Tag Archive for: Ford Motor Co.

UAW Announces Massive Expansion Of Strike Against Major Automakers

The United Auto Workers (UAW) announced on Friday that more workers will go on strike as the union and automakers continue to be unable to reach a deal.

The union announced that 38 new plants across the U.S. will join the partial strike at noon against the Big Three automakers as negotiations continue to fail to produce a new contract for the 146,000 workers, with strikes expanding against GM and Stellantis but not Ford, as the company has cooperated more than the others, according to the UAW announcement. The UAW first announced its partial strike on Sept. 14, striking at three plants: GM’s plant in Wentzville, Missouri; Ford’s plant in Wayne, Michigan; and Stellantis’ Jeep plant in Toledo, Ohio.

“So, today at noon Eastern time, all of the parts distribution centers at General Motors and Stellantis will be called to stand up and strike,” Shawn Fain, president of the UAW, said in the announcement. “We will be striking 38 locations across 20 states, across all 9 regions of the UAW.”

In negotiations, Ford has offered to reinstate cost-living-of-allowance benefits, given the right to strike over plant closures, job security for up to two years in the event of an indefinite layoff, enhanced profit sharing and the conversion of temporary employees into full-time, according to the announcement. General Motors and Stellantis had reportedly not offered the same benefits, resulting in the expanded strike.

“We are focused on moving the companies at the bargaining table,” Fain said in the announcement. “That means managing our flexibility and our leverage as we need to. We can and will go all out if our national leadership decides the companies aren’t willing to move. Right now, we think we can get there. Stellantis and GM are going to need some serious pushing.”

“Ford is working diligently with the UAW to reach a deal that rewards our workforce and enables Ford to invest in a vibrant and growing future,” Ford said in a statement to the Daily Caller News Foundation. “Although we are making progress in some areas, we still have significant gaps to close on the key economic issues. In the end, the issues are interconnected and must work within an overall agreement that supports our mutual success.”

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WILL KESSLER

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Ford Burns Through Billions, Expects to Lose $12 Billion on Electric Vehicle Line

Despite the losses, Ford continues to push forward and hopes to manufacture two million EVs a year by 2026 and hit an 8% profit margin for its EV division. The company is chasing Elon Musk’s Tesla for EV sales in the U.S. and remains far behind the electric car giant. Tesla, which started in 2003, lost money for ten years before finally turning a profit in 2013. Musk’s company made $12.6 billion in 2022, an impressive jump from $5.5 billion in 2021.

They don’t care. As long as the Democrats are running/ruining the economy with their environmental/climate garbage, it’s the American  taxpayer that will have to pay for this mess.

Ford Says It Will Lose $3 Billion on EVs This Year as It Touts Startup Mentality

Ford Motor Co. expects to lose about $3 billion on its electric-vehicle business this year, a reminder of how far traditional auto makers have to go in turning their EV portfolios profitable.

Ford disclosed the figure Thursday while outlining a new financial-reporting structure intended to give investors better insight into the performance of its three business units. Ford finance chief John Lawler described the EV division as a startup inside the 119-year-old company, and said it is normal for a fledgling business to rack up losses.

Ford shares were down about 1.3% in afternoon trading Thursday…

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Ford Projects Its EV Division Will Lose Billions This Year

The Ford Motor Company is going full throttle toward electric vehicle manufacturing, but that decision will cost the Michigan-based carmaker billions this year alone.

Ford said Thursday that it expects its EV division will lose $3 billion in 2023 as it pushes to produce more vehicles and build electric battery plants in Kentucky, Tennessee, and Michigan, The Financial Times reported. The carmaker wasn’t surprised by the massive loss of money as it views its EV division, known as Model e, as a “start-up.”

“Ford Model e is an EV start-up within Ford and, as everyone knows, EV start-ups lose money while they invest in capability, develop knowledge, build volume and gain share,” said John Lawler, Ford’s chief financial officer.

Despite the losses, Ford continues to push forward and hopes to manufacture two million EVs a year by 2026 and hit an 8% profit margin for its EV division. The company is chasing Elon Musk’s Tesla for EV sales in the U.S. and remains far behind the electric car giant. Tesla, which started in 2003, lost money for ten years before finally turning a profit in 2013. Musk’s company made $12.6 billion in 2022, an impressive jump from $5.5 billion in 2021.

Ford plans to explain its financials in more detail to investors and how it will stick to its goal of selling only zero-carbon emission vehicles by 2040, according to The Financial Times. Ford is relying on Ford Blue, its gas-powered vehicle production, to fund the carmaker’s transition to EVs.

Ford Blue is expected to rake in $7 billion this year, and the company’s commercial vehicles division, Ford Pro, is expected to double last year’s earnings to $6 billion this year. Lawler blamed spending on new battery plants and battery technology for the carmaker’s EV losses.

Last month, the carmaker was criticized for collaborating with a Chinese company to build a battery plant in Michigan. In its proposal, Ford said it would partner with the Chinese company Contemporary Amperex Technology on the plant that would employ 2,500 people when it begins production in 2026.

Virginia Republican Gov. Glenn Youngkin withdrew his state from consideration for the new battery plant because of Ford’s partnership with the Chinese company. Michigan Democratic Gov. Gretchen Whitmer, however, has pushed for the battery plant to come to the Great Lakes State and celebrated Ford’s decision to build the plant in Michigan.

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