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read moreRegister now for FREE unlimited access to Reuters.com RegisterLast month, the first General Motors and LG Energy Solution (373220.KS) joint venture Ultium battery plant began production in Lordstown, Ohio. GM previously expressed support for efforts by the UAW to organize Ultium's battery plants, but did not endorse "card check. In May, President Joe Biden, in a trip to South Korea, expressed support for workers seeking to unionize joint venture battery plants. Detroit's Big Three automakers all have battery plants in the works with Korean partners. Last month, GM and LG Energy said they were considering a site in New Carlisle, Indiana, for a fourth U.S. battery plant.

☆ Ford to restructure supply chain following $1 billion in unexpected quarterly costs
▼ + stars: | 2022-09-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Ford Motor on Thursday announced plans to restructure its global supply chain, days after the company said it expects to book an extra $1 billion in unexpected supplier costs during the third quarter. The supply chain restructuring aims to "support efficient and reliable sourcing of components, internal development of key technologies and capabilities, and world-class cost and quality execution," the automaker said in a release. The increases have occurred amid severe supply chain problems, including an ongoing global shortage of crucial semiconductor chips. On Monday, Ford said recent negotiations resulted in inflation-related supplier costs running $1 billion higher than previously expected during the third quarter. He said changes to Ford's supply chain have been underway for some time amid the industry's supply chain problems and its shift to electric vehicles.

An assembly worker of Ford Motor works on the 40 millionth Ford Motor F-series pickup truck at the Dearborn Truck Plant in Dearborn, Michigan, U.S., January 26, 2022. REUTERS/Rebecca Cook/File PhotoDETROIT, Sept 21 (Reuters) - Automotive industry suppliers are raising prices to their customers across the board, not just with Ford Motor Co(F.N), which warned this week it was taking a $1 billion inflationary cost hit. Several suppliers said Ford isn't suffering alone, as automakers across the board are being asked to shoulder more of the burden suppliers have faced from spiking energy, labor and raw material costs. Suppliers contacted by Reuters said they have raised prices on parts in the range of 7% to 20%. Many suppliers can't move fast enough, offering trailing contracts that leave them squeezing costs and accepting lower profit margins when prices spike.

"It's an enormous first step," Carlisle said, adding that GM is in talks about similar deals with other rental car companies. read moreAutomakers have cut reliance on low-profit, bulk sales to rental car agencies as supply chain problems curtailed production. Carlisle said GM expects to deliver electric vehicles to Hertz at close to retail profit margins. The first GM electric vehicles to ship to Hertz will be Chevrolet Bolt models starting early next year, Carlisle said. GM expects Hertz to deploy many of its EVs in Los Angeles and San Francisco, helping to meet California electric vehicle quotas.

☆ Ford stock on pace for worst day in more than 11 years after cost warning
▼ + stars: | 2022-09-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor's stock is on pace for its worst day in more than 11 years, after the automaker pre-released part of its third-quarter earnings report and warned investors of $1 billion in unexpected supplier costs. Shares of Ford were trading at about $13.10 apiece Tuesday afternoon, down by more than 12%. If the losses hold into the close, it would knock roughly $7 billion off the company's market value. That would be significantly below the forecasts of some analysts, who were projecting quarterly profit closer to $3 billion. Ford cited recent negotiations resulting in inflation-related supplier costs that will run about $1 billion higher than originally expected.

☆ Ford shares fall 10% on warning of higher inflation-related supply costs
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. "The inflationary costs are concerning as they could persist into Q4 and 2023," Wells Fargo analyst Colin Langan said. It was unclear if chip and parts supply will normalize by the end of the year, Deutsche Bank's Rosner said. Ford's shares were trading at $13.52, with the stock on track for the worst day since February if losses hold. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kannaki Deka in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves in the premarket: Ford, Change Healthcare, Cognex and more
▼ + stars: | 2022-09-20 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Take a look at some of the biggest movers in the premarket:Ford (F) – The automaker's stock fell 4.5% in the premarket after it warned that quarterly earnings would take a hit of about $1 billion from increased supplier costs and parts shortages. BioNTech fell 2.4% in premarket trading, with Moderna off by 2.1%. Cognex (CGNX) – Cognex shares jumped 4.7% in the premarket after the maker of machine vision systems and sensors raised its current-quarter revenue outlook. Western Digital (WDC) – The disk drive maker's shares fell 1.7% in the premarket following a downgrade by Deutsche Bank to "hold" from "buy." Deutsche Bank said the company's profit and revenue appear to be coming in at the low end of guidance due to deteriorating demand.

☆ Investors mixed as Porsche seeks price tag of up to $75 billion
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. "It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Volkswagen's valuation for Porsche AG is close to its own market capitalisation of 88 billion euros. Analysts have compared Porsche AG stock to Ferrari, which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.

☆ Why Ford is keeping its Mustang gas-powered as part of its electric vehicle push
▼ + stars: | 2022-09-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

That's because despite the EV transition, Mustang is sticking with gas-powered engines for the seventh-generation vehicle in 2024. "People are leaving the segment, like Dodge, so we have a chance to really present something new about Mustang," Farley said following the 2024 Mustang debut. Farley and Ford Chair Bill Ford declined to say whether the seventh-generation Mustang is expected to be the last gas-powered version of the car. The Mach-E, which shares little to nothing with the gas-powered Mustang other than a name, has led Ford to become the second bestselling brand of EVs in the country. U.S. President Joe Biden stands next to a Ford Mustang Mach-E (electric) SUV during a visit to the Detroit Auto Show, to highlight electric vehicle manufacturing in America, in Detroit, Michigan, September 14, 2022.

☆ Consumer spending is slowing, but there are still pockets of strength in these three sectors
▼ + stars: | 2022-07-28 | by ( Robert Hum | ) www.cnbc.com time to read: +4 min

Despite new signs of slowing consumer demand, pockets of strength remain in travel, payments and autos. "Travel demand surged in the second quarter, and thus far, strong demand trends continue in the third quarter," CEO Bob Jordan said. Credit card companies have been showing no signs of a letup in consumer spending, too. Remember, American Express reported very strong travel and entertainment spending . And here's the key line in the release from CEO Michael Miebach who said, "Increasing inflationary pressures have yet to significantly affect overall consumer spending."

☆ Earnings playbook: The investing game plan as Apple and Alphabet lead the busiest week of the season
▼ + stars: | 2022-07-24 | by ( Fred Imbert | ) www.cnbc.com time to read: +20 min

Tuesday Coca-Cola is set to report earnings before the bell, followed by a conference call at 8:30 a.m. Chipotle is scheduled to report earnings after the close, followed by a conference call at 4:30 p.m. Meta is set to report earnings after the close, followed by a conference call at 5 p.m. Thursday Amazon is set to report earnings after the bell, with management slated to hold a conference call at 5:30 p.m. Friday Procter & Gamble will report earnings before the bell, followed by a conference call at 9 a.m.

☆ The most outstanding cars Ford mega-fans saw at the largest Ford-only auto show in Carlisle, Pennsylvania
▼ + stars: | 2022-06-07 | by ( Alexa St. John | ) www.businessinsider.com time to read: +1 min

Ford fans gathered at the carmaker's largest auto show in Carlisle, Pennsylvania this weekend. Showgoers got to see everything from classic Ford models to the latest Ford electric vehicles. This article is part of the Ride Along series, a collection of stories recapping some of the biggest auto shows around the country. At the show, the largest Ford-only event in the world, attendees could see a Carlisle car show record of 3,454 Ford, Lincoln, and Mercury vehicles spanning the automaker's history. Here's a look at eight cars, old and new, that caught attention at the show.

☆ Penske Automotive unit orders 750 Ford electric cargo vans
▼ + stars: | 2022-04-18 | by ( ) www.reuters.com time to read: +1 min

April 18 (Reuters) - Penske Truck Leasing has ordered 750 of Ford Motor Co's (F.N) electric E-Transit cargo vans, the unit of Penske Automotive Group Inc (PAG.N) said on Monday. The move comes as several companies including FedEx Corp (FDX.N), UPS (UPS.N) and Deutsche Post (DPWGn.DE) unit DHL are experimenting with electric cargo vehicles as part of their own zero-emission vehicle plans. Penske also said that their long-term plans include adding more of the automaker's E-Transit vans to its wider network of rental, leasing locations across North America. Ford's E-Transit van comes in eight configurations, including three roof heights and three lengths, has an EV driving range of 126 miles. Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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