be able to keep selling cars for about that number of days before running out. Since January, EV days' supply has skyrocketed while ICE supplies have hovered between 52 and 58 days. EV supply at the start of October was 97 days, down from the peak inventory of around 111 days during early July.

Persons: Tesla, you'll, Jeff Aiosa Organizations: Cox Automotive, EV, ICE, Ford, Insiders, Mercedes, Benz Locations: U.S, EVs, New London , Connecticut

☆ Toyota hikes wage of US factory workers after UAW labor deals
▼ + stars: | 2023-11-01 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Other nonunion logistics and service parts employees are getting wage hikes. The media and organizing project Labor Notes earlier reported the wage hikes and other details, citing a company document. The pay of production Toyota workers in Kentucky at top scale will rise by $2.94 to $34.80 an hour. Under the new tentative agreements with General Motors (GM.N), Ford Motor (F.N) and Stellantis (STLAM.MI), UAW workers will receive a wage hike of 11% upon ratification and 25% in wage hikes through April 2028. The UAW declined to comment on the Toyota wage hikes.

Persons: Johanna Geron, ” Chris Reynolds, Shawn Fain, Fain, David Shepardson, Chizu Nomiyama, Matthew Lewis Organizations: Toyota, REUTERS, United Auto Workers, Detroit Three, Labor, North, General Motors, Ford Motor, UAW, Ford, Volkswagen, Nissan, Detroit, Thomson Locations: Zaventem, Belgium, U.S, Kentucky, Washington

☆ Toyota pledges $8 billion more for US battery plant to rev up EV push
▼ + stars: | 2023-10-31 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsOct 31 (Reuters) - Toyota Motor (7203.T) said on Tuesday it would boost investment by $8 billion and add about 3,000 jobs at its electric-vehicle battery manufacturing plant in North Carolina, accelerating the Japanese automaker's push to electrify its lineup. Toyota's North Carolina facility is set to begin operations in 2025 and will be the company's first automotive battery plant globally. It will have six battery production lines, four supporting hybrid vehicles such as the Prius, and two additional lines to support battery EVs. NORTH CAROLINA HUBNorth Carolina is emerging as a leading hub for electric vehicle and battery manufacturing, with new investments planned by companies ranging from Redwood Materials to Vietnam's Vinfast .

Persons: David, Dee, Delgado, Tesla, North Carolina Governor Roy Cooper, Nathan Gomes, Savio D'Souza, Devika Organizations: New York, REUTERS, Toyota, Ford, General Motors, United Auto Workers union, Tesla, Samsung SDI Co, Panasonic, Chrysler, Stellantis, Materials, North, North Carolina Governor, Thomson Locations: Manhattan , New York City, U.S, North Carolina, Detroit, NORTH CAROLINA, United States, Bengaluru

☆ UAW strikes cost Stellantis about $3.2 billion in revenue
▼ + stars: | 2023-10-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Labor strikes by the United Auto Workers union cost Stellantis about $3.2 billion, or 3 billion euros, in lost revenue through October, the company reported Tuesday. UAW workers began roughly six weeks of targeted U.S. strikes against Stellantis, General Motors and Ford Motor on Sept. 15. Ford said the UAW strike cost it $1.3 billion in earnings before interest and taxes, including roughly $100 million during the third quarter. Despite the labor strikes, Stellantis maintained its 2023 guidance, signaling the strength of its global footprint compared to its main U.S.-based competitors. Stellantis' guidance includes double-digit adjusted operating income margin, positive industrial-free cash flows and completion of $1.6 billion, or 1.5 billion euros, in share buybacks.

Persons: Stellantis, Natalie Knight, Ford Organizations: United Auto Workers, DETROIT — Labor, UAW, Stellantis, General Motors, Ford, North, GM, CNBC Locations: Sterling Heights , Michigan, U.S

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