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☆ Ford is set to report earnings on the heels of its tentative deal with the UAW
▼ + stars: | 2023-10-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

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

☆ Ford misses on earnings, as warranty costs move carmaker back near the penalty box
▼ + stars: | 2023-10-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Ford (F) reported weaker-than-expected earnings on Thursday as warranty costs ate into profits. Earnings before interest and taxes (EBIT) increased 22% from last year to $2.2 billion but fell short of the $2.7 billion analysts forecasted. Ford shares moved more than 3% lower in after-hours trading in reaction to the disappointing quarter. Ford said the strike has caused Ford to trim about 80,000 units from its plan, reducing 2023 EBIT by $1.3 billion. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Ford, we've, Jim Farley, John Lawler, Jim Cramer's, Jim Cramer, Jim, James Farley, Emily Elconin Organizations: Ford, United Auto Workers union, LSEG, UAW, Ford Model, Management, Ford Pro, United Auto Works, CNBC, Ford Motor Co, Rouge Electric Vehicle, Bloomberg, Getty Locations: EVs, Dearborn , Michigan, U.S

☆ Ford withdraws 2023 forecast, warns on EV results
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsOct 26 (Reuters) - Ford Motor Co (F.N) on Thursday withdrew its full-year results forecast due to the pending ratification of its deal with the United Auto Workers (UAW) union, sending shares of the company down 7% in after-hours trade. Ford's Detroit rival General Motors (GM.N) on Tuesday withdrew its 2023 profit outlook due to the strike. Ford said third-quarter revenue rose 11% to $44 billion, with profit of $1.2 billion compared with a year-earlier loss of $827 million. The automaker warned it may experience a higher-than-expected loss in its Ford Model e electric-vehicle business due to ongoing price wars.

Persons: Wolfgang Rattay, Ford, Nathan Gomes, Paul Lienert, Devika Syamnath, Matthew Lewis Organizations: REUTERS, Ford Motor, Thursday, United Auto Workers, UAW, Ford, Wednesday, Detroit Three, Anderson Economic Group, General Motors, Tuesday, Ford Model, Thomson Locations: Frankfurt, Germany, Detroit, Texas, Bengaluru

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

☆ Ford, UAW reach tentative deal to end labor strikes
▼ + stars: | 2023-10-26 | by ( Phil Lebeau | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFord, UAW reach tentative deal to end labor strikesCNBC's Phil LeBeau joins 'Squawk Box' with the latest developments on the UAW strike.

Persons: Phil LeBeau Organizations: Ford, UAW

☆ Ford, UAW Near Tentative Labor Deal to Potentially End Six-Week Strike at the Automaker
▼ + stars: | 2023-10-25 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

UAW union members have been striking over job security and pay as automakers push forward in developing EVs, which require fewer workers and cost more in raw materials. What does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalThe United Auto Workers union is close to securing a new tentative labor contract with Ford Motor , after intense bargaining overnight and into the day Wednesday, according to people with knowledge of the talks. The UAW, now in the sixth week of its strike at the three Detroit automakers, has called for work stoppages at three Ford factories and sent more than 16,000 U.S. factory workers at the Dearborn, Mich., based car company to picket lines.

Persons: George Downs Organizations: Street, United Auto Workers, Ford Motor, UAW, Detroit automakers, Ford Locations: U.S, Mich

☆ Ford Reaches Tentative Labor Deal With UAW Six Weeks Into Historic Strike
▼ + stars: | 2023-10-25 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

UAW union members have been striking over job security and pay as automakers push forward in developing EV’s, which require fewer workers and cost more in raw materials. So what does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalThe United Auto Workers secured a new tentative labor deal with Ford Motor Wednesday night, potentially ending a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis . The labor agreement, which is subject to a member vote before being ratified, contains a 25% wage increase during the span of the contract, including an 11% bump in the first year, according to Chuck Browning , the UAW’s lead bargainer with Ford. The overall increase, which will be spread out over four years, would put the top wage for assembly workers at around $40 an hour.

Persons: George Downs, Chuck Browning Organizations: Street, United Auto Workers, Ford Motor, General Motors, Chrysler, Ford

☆ UAW, Ford Expected to Announce New Tentative Labor Deal
▼ + stars: | 2023-10-25 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

UAW union members have been striking over job security and pay as automakers push forward in developing EVs, which require fewer workers and cost more in raw materials. What does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street Journal<br>The United Auto Workers union is expected to announce a new tentative labor contract with Ford Motor on Wednesday night, after intense bargaining throughout the day, according to people with knowledge of the talks. The UAW, now in the sixth week of its strike at the three Detroit automakers, has called for work stoppages at three Ford factories and sent more than 16,000 U.S. factory workers at the Dearborn, Mich., car company to picket lines.

Persons: George Downs Organizations: United Auto Workers, Ford Motor, UAW, Detroit automakers, Ford Locations: U.S, Mich

☆ Ford, UAW negotiators reach labor deal, pending union leadership approval
▼ + stars: | 2023-10-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – The United Auto Workers union and Ford Motor have agreed in principle to the terms of a tentative agreement that would end a nearly six-week strike at the automaker, sources with knowledge of the discussions confirmed Wednesday to CNBC. Any deal would still need to be ratified by a simple majority of Ford's 57,000 union-represented workers. The automaker and the union participated in intense bargaining Tuesday and Wednesday in an attempt to finalize a record deal, according to the sources. However, a tentative agreement with Ford would likely be used as a template to negotiate with Stellantis and GM. The union expanded strikes against both of those automakers at major plants this week.

Persons: Shawn Fain, Margaret Mock, Stellantis Organizations: United Auto Workers, UAW, DETROIT –, Ford Motor, CNBC, Ford, Detroit, General Motors, Stellantis, GM Locations: Sterling Heights , Michigan

[1/2] United Auto Workers (UAW) union members picket outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. Total economic losses from the auto workers' strike have reached $9.3 billon, the Anderson Economic Group said earlier this week. Getting the deal ratified will be up to Fain and UAW leaders, and that is not assured. UAW workers at the company now called Stellantis rejected a proposal endorsed by UAW leaders in 2015. UAW leaders feared that the automakers would cut jobs at combustion engine factories and shift work to non-union joint venture battery plants or overseas suppliers.

Persons: Luke Sharrett, Shawn Fain, Ford, Sam Fiorani, Stellantis, Joe Biden, Fain, Donald Trump, Mrinmay Dey, Peter Henderson, Abhirup Roy, Shailesh Kuber, Sayantani Ghosh, Cynthia Osterman Organizations: United Auto Workers, UAW, REUTERS, Ford, General Motors, Chrysler, Stellantis, GM, AutoForecast Solutions, CNBC, Anderson Economic Group, Detroit, U.S, Republican, Mack, EV, Detroit Three, Toyota, Tesla, Hyundai, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Arlington , Texas, Kentucky, Sterling Heights , Michigan, Detroit, Michigan, United States, Bengaluru

☆ General Motors' stock has been punished 'somewhat unfairly' by the UAW strike, says analyst
▼ + stars: | 2023-10-25 | 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 EmailGeneral Motors' stock has been punished 'somewhat unfairly' by the UAW strike, says analystTom Narayan of RBC Capital Markets says the issue of the UAW strike is "overblown" and shares why he is optimistic on the prospects for the stock.

Persons: Tom Narayan Organizations: General Motors, UAW, RBC Capital Markets

☆ We're hopeful the UAW strike isn't costing Ford as much lost production as GM
▼ + stars: | 2023-10-25 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Investors just got a look at how much the United Auto Workers strike is costing General Motors (GM) in lost production. The UAW began striking Detroit's three automakers last month after Ford, GM and Chrysler-parent Stellantis (STLA) failed to reach a new labor contract with the union. F GM,STLA 1M mountain Ford, GM and Stellantis 1-month Another industry issue Cramer highlighted is that "EV momentum has definitely stalled." Earlier this month, Ford reported third-quarter auto sales were 7.7% higher, driven by "best-ever sales of hybrids." And, updates on the strike and its impact on Ford production will be crucial for investors like us.

Persons: Ford, there's, we'll, Jim Cramer, Cramer, Mary Barra, Jim Farley, Farley, reevaluate, Jim Cramer's, Jim, Rebecca Cook Organizations: United Auto Workers, General Motors, Ford, UAW, GM, Chrysler, Associated Press, LSEG, UBS, Stellantis, General, Michigan EV, EV, CNBC, Ford Motor Co Locations: Texas, Ford's, North America, Dearborn , Michigan

☆ United Auto Workers union and Ford reach tentative labor agreement
▼ + stars: | 2023-10-25 | by ( Vanessa Yurkevich | Chris Isidore | ) edition.cnn.com time to read: +1 min

CNN —Ford and the United Auto Workers union reached a tentative labor deal, according to a person familiar with the matter. It is an important first step in ending the union’s unprecedented strike against three major US automakers. Neither Ford nor the UAW had an official announcement, but word of the deal is expected shortly. But it will step up pressure on those two automakers to reach their own deal with the union. There are currently 16,600 UAW members on strike at three Ford assembly plants, including its largest, the Kentucky Truck Plant in Louisville.

Persons: CNN — Ford Organizations: CNN, United Auto Workers, Ford, UAW, General Motors, Kentucky, Plant Locations: Louisville

But if the UAW can reach a tentative agreement with Ford, it would be used as a model to seek similar contract settlements with GM and Stellantis. Typically, during past auto strikes, a UAW deal with one automaker has led the other companies to match it with their own settlements. About 32% of the union’s 146,000 members at the automakers are now on strike and getting by on $500 per week in strike pay. The UAW also wants traditional defined-benefit pension plans restored for workers who were hired after 2007, an end to varying tiers of wages for UAW workers, pension increases for retirees and other benefits. One key issue is whether to extend the national UAW contract to 11 U.S. electric vehicle battery factories.

Persons: Ford, Shawn Fain, ’, Todd Dunn, “ I've, ” Dunn, “, Dunn, he's, ” Masters, Mary Barra, Wayne State's Masters, It's Organizations: DETROIT, United Auto Workers, Ford, Detroit, General Motors, UAW, GM, Kentucky, Plant, Ford's, Bloomberg News, Automotive, Marick, Wayne State University, Workers, Toyota, Moody's Investor Service Locations: Arlington , Texas, Sterling Heights , Michigan, Louisville, Detroit, Korean, Texas

☆ Auto strike is now the longest in 25 years
▼ + stars: | 2023-10-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —As of Wednesday, the unprecedented strike by the United Auto Workers union against General Motors, Ford and Stellantis is now also the longest American auto strike in 25 years. The last time the union struck one of the automakers, with its 2019 strike at GM, the strike lasted 40 days. Wednesday is the 41st day of the strike that started on September 15. This strike is also the first time the union has walked out at all three automakers at the same time. All the companies are on record saying they want to reach a deal to end the strike, as has the union.

Persons: GlobalData Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, GM, Kentucky, Plant, UAW Locations: New York, Sterling Heights , Michigan, Arlington , Texas, Louisville, Stellantis

☆ Watch CNBC's full interview with GM CFO Paul Jacobson on pulling guidance amid UAW strike
▼ + stars: | 2023-10-24 | 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 EmailWatch CNBC's full interview with GM CFO Paul Jacobson on pulling guidance amid UAW strikePaul Jacobson, General Motors CFO, joins 'Squawk Box' to discuss where things stand with the United Auto Workers' strike, how investors should consider the latest from the UAW strikes, and if GM is committed to having UAW employees run their electric vehicle plants.

Persons: Paul Jacobson Organizations: UAW, General Motors, United Auto Workers

☆ General Motors CFO Paul Jacobson on withdrawing guidance as UAW strike costs surge
▼ + stars: | 2023-10-24 | 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 EmailGeneral Motors CFO Paul Jacobson on withdrawing guidance as UAW strike costs surgePaul Jacobson, General Motors CFO, joins 'Squawk Box' to discuss where things stand with the United Auto Workers' strike, how investors should consider the latest from the UAW strikes, and if GM is committed to having UAW employees run their electric vehicle plants.

Persons: Paul Jacobson Organizations: General, UAW, General Motors, United Auto Workers

☆ UAW appears to be nearing end of negotiations with automakers, says former Ford CEO Mark Fields
▼ + stars: | 2023-10-24 | 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 EmailUAW appears to be nearing end of negotiations with automakers, says former Ford CEO Mark FieldsMark Fields, former Ford CEO, joins 'Squawk on the Street' to discuss the UAW Strike and its impact on the automaker industry.

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

☆ UAW expands strike to GM's largest plant, shutting down 42% of automaker's production
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAW expands strike to GM's largest plant, shutting down 42% of automaker's productionCNBC's Phil LeBeau joins 'Squawk on the Street' to report on the latest from the UAW Strike.

Persons: Phil LeBeau Organizations: UAW

CNN —The United Auto Workers union took its most serious shot yet at General Motors in its five-week old strike as 5,000 members walked off the job at a plant in Texas. Arlington Assembly builds GM’s very profitable full-size SUVs, the Chevrolet Tahoe and Suburban, GMC Yukon and Cadillac Escalade. The targeted strike at GM’s largest plant comes just hours after the company reported third quarter earnings, which grew last quarter despite the strike. It’s time GM workers, and the whole working class, get their fair share,” said UAW President Shawn Fain. “GM’s latest offer fails to reward UAW members for the profits they’ve generated,” said the union’s statement.

Persons: we’ve, ”, Shawn Fain, General Motors, Fain, it’s, “ Organizations: CNN, United Auto Workers, General Motors, Arlington Assembly, Chevrolet, GMC Yukon, Cadillac, General, Arlington, GM, UAW, Ford, Chrysler Locations: Texas, Suburban, GM’s, Ford, Arlington

☆ GM earnings give its restive workers an inch
▼ + stars: | 2023-10-24 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

On Tuesday, GM reported strong earnings that will embolden staff who have walked out at all three of the big Detroit firms. GM beat analysts’ expectations for third-quarter profit despite a $200 million hit from the strikes that started in September. That said, the firm run by Mary Barra also ditched its official forecast as it wrestles with the $200 million weekly costs from labor disruptions. Fortunately for GM, talks with its union seem to have narrowed in from earlier demands that would have vaporized the industry’s operating profit. Ongoing strikes by the United Auto Workers union, which represents GM employees, cost the company $200 million in the third quarter.

Persons: walkouts, Mary Barra, Shawn Fain, Tesla, Elon, Fain, John Foley, Sharon Lam Organizations: General Motors Company, Reuters, United Auto Workers, General Motors, Ford Motor, GM, Cox Automotive, UAW, Elon Musk’s, United Auto Workers union, Detroit, Thomson Locations: Queens , New York, U.S, Detroit, Wells, GM’s Arlington

The UAW said another 5,000 workers are going on strike, bringing the total number of UAW members on strike at the Big Three automakers to over 45,000, on day 40 of the strike. The workers took the strike to Arlington Assembly, home to some of GM's most profitable vehicles, the Chevy Tahoe, Chevy Suburban, GMC Yukon and Cadillac Escalade. The union's strategy of targeted strikes has throttled billions in revenue for the Detroit Three while requiring fewer than half the 150,000 UAW members at the companies to forgo pay and walk picket lines. "It's time GM workers, and the whole working class, get their fair share." But he told UAW members "there is more to be won".

Persons: Rebecca Cook, Stellantis, we've, Shawn Fain, Fain, Harley Shaiken, Mary Barra, David Shepardson, Joe White, Ben Klayman, Sayantani Ghosh, Chizu Nomiyama, Peter Henderson Organizations: General Motors, REUTERS, United Auto Workers, UAW, Big, Arlington Assembly, Chevy Tahoe, Chevy, GMC Yukon, Cadillac, Kentucky, Chrysler, Detroit, EV, Ford, Korean, University of California, GM, Anderson Economic, Thomson Locations: Detroit , Michigan, U.S, Texas, Cadillac Escalade, F.N, Sterling Heights, Mich, University of California Berkeley, Arlington, Detroit

☆ GM earnings rise despite strike
▼ + stars: | 2023-10-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The company’s earnings per share rose to $2.28, up from $2.25, in the past quarter. The company said that the strike cost it $200 million in its first two weeks of the quarter. The UAW has been on strike against GM as well as rivals Ford and Stellantis since September 15. The targeted strike started with work stoppages at one assembly plant for each of the automakers and 12,700 on strike but has grown since then. There are now more than 40,000 autoworkers on strike, with 9,200 members on strike at GM alone.

Persons: Refinitiv, Shawn Fain, “, ”, Paul Jacobson, we’re, Mary Barra, “ It’s, ” Barra Organizations: New, New York CNN —, Motors, United Auto Workers, Revenue, UAW, GM, Ford, CNBC, EV, GM Financial, Chevrolet, GMC Yukon Locations: New York, Stellantis, China, Wentzville , Missouri, Lansing , Michigan, Arlington , Texas, Suburban, Ford, Arlington

☆ UAW expands strike to crucial GM SUV plant in Texas hours after automaker reports earnings
▼ + stars: | 2023-10-24 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – The United Auto Workers union on Tuesday expanded its strike against General Motors to a highly profitable full-size SUV plant in Texas — a swift response to healthy profits and record third-quarter revenue for the automaker. The walkout came just hours after the automaker reported third-quarter earnings results that beat Wall Street's expectations. As we've said for months: record profits equal record contracts," said UAW President Shawn Fain in a statement. Fain's claims of record results for the automaker reference record third-quarter revenue, according to the union. The automaker disclosed in its quarterly update that the UAW strike has already cost it $800 million in lost production — prior to the Arlington disruption — including $200 million during the third quarter.

Persons: Escalade, we've, Shawn Fain, Fain's Organizations: DETROIT, United Auto Workers, General Motors, Arlington Assembly, GMC, Yukon XL, Chevrolet Tahoe, GM, UAW Locations: Texas, Arlington, GMC Yukon

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The UAW walkouts cost the company $200 million during the third quarter and $600 million so far in the fourth quarter, GM Chief Financial Officer Paul Jacobson said in a briefing with reporters. Strike costs are now running at $200 million a week, Jacobson said. Average selling prices for GM vehicles were $50,750 in the latest quarter, slightly down from the previous quarter. GM also said losses at its Cruise robotaxi unit widened to $732 million in the quarter.

Persons: Rebecca Cook, GM's, Colin Langan, Paul Jacobson, Jacobson, Shawn Fain, Tesla, Mary Barra, We're, Barra, Biden, Ford, Elon, Joe White, Ben Klayman, Jamie Freed, Kirsten Donovan, Chizu Organizations: General Motors, REUTERS, Rights, Tuesday, United Auto Workers, GM, UAW, Chevrolet, Detroit, EV, GMC, U.S, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Flint , Michigan, North America, Orion Township , Michigan

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