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☆ Ford, partners pick Canada for $900 mln battery materials plant
▼ + stars: | 2023-08-17 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

The Ford logo is seen on the grill of an E-transit concept vehicle at the Ford Halewood transmissions plant in Liverpool, Britain, December 1, 2022. The consortium includes South Korean partners EcoProBM (247540.KQ) and SK On Co Ltd, according a statement from the ministry. The factory will eventually produce 45,000 tonnes of cathode active materials (CAM) per year for Ford EVs. Ford in a separate statement described the materials as high-quality Nickel Cobalt Manganese (NCM) for rechargeable batteries that are targeting greater performance and improved EV range. Germany's BASF SE (BASFn.DE) is also building a battery materials factory there.

Persons: Phil Noble, EcoProBM, Ford, Lisa Drake, EVs, Francois, Philippe Champagne, Steve Scherer, Jane Merriman, Mark Porter Organizations: Ford, REUTERS, Rights OTTAWA, Ford Motor, South, SK, Co, Ford EVs, Reuters, General Motors Co, BASF, Volkswagen, Fiat, Chrysler, Detroit, Thomson Locations: Liverpool, Britain, Becancour, Quebec, North America, Ontario, St, Lawrence, Canada

☆ Ford reveals 800 horsepower Mustang with $300,000 price tag
▼ + stars: | 2023-08-17 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Ford has just unveiled the 800-horsepower Ford Mustang GTD which will be available in late 2024 or early 2025 at a starting price around $300,000. “Ford vs. Ferrari” recounted the 1960s Le Mans races won by the Ford GT40 race car which was developed specifically to spite the Italian automaker after Ford couldn’t buy the company. In the 2000s, Ford has produced two modern versions of the Ford GT that have both become highly collectible. The Ford Mustang GTD's body is made almost entirely from carbon fiber. Multimatic is a specialist automotive company that also works on the Mustang GT3 race car.

Persons: CNN — Ford, It’s, “, ”, Jim Baumbick, Ford, Ferrari ”, “ Ford, Le, Ford couldn’t, Baumbick, “ We’ve Organizations: CNN, Ford, Lamborghini, Le Mans, Ford GT, Le, Ford Motor Co Locations: Italian, , Michigan, Markham , Ontario, Canada

☆ Looming auto workers strike could cost $5 billion in just 10 days, new analysis says
▼ + stars: | 2023-08-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

United Auto Workers members on strike picket outside General Motors' Detroit-Hamtramck Assembly plant in Detroit with Sen. Bernie Sanders, of Vermont, far left, Sept. 25, 2019. "However, with current inventories hovering around only 55 days, the industry looks different than it did during the last UAW strike." The automaker said the strike cost it about $3.6 billion that year in earnings. He said the union has no plans to extend the current contracts to allow for bargaining to continue without a strike, which was previously common practice. AEG's estimates do not include UAW strike pay or assessments for strike pay, unemployment benefits or unemployment taxes, income taxes on wages and other potential effects such as settlement bonuses.

Persons: Sen, Bernie Sanders, Tyler Theile, hasn't, Patrick Anderson, Shawn Fain, Tom Narayan, GM's Organizations: United Auto Workers, General Motors, Hamtramck Assembly, DETROIT, Detroit's Big, UAW, Ford Motor, Anderson Economic Group, AEG, Consumer, Detroit automakers, GM, Automotive Press Association, Ford, RBC Capital Locations: Detroit, Hamtramck, Vermont, Michigan

☆ Here's a rapid-fire update on all 36 stocks in the Club's portfolio, including 2 recent buys
▼ + stars: | 2023-08-17 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +14 min

Here's a rapid-fire update on all 36 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Apple remains an "own it, don't trade it" stock, Jim said. Halliburton (HAL): Given we just added a new stock to the portfolio, Jim said Halliburton may be the stock we look to cut ties with. The lesson with P & G is that, sometimes, there's nothing to do but hold a stock, Jim said. Stanley Black & Decker (SWK): The maker of DeWalt and Craftsman tools is one of the best bargains in our portfolio, Jim said.

Persons: Jim Cramer's, Jim, it's, We're, —, he's, he'll, we're, Dupont, Walt Disney, Estee Lauder, Locker, Mary Dillon's, Halliburton, Humana, Humana's, Linde, Eli Lilly, there's, Mark Zuckerberg's, Jim said, Morgan Stanley, James Gorman, Nikesh Arora, Elliott Management's, Elliott, Stanley Black, Decker, It's, Wells Fargo, Wells, Charlie Scharf —, Jim Cramer, Jim Cramer Rob Kim Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Devices, AMD, Nvidia, Amazon, Federal, Bausch Health, Caterpillar, Costco, Coterra Energy, DuPont de Nemours, Comcast, Emerson, Emerson Electric, Ford, United Auto Workers, GE HealthCare Technologies, Big Tech, NFL, Halliburton, HAL, Texas, Honeywell International, Honeywell, Linde, LIN, Facebook, Reality Labs, Microsoft, Oracle, Palo Alto Networks, Procter & Gamble, Natural Resources, Starbucks, Constellation Brands, TJX, Goods, Wynn Resorts, WYNN, Jim Cramer's Charitable Locations: Bausch, China, Hulu, NBCUniversal, Palo, Macao

☆ General Motors is investing in a startup working on better and cheaper EV batteries
▼ + stars: | 2023-08-16 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Future low-cost GM EVs could benefit from the batteries being developed by Mitra Chem. General Motors said on Wednesday it's leading a $60 million financing round in Mitra Chem, a California-based startup working to develop lower-cost batteries for electric vehicles. Mitra Chem, founded by veterans of Tesla and Toyota , is working to develop new types of batteries based on lithium iron phosphate chemistry. Tesla, Rivian and Ford Motor are among the automakers using LFP cells in their more affordable models. Golan said that if Mitra Chem is successful, its batteries could appear in GM's vehicles later in this decade.

Persons: Bolt, Tesla, Mitra Chem, General Motors, Chem, Mitra, Vivas Kumar, Gil Golan, Golan, Mitra Chem weren't Organizations: Ford, EVs, General, Toyota, Ford Motor, Mitra Locations: Orion Township , Michigan, Mitra, California

☆ Stocks making the biggest moves midday: Target, Cava, TJX Companies, Intel and more
▼ + stars: | 2023-08-16 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

Target — Target shares added 2.9% even after the retailer cut its full-year earnings forecast and second-quarter sales fell short of expectations. Wall Street analysts surveyed by Refinitiv had expected earnings of $1.39 per share on $25.16 billion in revenue. TJX reported adjusted earnings of 85 cents per share on $12.76 billion in revenue, while analysts surveyed by Refinitiv expected 77 cents earned and $12.45 billion in revenue. The manufacturer of lasers and optics forecast earnings of 5 cents to 20 cents per share and revenue of $1 billion to $1.1 billion. Analysts polled by FactSet called for 47 cents per share in earnings and revenue of $1.16 billion.

Persons: Refinitiv, Coinbase, TJX, FactSet, JD.com, Dr Pepper, Agilent, Jack Henry, Mercury, Cava — Cava, Jack, Wells, Morgan Stanley, Imperial, Shawn Fain, —, Sarah Min, Samantha Subin, Michelle Fox, Jesse Pound Organizations: —, Wall Street, National Futures Association, Commodity Futures Trading Commission, TJX, Nasdaq, UBS, Block, Wall, Associates, Mercury Systems, GE, GE HealthCare, News, Getty, Imperial Capital, Intel, Tower Semiconductor, Semiconductor, General Motors —, United Auto Workers, Big, General Motors, Ford Motor Locations: JD.com —, Cava

☆ Texas approves plan to mandate Tesla tech for EV chargers despite opposition
▼ + stars: | 2023-08-16 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

Tesla's efforts are facing early tests as some states start rolling out the funds. But individual states can add their own requirements on top of CCS before distributing the federal funds at a local level. In June, Reuters reported that Texas - which will receive and deploy $407.8 million over five years - planned to mandate companies to include Tesla's plugs. That forced Texas to defer a vote on the plan twice as it sought to understand NACS and its implications, before the commission voted unanimously to approve the plan on Wednesday. Reporting by Abhirup Roy in San Francisco; Additional reporting by Jarrett Renshaw; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Elon Musk's, Biden, Humberto Gonzalez, Abhirup Roy, Jarrett Renshaw, Kirsten Donovan Organizations: FRANCISCO, Federal, CCS, Ford, General Motors, Reuters, SAE, Texas Transportation Commission, Thomson Locations: Texas, Pennsylvania's, Ohio, U.S, Washington, Kentucky, Florida, San Francisco

☆ Fisker to add Tesla's EV charging connector by 2025
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

The logo of Fisker Automotive is pictured on a car at the 2022 Paris Auto Show in Paris, France, October 18, 2022. REUTERS/Stephane MaheAug 15 (Reuters) - Electric vehicle startup Fisker (FSR.N) said on Tuesday it signed a deal with Tesla (TSLA.O) to adopt its North American Charging Standard (NACS), giving Fisker customers access to the automaker's Supercharger network by 2025. A plethora of automakers, including Ford Motor (F.N) and General Motors (GM.N), are moving away from the standard Combined Charging System (CCS) connector to Tesla's previously proprietary charging design, which is set to dominate the industry. Fisker said its vehicles made 2025 onwards will have the NACS port for charging, while other customers can use an adapter to access Tesla's 12,000-strong network of public fast chargers in the U.S. and Canada. Tesla's recent deals represent major strides in displacing a rival standard, CCS, that earlier exclusively had the backing of President Joe Biden's administration.

Persons: Stephane Mahe, Fisker, Joe Biden's, Akash Sriram, Shweta Agarwal Organizations: Fisker, REUTERS, Tesla, Ford, General Motors, CCS, Thomson Locations: Paris, France, U.S, Canada, United States, Bengaluru

☆ UAW plans raise specter of strikes at Detroit Three automakers
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Aug 15 (Reuters) - United Auto Workers members are planning to vote next week to authorize possible strikes at the Detroit Three automakers ahead of a Sept. 14 deadline, the union said on Tuesday. "Whether or not there's a strike next month is entirely up to the Big Three automakers," Fain said in a statement. The UAW said the talks with all three companies have yet to progress beyond non-economic issues. U.S. President Joe Biden on Monday called on the automakers and the UAW to reach "a fair agreement" before the contracts expire. The UAW said Tuesday that it recently raised strike pay to $500 per week per member and has over $825 million in its strike fund.

Persons: Shawn Fain, Fain, Joe Biden, Nathan Gomes, Ben Klayman, Anil D'Silva, Lisa Shumaker Organizations: United Auto Workers, Detroit Three, General Motors, Ford Motor, Facebook, Big Three, UAW, Deutsche Bank, Thomson Locations: Bengaluru, Ben

☆ Biden urges 'fair agreement' between UAW and Detroit automakers that avoids plant closures
▼ + stars: | 2023-08-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT – President Joe Biden is calling for a "fair agreement" between the United Auto Workers and Detroit automakers that avoids "painful" plant closures, as the sides engage in contentious contract negotiations for roughly 150,000 unionized U.S. auto workers. Biden – touted as the "most pro-union president" – said Monday that the negotiations provide a "win-win opportunity" for all sides, while calling for a "fair transition to a clean energy future." He also hailed the union's role in creating the American middle class, which he said these new contracts should sustain. I'm asking all sides to work together to forge a fair agreement," Biden said in a statement released by the White House. The UAW considered Biden's statement a win, as union leaders such as Fain have been calling for a "just transition" to all-electric vehicles, which threaten UAW jobs.

Persons: Joe Biden, Biden –, –, —, Biden, Shawn Fain, Stellantis, Fain, Biden's Organizations: UAW, DETROIT, United Auto Workers, Detroit, White, General Motors, Ford Motor, GM, Ford Locations: Warren , Michigan, Illinois

REUTERS/Phil NobleAug 14 (Reuters) - Ford Motor (F.N) on Monday named former Apple (AAPL.O) executive Peter Stern as the president of its newly formed Ford Integrated Services unit to help build new high-margin digital and subscription services. Stern, who previously oversaw Apple TV+, iCloud and Apple News+, will report to Ford CEO Jim Farley. In his new role, Stern will focus on integrating hardware, software and services across the company's Ford Blue, Model e and Ford Pro units. Ford now has more than 550,000 paid software and services subscribers, more than 80% of them through the Ford Pro commercial unit. "The basis for differentiation is shifting from the vehicles alone to the integration of hardware, software and services," Stern said.

Persons: Phil Noble, Peter Stern, Stern, Jim Farley, Ford, Doug Field, Michael Abbott, Farley, Ford's, We're, Nathan Gomes, Paul Lienert, Krishna Chandra Eluri, Sharon Singleton, Jonathan Oatis Organizations: Ford, REUTERS, Monday, Apple, Ford Integrated Services, Ford Pro, General, Thomson Locations: Liverpool, Britain, United States, Bengaluru, Detroit

☆ Ford hires Apple veteran to lead consumer software efforts
▼ + stars: | 2023-08-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor said Monday that it has hired Apple veteran Peter Stern to lead a newly created division focused on developing and marketing software-enabled customer experiences for the automaker. Stern, who most recently served as vice president of services at Apple, will be president of "Ford Integrated Services." "This is transformational, because the cornerstone of our Ford+ plan is creating incredible customer services and experiences enabled by great hardware and software," Ford CEO Jim Farley said in a release. "There's simply no one in the world better able than Peter Stern to build this strategically vital part of our business." Stern said he will be focused on "customer experiences that feel like magic."

Persons: Peter Stern, Stern, Ford, Jim Farley, There's, Farley Organizations: DETROIT, Ford, Apple, Ford Integrated Services Locations: Washington , DC

Just as important will be persuading people like Mr. Marohn that electric cars, renewable energy and electric heaters and stoves are practical, economical and exciting. Many, conservatives in particular, chafe at the prospect of the government forcing them to buy electric cars or ditch their natural gas appliances, polls show. By The New York TimesA clean energy future will require painstaking and individually tailored persuasion campaigns. “Even if some of them deny the science of climate change, they can’t deny good-paying jobs,” he said. “I just want to change the perception that electric cars are not as good as big, noisy muscle cars,” Mr. Lawson said.

Persons: Mikey Marohn, “, ”, Marohn, Alicia Cox, Cox, , chafe, Jesus, Ms, ” “, Jae Landreth, “ That’s, “ Nobody’s, Mr, Landreth, Phil Collins, Rob Leach, Leach, ‘, “ I’ve, Jack Conness, Biden, Jennifer Granholm, Granholm, Vladimir V, Putin, Sue Burns, Burns, Marjorie Taylor Greene, William Turner, didn’t “, Jason Walsh, Walsh, Tia Williams, Ms . Granholm, ” Ms, Williams, Joe Wilson, ” “ Didn’t, Roy Cooper of, Cooper, Patrick Lawson, Ford, Lawson, Lawson’s, Susan Lawson, Cheryl, Tesla, They’re, Kent Wheeler, “ It’s, ’, Josh Hermes, Paul Rosenzweig, Rosenzweig, Mary T, Barra, ” Kenneth Boswell, Quinton Lucas, Lucas, ” Mr Organizations: Clean, Biden, General Motors, nonbelievers, Republican, Pew, The New York Times, Pew Research Center, Toyota, Clean Energy Manufacturing, Energy Innovation, Trump, Trump Biden, Savings, Yale, Pontiac, BlueGreen Alliance, Democratic, Georgia Institute of Technology, Mr, Republicans, Flex, Gov, Northern Arapaho Tribe, Tesla, Rocky Mountain Rebels, Elks, Wild West EV, Polaris, Northern Arapaho, Chevy Silverado, Mercedes, Benz, Alabama Department of Economic and Community Affairs, Kansas City, Fire Department Locations: Teton, Wyoming, Yellowstone, Baldwin City, Kan, Kansas City, G.O.P, Counties, Russia, Memphis, South Carolina, Georgia, Tennessee, Murfreesboro, Tenn, Dalton, Ga, Roy Cooper of North Carolina, Riverton, Jackson, Minnesota, Louisiana, Alabama, Missouri, Quinton Lucas , Kansas, Kansas

☆ Ford reaches deal to move industrial unit to Brazil's Bahia state
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. Chinese electric vehicle manufacturer BYD has shown interest in the complex, located in the Camacari industrial park. The automaker has since at least mid-2022 been trying to reach a deal with Ford and the Bahia government to acquire the asset. BYD said in a statement that it "continues with the planning to invest in the Camacari industrial park, maintaining the necessary negotiations with the Bahia government." It was not immediately clear whether the industrial unit mentioned by the company involves the Ford area.

Persons: Wolfgang Rattay, BYD, Alberto Alerigi Jr, Sandra Maler Organizations: REUTERS, Ford, SAO PAULO, Thomson Locations: Frankfurt, Germany, Bahia

☆ Changan Ford Motor to set up electric car JV with Chongqing Changan Auto
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Workers assemble vehicles at a plant of Changan Ford, a joint venture between Changan Automobile and Ford Motor Company, in Harbin, Heilongjiang province, China February 22, 2017. REUTERS/Stringer/File PhotoBEIJING, Aug 11 (Reuters) - Changan Ford Motor plans to set up a new-energy passenger car joint venture with state-owned Chongqing Changan Automobile (000625.SZ), according to a document published by China's market regulator on Friday. Changan Ford Motor will own a 60% stake and Chongqing Changan Automobile will have the remaining 40% stake. In the future, the joint venture plans to engage in the "supply business of mainstream brand new energy passenger vehicles and the distribution business of Ford brand models that Changan Ford has invested in," the statement said. Officials at Ford and Changan could not immediately be reached for further comment.

Persons: Changan Ford, Stringer, Ford, Tesla, Farah Master, Twinnie Siu, Zhang Yan, Ben Klayman, Louise Heavens, Susan Fenton Organizations: Changan Automobile, Ford Motor Company, REUTERS, Ford Motor, Chongqing Changan Automobile, Ford, China Association of Automobile Manufacturers, Thomson Locations: Harbin, Heilongjiang province, China, BEIJING, Chongqing, Changan, Hong Kong, Shanghai, Beijing, Detroit

☆ Chrysler owner calls for focus on reality in UAW labor talks
▼ + stars: | 2023-08-11 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

People attend a Stellantis presentation at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' DelgadoAug 11 (Reuters) - Chrysler parent Stellantis (STLAM.MI) sharply criticized the demands of the United Auto Workers (UAW) union on Friday, saying they need "a focus on reality from everyone involved." A UAW spokesman declined immediate comment on Stewart's letter, but earlier this week UAW President Shawn Fain called the Stellantis proposals "trash" and tossed a copy of them in a waste basket in live streamed remarks. "Stellantis proposals are a slap in the face," Fain said disclosing the company was proposing cuts to healthcare coverage, fewer vacation days for new hires and lifting a cap on temporary employees. The UAW also said the company opposes an end to two-tier wages, a practice of newer hires getting paid much less than veteran workers.

Persons: David, Dee, Delgado, Mark Stewart, Shawn Fain, Stewart, Fain, Stellantis, David Shepardson, Mark Porter, Alexander Smith Organizations: New York, REUTERS, Chrysler, United Auto Workers, UAW, Reuters, Stellantis, General Motors, Ford, Thomson Locations: Manhattan , New York City, U.S, America

☆ Ford exec expects software to boost revenue for commercial trucks, vans
▼ + stars: | 2023-08-10 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

[1/3] A model of the Ford F-150 Lightning electric pickup is parked in front of the Ford Motor Company World Headquarters in Dearborn, Michigan, U.S. April 26, 2022. REUTERS/Rebecca Cook/File PhotoCompanies Ford Motor Co FollowAug 10 (Reuters) - Ford Motor (F.N) expects to incorporate more and better software into the trucks and vans in its highly profitable Ford Pro commercial vehicle business and grow revenues by $4,000-$5,000 per vehicle by 2026, a top executive said on Thursday. Navin Kumar, chief financial officer of Ford Pro, said the automaker would look to boost revenue with software- and data-driven fleet services, safety and security services, partial vehicle autonomy and insurance. Ford Pro will continue to offer a full portfolio of combustion engine, hybrid electric and full electric vehicles, Kumar said. Its second-generation EVs, including the successor to the F-150 Lightning pickup, will be more profitable, in terms of their ability to generation additional software and services revenue.

Persons: Rebecca Cook, Navin Kumar, Kumar, Morgan, Paul Lienert, David Gregorio Our Organizations: Ford, Ford Motor Company, REUTERS, Ford Pro, Transit Courier, Thomson Locations: Dearborn , Michigan, U.S, Europe, Detroit

☆ Aptiv expects semiconductor prices to remain high
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Aptiv PLC (APTV.N) does not expect semiconductor prices to cool off in the near future, the auto parts supplier said on Wednesday. Even though supply-chain challenges are easing, prices of certain parts remain high, denting profits. The company said the "real challenge" is in obtaining chips, whose prices have risen 25% to 30%, while supply chains remain tight. The Dublin-based company said demand for new vehicles remains strong in North America and Europe, but flagged concerns around underlying GDP growth in China. Reporting by Pratyush Thakur in Bengaluru; Editing by Shailesh Kuber and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin Clark, Pratyush Thakur, Shailesh Kuber, Pooja Desai Organizations: Aptiv, Ford, Detroit, JPMorgan, United Auto Workers, UAW, Ford Motor, General Motors, Thomson Locations: Dublin, North America, Europe, China, Bengaluru

☆ Companies are spending less on buybacks and investing more. How the trend is playing out for our stocks
▼ + stars: | 2023-08-09 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +8 min

Meanwhile, S & P 500 companies are spending more and more on capital expenditures (CapEx). Certainly, some companies execute wise buybacks, while others are not as ideal. Humana repurchased $529 million worth of common stock in the second quarter, after spending only $4 million in the year-ago period. Of course, companies also must consider their spending on buybacks versus investments back in the business in order to support growth, such as new manufacturing equipment or data centers. But less spending on buybacks is not necessarily something to worry about.

Persons: BofA, Savita Subramanian, Wells, Wells Fargo, Caterpillar Morgan Stanley, Halliburton Emerson, Eli Lilly, Emerson, we've, It's, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: of America, GE Healthcare, Caterpillar, Humana, Halliburton, HAL, Humana . Halliburton, Bank, Microsoft, Linde, LIN, Natural Resources, Honeywell, Halliburton Emerson Electric, Ford, Procter, Gamble, Coterra, Bank of America, Bank of, Jim Cramer's Charitable, CNBC, Getty Locations: U.S, Wells Fargo, Wells

☆ UAW leader defends union's lofty demands, (literally) trashes Stellantis contract proposals
▼ + stars: | 2023-08-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

The leader of the United Auto Workers on Tuesday adamantly defended lofty demands for the union's members who work for the Detroit automakers, while calling recent contract proposals from Stellantis "trash." Fain laid out reported changes to the contract involving holiday and vacation days, absenteeism, 401(k) contributions, profit-sharing payments and other proposals that he described as "concessionary." "Stellantis' proposals are a slap in the face. Contract talks between the union and automakers usually begin in earnest in July ahead of mid-September expirations of the previous four-year agreements. Fain also criticized Stellantis CEO Carlos Tavares for not meeting with union leaders to open the negotiations.

Persons: Shawn Fain, Fain, Stellantis, it's, Carlos Tavares, Tavares Organizations: United Auto Workers, Detroit automakers, UAW, Chrysler, Ford Motor, General Motors, Detroit Locations: Europe

☆ UAW calls Stellantis contract offer 'trash'
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, Feb. 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoAug 8 (Reuters) - United Auto Workers (UAW) union President Shawn Fain angrily tossed contract proposals from Stellantis (STLAM.MI) in a trash can on Tuesday, citing numerous concessions that the Chrysler parent is seeking in labor talks. Stellantis said the cumulative increase in employee health-care costs over the next four years is expected to be $613 million. Fain cited an Aug. 1 statement Stellantis made to Reuters that the automaker is "not seeking a concessionary agreement." The union also wants new limits on temporary workers.

Persons: Gonzalo Fuentes, Shawn Fain, Fain, Stellantis, David Shepardson, Bernadette Baum, Marguerita Choy, Leslie Adler Organizations: REUTERS, United Auto Workers, UAW, Chrysler, Reuters, Stellantis, General Motors, Ford, U.S, Thomson Locations: Velizy, Villacoublay, Paris, France

☆ Exclusive: As US navigates summer of strikes, Biden's top labor adviser exits, source says
▼ + stars: | 2023-08-08 | by ( Nandita Bose | ) www.reuters.com time to read: +5 min

Her departure comes at a critical time for an administration dealing with a summer of labor unrest, with estimates from national labor unions showing more than 650,000 U.S. workers were on or threatened strikes in the first half of 2023. At the White House, Drake advised Biden and his team on labor negotiations that had a direct impact on the country's supply chain and the economy, current and former White House officials said. Responding to concerns around the timing of her departure, Deese said, the White House has planned for this transition and it will be able to maintain its "strong focus on labor." The White House did not comment on Drake's potential successor. The source said another key Biden labor adviser, Erika Dinkel-Smith, was recently promoted to the position of senior labor adviser within the White House's Office of Political Strategy.

Persons: Joe Biden, Marty Walsh, Celeste Drake, Kevin, Read, Joe Biden's, Drake, Biden, we've, Brian Deese, Deese, Erika Dinkel, Smith, Seth Harris, Biden's, Julie Su, Jeff Zients, Drake's, Nandita Bose, Trevor Hunnicutt, David Gregorio Our Organizations: Labor, White, REUTERS, International Labor Organization, Hollywood, General Motors, Ford Motor, Chrysler, Workers, UPS, Teamsters, Democratic, National Economic Council, NEC, Political, AFL, America, Management, Budget, Thomson Locations: Washington , U.S, Geneva, Switzerland, U.S, Washington

☆ Former Ford CEO Mark Fields on UAW negotiations: They want to go back to 20th century benefits
▼ + stars: | 2023-08-08 | 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 EmailFormer Ford CEO Mark Fields on UAW negotiations: They want to go back to 20th century benefitsMark Fields, former Ford Motor president and CEO, joins 'Squawk Box' to discuss the latest in contract negotiations between the UAW and the Big 3 automakers, what a potential strike would mean, and more.

Persons: Mark Fields Organizations: Former Ford, Ford Motor, UAW, Big

☆ UAW says Chrysler parent Stellantis seeking concessions in talks
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, Feb. 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoAug 8 (Reuters) - The United Auto Workers (UAW) union said on Tuesday that Chrysler parent Stellantis (STLAM.MI) is seeking numerous concessions in ongoing contract talks, including cuts to existing medical coverage. The UAW also said the company opposes an end to two-tier wages, a practice of newer workers getting paid much less than veteran workers. The UAW is seeking more than 40% pay raises over four years, significant additional time off and a restoration of defined benefit pensions previously eliminated for newer workers. The UAW wants new limits on temporary workers and for them to receive profit sharing.

Persons: Gonzalo Fuentes, Stellantis, Shawn Fain, David Shepardson, Bernadette Baum Organizations: REUTERS, United Auto Workers, UAW, Chrysler, Stellantis, General Motors, Ford, Reuters, U.S, Thomson Locations: Velizy, Villacoublay, Paris, France, Illinois

☆ UAW angrily tosses Stellantis contract offer in trash
▼ + stars: | 2023-08-08 | by ( ) edition.cnn.com time to read: +2 min

United Auto Workers (UAW) union President Shawn Fain angrily tossed contract proposals from Stellantis in a trash can on Tuesday, citing numerous concessions that the Chrysler parent is seeking in labor talks. “Management has chosen to spit in our faces.”During the chat Fain tossed a copy of the Stellantis proposal in a waste basket. Fain cited an Aug. 1 statement Stellantis made to Reuters that the automaker is “not seeking a concessionary agreement.”Stellantis did not comment. The UAW is also seeking to make all temporary workers at US automakers permanent, add a substantial increase in paid time off, and restore retiree health-care benefits and cost-of-living adjustments. The union also wants new limits on temporary workers.

Persons: Shawn Fain, “, ” Fain, Fain, ”, Stellantis, ” Stellantis Organizations: United Auto Workers, UAW, Chrysler, “, Reuters, Stellantis, General Motors, Ford

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