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Tag: Ford Motor

  • Apple, Trade Thaw Lift Stocks Toward New Highs

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    Easing trade tensions and a big gain in Apple shares helped drive stocks back toward records on Monday, the start of a heavy week of corporate earnings.

    Indexes opened with gains, with some investors saying sentiment was buoyed by President Trump saying he will soon meet with China’s leader, Xi Jinping, and Treasury Secretary Scott Bessent’s Friday comments that he will meet with his Chinese counterpart in person this week. 

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • Meet the Suspicious 8: Dividends Over 6% With Plenty of Problems

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    Meet the Suspicious 8: Dividends Over 6% With Plenty of Problems

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  • Ford Motor (NYSE:F) Shares Sold by Highland Capital Management LLC

    Ford Motor (NYSE:F) Shares Sold by Highland Capital Management LLC

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    Highland Capital Management LLC trimmed its position in shares of Ford Motor (NYSE:FFree Report) by 4.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,461 shares of the auto manufacturer’s stock after selling 925 shares during the period. Highland Capital Management LLC’s holdings in Ford Motor were worth $227,000 at the end of the most recent reporting period.

    A number of other large investors have also added to or reduced their stakes in the company. Olistico Wealth LLC bought a new position in Ford Motor during the 2nd quarter valued at $25,000. Family Firm Inc. bought a new position in Ford Motor during the 2nd quarter valued at $26,000. Quarry LP bought a new position in Ford Motor during the 2nd quarter valued at $27,000. Ridgewood Investments LLC bought a new position in shares of Ford Motor in the 2nd quarter worth about $28,000. Finally, Kimelman & Baird LLC bought a new position in shares of Ford Motor in the 2nd quarter worth about $30,000. 58.74% of the stock is owned by institutional investors and hedge funds.

    Wall Street Analysts Forecast Growth

    A number of research analysts have recently issued reports on F shares. Royal Bank of Canada reduced their price target on shares of Ford Motor from $13.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Morgan Stanley downgraded shares of Ford Motor from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $16.00 to $12.00 in a research report on Wednesday, September 25th. StockNews.com upgraded shares of Ford Motor from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Barclays reduced their price target on shares of Ford Motor from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 15th. Finally, Evercore ISI raised shares of Ford Motor to a “hold” rating in a report on Friday, July 26th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $12.56.

    Check Out Our Latest Analysis on Ford Motor

    Ford Motor Stock Down 1.5 %

    Ford Motor stock opened at $11.07 on Monday. The stock has a market cap of $44.20 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 1.58 and a beta of 1.62. The company has a current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 2.30. The company’s 50-day moving average price is $10.83 and its two-hundred day moving average price is $11.68. Ford Motor has a 52 week low of $9.49 and a 52 week high of $14.85.

    About Ford Motor

    (Free Report)

    Ford Motor Company develops, delivers, and services a range of Ford trucks, commercial cars and vans, sport utility vehicles, and Lincoln luxury vehicles worldwide. It operates through Ford Blue, Ford Model e, and Ford Pro; Ford Next; and Ford Credit segments. The company sells Ford and Lincoln vehicles, service parts, and accessories through distributors and dealers, as well as through dealerships to commercial fleet customers, daily rental car companies, and governments.

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    Want to see what other hedge funds are holding F? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ford Motor (NYSE:FFree Report).

    Institutional Ownership by Quarter for Ford Motor (NYSE:F)



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    ABMN Staff

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  • Elon Musk says a Trump presidency ‘would be devastating’ to Tesla’s competitors

    Elon Musk says a Trump presidency ‘would be devastating’ to Tesla’s competitors

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    Tesla CEO Elon Musk is firmly in former President Donald Trump’s corner politically, but what a potential Trump Administration could mean for the electric vehicle maker that pays Musk billions is unclear—even to Musk himself.

    During a call with financial analysts on Tuesday, Wells Fargo director Colin Langan asked Musk to explain the impact of a Trump win and the potential wipeout of a federal $7,500 tax credit for electric vehicles.

    “I guess there would be some impact,” said Musk. “It would be devastating for our competitors, and it would hurt Tesla slightly.”

    The CEO also noted that because Trump has promised heavy tariffs on vehicles produced in Mexico, Tesla would pull back on investing in a factory it had planned to open in Monterrey in 2026. “If that’s going to be the case, we kind of need to see how things play out politically,” he said. Yesterday, Musk denied reports that he would pump $45 million per month into Trump’s campaign.

    Speaking on CNBC before the earnings call, Wedbush Securities tech analyst Dan Ives said that a Trump presidency could be negative for the overall EV market because Trump could eliminate the Inflation Reduction Act and with it the tax credits for EVs and certain plug-in hybrids. That would mean an administration under Kamala Harris, the presumptive Democratic party nominee, could be a positive for the EV industry.

    Yet, Trump might be better for the regulatory agenda needed to promote full-self driving and autonomy, which is a key component of Tesla’s growth strategy, said Ives.

    “Musk has been background noise under the Biden Administration and in a Trump administration, is that something that will be more front and center?” said Ives. “That’s why I would say Tesla is part of that Trump trade.”

    Musk dismissed the notion that regulators might balk at a fleet of Tesla-made, self-driving robotaxis without steering wheels and pedals. An analyst asked Musk to explain why regulatory risk wasn’t an issue for Tesla, when General Motors had paused production of its Origin vehicle that doesn’t have a steering wheel, in favor of its Chevrolet Bolt, in part because of regulation. The Cruise Origin autonomous vehicle would need approval from the National Highway Traffic Safety Administration because it doesn’t have traditional manual controls like a steering wheel and pedals, which are required by current safety regulations, and were written for cars with human drivers and not fully autonomous vehicles.

    “The main reason with switching from the Origin to the Bolt is we extinguish the regulatory risk,” GM CEO Mary Barra said, according to a Reuters report.

    “The real reason they canceled it is because GM can’t make it work,” said Musk, adding that the automaker’s technology “is not up to par.” He said blaming regulators was “misleading.”

    Jim Cain, an executive director at GM, told Fortune Musk is flat wrong.

    “All of those statements are categorically false,” said Cain, who listened to Musk’s comments during the earnings call. “The Origin vehicle faced a lot of hurdles getting certified because it doesn’t have a steering wheel, it doesn’t have a brake pedal, and it has a unique seating layout that requires a federal motor vehicle safety waiver—full stop.”

    Cain said Cruise technology improves every day because of the way it leverages its data set with AI. “And so far, they have driven more than 5 million fully autonomous miles and Tesla has driven exactly zero.”

    Musk has an unshakeable faith in Tesla’s power to “solve autonomy,” which he reiterated Tuesday, even as Tesla reported financial results showing net profits dropped 45%, marking its second quarter of sluggish growth and fourth straight quarter of falling quarterly earnings. Car industry data also showed that Tesla continues to lose popularity in California, where sales fell 24% in the second quarter. Meanwhile, Trump has pledged to end what he referred to as the “green new scam,” promising to abolish “the electric-vehicle mandate on day one.”

    According to Ives, if autonomy is the strategic future of Tesla, it might be more beneficial for Tesla to have less regulation, which is likelier under a Trump presidency versus a Harris presidency.

    “The cherry on top of what could be the sundae” for investors is how the company will impact the robotics market and its efforts on full-self driving and autonomy, said Ives. Ultimately, that’s how the company could potentially reach a $1 trillion or even $2 trillion valuation, he added.

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    Amanda Gerut

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  • US agency raises safety concerns on Ford SUV fuel leak recall

    US agency raises safety concerns on Ford SUV fuel leak recall

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    By David Shepardson

    WASHINGTON (Reuters) -A U.S. auto safety agency said on Thursday it has “significant safety concerns” over Ford Motor’s recall of more than 42,000 SUVs over concerns fuel leaks could lead to an engine fire.

    The National Highway Traffic Safety Administration (NHTSA) said last month it was investigating the adequacy and safety consequences of Ford’s proposed recall remedy for 2022-2023 model year Bronco Sport and 2022 Ford Escape SUVs with 1.5L engines.

    The No. 2 U.S. automaker said a fuel injector may crack and leak fuel, which could cause an underhood fire.

    Ford has proposed an engine control software update and installation of a drain. It is not proposing to replace the fuel injectors that could crack.

    In a letter to Ford made public on Thursday, NHTSA said Ford’s plan “does not address the root cause of the issue and does not proactively call for the replacement of defective fuel injectors prior to their failure,” adding that the agency has “identified significant safety concerns.”

    NHTSA is asking Ford to answer extensive questions about the recall by June 21, including how it settled on the remedy.

    Ford reiterated on Friday that it is working with NHTSA to support the agency’s investigation.

    Ford said last month is aware of five underhood fires on 1.5L Escape and Bronco Sport vehicles in the new recall population, but that it had no reports of accidents or injuries tied to the issue.

    The software update will detect a pressure drop in the fuel rail, providing a “seek service” message to the driver and disabling the high-pressure fuel pump, reducing engine power output and lowering temperatures of possible ignition sources.

    In 2022, Ford recalled nearly 522,000 2020-2023 Ford Escape and 2021-2023 Ford Bronco Sport for the same issue with the same remedy, NHTSA said.

    Ford told NHTSA in late 2022 it had 54 reports alleging underhood fires in 2020-2022 Bronco Sport and Escape vehicles, equipped with the 1.5L engine in North America, along with reports of four injuries in two incidents.

    (Reporting by David Shepardson; Editing by Toby Chopra, Kirsten Donovan)

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  • Ford looks to convert Tesla owners with ‘Conquest Bonus Cash,’ offering $1,500 rebates for F-150 Lightning and Mustang Mach-E electric vehicles

    Ford looks to convert Tesla owners with ‘Conquest Bonus Cash,’ offering $1,500 rebates for F-150 Lightning and Mustang Mach-E electric vehicles

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    The market for electric vehicles has slowed down recently, and Ford is taking aim at the top EV maker, offering a special rebate to lure Tesla owners.

    A new Ford incentive dubbed the “Tesla Competitive Conquest Bonus Cash” offers existing Tesla owners an additional $1,500 off the price of a new Ford F-150 Lightning electric pickup truck, Ford Authority reported on Thursday.

    A Ford source confirmed the rebate to Yahoo Finance, which added that it also applies to the Mustang Mach-E electric SUV and runs through July 8 for both 2024 and 2023 model years. In addition, Tesla owners don’t have to trade in their EVs to claim the cash, and only have to prove ownership, the report said.

    Ford told Business Insider the “Conquest” bonus was launched on April 3. A representative for Tesla didn’t immediately respond the Fortune’s request for comment.

    Ford’s rebate for Tesla owners comes as the Michigan automaker recently cut the price on certain trims of the F-150 Lightning, which has a starting sticker price of just under $50,000. Meanwhile, the Mustang Mach-E starts at just under $40,000.

    To be sure, Ford hasn’t just singled out Tesla owners with its rebates. Ford Authority reported earlier that it has also targeted Chevy and Dodge owners as well as Jeep owners.

    But the latest moves add more price pressure on the EV market, which had already seen Tesla unleash a wave of earlier cuts with consumer demand for EVs overall waning in favor of hybrid models. Rivals like China’s BYD have responded with their own cuts.

    Amid demand issues and rising competition, Tesla stock has plunged more than 30% year to date, raising alarm bells on Wall Street—even among once-staunch supporters.

    Wedbush Securities tech analyst Dan Ives, who has been a Tesla bull since he started covering the company in 2018, warned in a Thursday research note that Elon Musk and company are going through a “Category 5 demand storm” in the EV market. 

    He said Tesla is currently stuck between “two waves of growth”—the first led by spiking high-end EV sales, and a second, which should come from mass-market EVs and robo-taxis. But despite this narrative, “patience is starting to wear very thin among investors,” Ives said.

    That comes after Reuters reported last week that Tesla had abandoned plans to build a mass-market, sub-$30,000 EV called the Model 2. Musk responded to the report in a post on X, saying simply that “Reuters is lying (again),” without clarifying.

    Separately, Bank of America analysts said in a Wednesday research note that demand issues and rising inventories mean Tesla might be forced to cut prices yet again for its EV models unless it’s able to tap into a new market, and that could lead to “mounting profit pressure.”

    “The introduction of a low-priced model (Model 2) remains far away (2026). This leaves pricing as the main lever to stimulate demand (which we note has not worked very well so far),” they wrote.

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    Jason Ma

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  • Electric vehicles are creating a ‘halo effect’ for hybrids—and losing prospective customers to them

    Electric vehicles are creating a ‘halo effect’ for hybrids—and losing prospective customers to them

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    “Hybrids are killing it,” said Michelle Krebs, executive analyst at Cox Automotive. “They’re just tearing it up.” Read More

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    Steve Mollman

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  • Cathie Wood warns GM and Ford electric vehicles slowdown is a mistake—one that will help Tesla and Elon Musk

    Cathie Wood warns GM and Ford electric vehicles slowdown is a mistake—one that will help Tesla and Elon Musk

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    Ark Invest CEO Cathie Wood has long been bullish on Elon Musk and Tesla. She’s also been expecting Detroit automakers to follow the path Musk has forged with electric vehicles.

    “We expected a lot of traditional auto manufacturers to see the writing on the wall and rush as quickly as they could into scaling big-time into electric vehicles,” she told Bloomberg Surveillance this week. 

    Instead, they’ve been decelerating their EV plans, wary of EV growth that—while still strong—has lately slowed. Wood, coming off her best month ever in November after a wobbly stretch, views their decisions as being good for Tesla in the long run.

    General Motors had planned to build 400,000 EVs over a roughly two-year stretch ending in mid-2024. But in October, it abandoned that target, with CFO Paul Jacobson citing a slowdown in the EV market. Production of the electric pickup trucks Chevrolet Silverado and GMC Sierra in suburban Detroit would be delayed by a year, the company said.

    Read More: Chinese EV makers are planning factories in Mexico—and the U.S. is worried it’s a ‘back door’ to undercutting the Big 3 carmakers

    This month, Ford said it’s cutting production goals for its signature F-150 Lightning pickup, down from 3,200 to 1,600 per week due to slowing demand. And in November, it restarted work on a EV battery plant, but with scaled-back ambitions, saying it would produce roughly 40% fewer batteries than planned. 

    While EV growth has slowed in recent months, it’s still robust. According to J.D. Power, some 869,000 fully electric vehicles were sold in the U.S. in the first 10 months of 2023—a 56% jump over the year-ago period, but a slowdown from two years earlier.

    “The narrative has taken over that EVs aren’t growing,” Ford CFO John Lawler said in October. “They’re growing . . . It’s just growing at a slower pace than the industry, and quite frankly, we, expected.”

    Ford recorded a $1.3 billion loss in its EV division in the third quarter, and has forecast a full-year loss of $4.5 billion for the unit.

    But such losses are necessary and expected, believes Wood:

    “Both GM and Ford have said, ‘We’re stepping back. We’re not going to do this until it’s profitable.’ The problem with that is in order to be profitable, they need to scale. That’s how this works. These are learning curves that they are writing down, and those are expressed in cost declines.”

    Their hesitation, however, will only benefit Tesla more, she thinks.

    “The fact that they’re pulling back,” she said, “means there’s more share for Tesla and others who choose to go for it.” 

    Read More: After Elon Musk predicts leading carmakers will be Chinese, smartphone giant Xiaomi unveils first EV and vows to be in ‘world’s top 5’

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    Steve Mollman

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  • Ford CEO Jim Farley slashes plans for new battery cell plant in latest sign the EV sales bonanza may be over

    Ford CEO Jim Farley slashes plans for new battery cell plant in latest sign the EV sales bonanza may be over

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    Ford chief executive Jim Farley is downsizing plans for a new low-cost battery cell plant in the automaker’s home state of Michigan amid a sharp slowdown slump in EV sales.

    The market for electric vehicles is currently experiencing a “trough of disillusionment”, according to industry researchers at Cox Automotive, spurred in part by soaring borrowing costs that put the cost of an EV out of reach for many Americans.

    In a statement on Tuesday, Ford said it would reduce the planned factory size by some 40% to around 20 gigawatt hours of annual cell capacity, roughly enough for 300,000 cars. Staffing would drop by a third to 1,700 jobs.

    “We are right-sizing as we balance investment, growth and profitability,” Ford said, adding it remained bullish overall on its long-term strategy for EVs even if it was less ambitious in scope.

    Previously Ford had targeted 35 GWh worth of cells per year built by a workforce of 2,500 people for the new factory in Marshall, located about 100 miles west of Detroit. 

    While it confirmed the start of production remained slated for 2026, it did not say whether spending would still amount to the previously guided $3.5 billion. 

    Marshall is slated to become Ford’s first battery manufacturing plant to produce lithium iron phosphate cells (LFP), a low-cost chemistry popular in China where EV prices favor affordability over range and performance. 

    Tesla employs this type of cell chemistry in its entry level Model 3 and Model Y vehicles, since the bulk of the cost of an EV come from purchasing battery-grade metals like nickel and cobalt. While heavy and therefore range-reducing, iron is a far more commonly found element that is cheap to procure and is more robust in terms of a battery’s fire safety. 

    Ford’s Mustang Mach-E among the slowest selling EVs

    Ford, which is currently vying with GM’s Chevrolet for the honor of being a very distant second to Tesla in the U.S. market, has set a target of building EVs at a pace of 2 million units globally when annualized by late 2026. 

    Part of this includes a $5.8 billion investment Ford has earmarked for a Kentucky battery plant that will focus on cells using the more powerful but more expensive nickel cobalt manganese (NCM) chemistry found in most western EVs.

    These investments were designed to finally make Ford more competitive to Tesla. Currently its 5.3% share of the EV market in the U.S. trails GM’s Chevy 5.7% through the first nine months of this year, data from Cox Automotive shows. By comparison, Tesla controls a 57% share.

    But even before it is really picking up pace, Ford and other peers are already feeling a slowdown in demand after several years during which the high double-digit growth rate in EVs sales seemed to never end. 

    Inventories of finished electric vehicles have now become so bloated that it would take 88 days on average just to clear the existing supply, twice as long as last year, according to the head of AI car shopping app CoPilot. One of the slowest moving EV models in the U.S. is the Ford Mustang Mach-E, with 253 days supply. This compares to an average of 59 days for conventional gasoline-powered cars.

    In October, Ford was forced to cut production of its F-150 Lightning electric pickup truck, the one model where it enjoyed the strongest pricing power thanks to having a leg up on Tesla in the segment. Musk’s Cybertruck however is only days away from its official launch at the end of this month. 

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    Christiaan Hetzner

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  • Detroit Is Paying Up to End the UAW Strike. Now Carmakers Will Live With the Costs.

    Detroit Is Paying Up to End the UAW Strike. Now Carmakers Will Live With the Costs.

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    Updated Oct. 30, 2023 12:50 pm ET

    The United Auto Workers campaign against Detroit’s three automakers can be described as one thing for the union: a win.

    The strike, now in its seventh week, is nearing its conclusion with General Motors on Monday reaching a tentative labor deal with the UAW following similar pacts with Ford Motor and Chrysler-parent Stellantis.

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  • UAW increases pressure on lone holdout GM after reaching tentative pacts with Ford and Stellantis: ‘Everybody’s really fired up’

    UAW increases pressure on lone holdout GM after reaching tentative pacts with Ford and Stellantis: ‘Everybody’s really fired up’

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    The United Auto Workers union has widened its strike against General Motors, the lone holdout among the three Detroit automakers, after reaching a tentative contract agreement with Jeep maker Stellantis.

    The escalated walkout began Saturday evening at a Spring Hill, Tennessee plant, GM’s largest in North America, just hours after the Stellantis deal was reached. Its nearly 4,000 workers join about 14,000 already striking at GM factories in Texas, Michigan and Missouri.

    The UAW did not immediately explain what prompted the new action after 44 days of targeted strikes. The added pressure on GM is substantial as Spring Hill makes engines for vehicles assembled in a total of nine plants as far afield as Mexico, including Silverado and Sierra pickups. One plant already on strike it supplies with engines, in Arlington Texas, makes full-size SUVs including the Tahoe and Suburban. Vehicles assembled at Spring Hill include the electric Cadillac Lyriq, GMC Acadia and Cadillac crossover SUVs.

    “The Spring Hill walkout affects so much of GM’s production that the company is likely to settle quickly or close down most production,” said Erik Gordon, a University of Michigan business professor. The union wants to wrap negotiations with all three automakers so “Ford and Stellantis workers don’t vote down (their) tentative agreements because they want to see what GM workers get.”

    The Stellantis deal mirrors one reached last week with Ford, and saves jobs at a factory in Belvidere, Illinois, that Stellantis had planned to close, the UAW said.

    GM said it was disappointed with the additional strike at the Spring Hill plant, which has 11 million square feet of building space, “in light of the progress we have made.” It said in a statement that is has bargained in good faith and wants a deal as soon as possible.

    In a statement, UAW President Shawn Fain lamented what he called “GM’s unnecessary and irresponsible refusal to come to a fair agreement.”

    “Everybody’s really fired up and excited,” Spring Hill assembly line worker Larry Montgomery said by phone on Sunday. He said workers were taken by surprise by the strike call. “We thought it was going to happen earlier.”

    UAW Local 1853 President John Rutherford in Spring Hill didn’t immediately return a telephone message.

    Fain said in a video appearance Saturday night that 43,000 members at Stelantis would have to vote on the deal — just as Ford workers must. About 14,000 UAW workers had been on strike at two Stellantis assembly plants in Michigan and Ohio, and several parts distribution centers across the country. The company makes Jeep and Ram vehicles.

    The pact includes 25% in general wage increases over the next 4 1/2 years for top assembly plant workers, with 11% coming once the deal is ratified. Workers also will get cost-of-living pay that would bring the raises to a compounded 33%, with top assembly plant workers making more than $42 per hour. At Stellantis, top-scale workers now make around $31 per hour.

    Like the Ford contract, the Stellantis deal would run through April 30, 2028.

    Under the deal, the union said it saved jobs in Belvidere as well at an engine plant in Trenton, Michigan, and a machining factory in Toledo, Ohio.

    “We have reopened an assembly plant that was closed,” Fain said. The deal includes a commitment by Stellantis to build a new midsize combustion-engine truck at the Belvidere factory that was slated to be closed. About 1,200 workers will be hired back, plus another 1,000 workers will be added for a new electric vehicle battery plant, the union said.

    Vice President Rich Boyer, who led the Stellantis talks, said the workforce will be doubled at the Toledo, Ohio, machining plant. The union, he said, won $19 billion worth of investment across the U.S.

    Fain said Stellantis had proposed cutting 5,000 U.S. jobs, but the union’s strike changed that to adding 5,000 jobs by the end of the contract.

    Gordon, the University of Michigan professor, said the Stellantis deal “shows that the car companies feel they are at the mercy of the UAW, that the UAW is not going to give any mercy, and that companies will be co-governed by their boards and the UAW.”

    He said competing companies with non-unionized workforces, which include Toyota and Tesla, “couldn’t have gotten a better year-end gift.”

    Under the Stellantis contract, a top-scale assembly plant worker’s base wage will exceed all increases in the past 22 years. Starting wages for new hires will rise 67% including cost-of-living adjustments to over $30 per hour, it said in a statement. Temporary workers will get raises of more than 165%, while workers at parts centers will get an immediate 76% increase if the contract is ratified.

    Like the Ford agreement, it will take just three years for new workers to get to the top of the assembly pay scale, the union said.

    The union also won the right to strike over plant closures at Stellantis, and can strike if the company doesn’t meet product and investment commitments, Fain said.

    Bruce Baumhower, president of the local union at a large Stellantis Jeep factory in Toledo, Ohio, that has been on strike since September, said he expects workers will vote to approve the deal because of the pay raises above 30% and a large 11% raise immediately. “It’s a historic agreement as far as I’m concerned.”

    Some union members had complained that Fain promised 40% raises to match what he said was given to company CEOs, but Baumhower said that was merely an opening bid.

    “Ultimately, the numbers they did come to agree with is what the UAW wanted,” said Jermaine Antwine, a 48-year-old Stellantis worker who had been picketing the automaker’s Sterling Heights, Michigan, plant Saturday. A team leader in materials at the plant, the Pontiac, Michigan man has has 24 years with the automaker.

    Negotiations between the UAW and Stellantis had intensified Thursday, the day after the Ford deal was announced.

    The union began targeted strikes against all three automakers on Sept. 15 after its contracts with the companies expired. At the peak, about 46,000 workers were on strike against all three companies, about one-third of the union’s 146,000 members at the Detroit three.

    With the Ford deal, which set a template for the other two companies, workers with pensions will see small increases when they retire, and those hired after 2007 with 401(k) plans will get large increases.

    Other union leaders who followed aggressive bargaining strategies in recent months have also secured pay hikes and other benefits for their members. Last month, the union representing Hollywood writers called off a nearly five-month strike after scoring some wins in compensation, length of employment and other areas.

    ____

    Bajak reported from Boston. AP writers John Raby in Charleston, West Virginia, Corey Williams in Sterling Heights, Michigan, and Haleluya Hadero in Jersey City, New Jersey, contributed to this report.

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    Tom Krisher, Frank Bajak, The Associated Press

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  • WSJ News Exclusive | UAW Expands Strike With GM After Reaching Tentative Agreement With Stellantis

    WSJ News Exclusive | UAW Expands Strike With GM After Reaching Tentative Agreement With Stellantis

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    Updated Oct. 28, 2023 10:03 pm ET

    The United Auto Workers called a fresh strike at a General Motors factory in Tennessee, a surprise walkout after negotiators had been working nearly around the clock to finalize a new contract this weekend.

    Workers at GM’s factory in Spring Hill, Tenn., were ordered to go on strike Saturday evening, according to people with knowledge of the union’s plans. The strike came just as the UAW confirmed that it reached a tentative agreement with Chrysler parent Stellantis on a new labor contract.

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  • UAW, Stellantis reach tentative contract deal that follows model set by Ford 

    UAW, Stellantis reach tentative contract deal that follows model set by Ford 

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    Jeep maker Stellantis has reached a tentative contract agreement with the United Auto Workers union that follows a template set earlier this week by Ford, two people with knowledge of the negotiations said Saturday.

    The deal, which still has to be ratified by members, leaves only General Motors without a contract with the union. The agreement could end a six-week strike by more than 14,000 workers at Stellantis assembly plants in Michigan and Ohio, and at parts warehouses across the nation.

    Like workers at Ford, the strikers at Stellantis are expected to take down their picket lines and start returning to work in the coming days, before 43,000 union members vote.

    The people, who asked not to be identified because they are not authorized to speak publicly about the talks, said most of the main points of the deal at Ford will carry over to Stellantis.

    The Ford pact includes 25% in general wage increases over the next 4 1/2 years for top assembly plant workers, with 11% coming once the deal is ratified. Workers also will get cost-of-living pay that would bring the raises to over 30%, with top assembly plant workers making more than $40 per hour. At Stellantis, top-scale workers now make around $31 per hour.

    Like the Ford contract, the Stellantis deal would run through April 30, 2028.

    The deal is also expected to include some news about a now-idled factory in Belvidere, Illinois, which the company had planned to close.

    Democratic U.S. Rep. Bill Foster, who represents Belvidere in Congress, said he’s received indications that electric vehicles will be produced at the site, which will be expanded to include a new battery factory. Stellantis had indefinitely shut down the plant in the spring and laid off the 1,350 employees who worked there.

    Foster said he’s been working with Illinois Gov. J.B. Pritzker’s office and other state and local officials to reopen the facility. State officials are expected to offer the company an incentive package as part of the deal.

    Bruce Baumhower, president of the local union at a large Stellantis Jeep factory in Toledo, Ohio, that has been on strike since September, said he expects workers will vote to approve the deal because of the pay raises above 30% and a large raise immediately.

    “Eleven percent is right on the hood,” he said. “It’s a historic agreement as far as I’m concerned.”

    Some union members have been complaining that Fain promised 40% raises to match what he said was given to company CEOs, but Baumhower said that was UAW President Shawn Fain’s opening bid.

    “Anybody who knows anything about negotiations, you always start out much higher than you think is realistic to get,” he said.

    Jermaine Antwine and other Stellantis workers picketing outside the automaker’s Sterling Heights, Michigan, were excited Saturday after hearing news of a tentative deal.

    “Anytime you reach a tentative agreement, it’s a good thing,” said Antwine, 48, of Pontiac, Michigan. “It shows both sides have come to a mutual agreement somewhere within the numbers they started with.”

    “Ultimately, the numbers they did come to agree with is what the UAW wanted,” said Antwine, who has spent 24 years with the automaker and is a team leader in materials at the Sterling Heights plant.

    Talks were under way with General Motors on Saturday in an effort to reach a similar agreement. Over 14,000 workers at GM remain on strike at factories in Texas, Michigan and Missouri.

    The union began targeted strikes against all three automakers on Sept. 15 after its contracts with the companies expired.

    The union and Stellantis went into intense negotiations on Thursday, the day after the Ford deal was announced, and finalized the agreement on Saturday.

    UAW workers began their targeted strikes with one assembly plant from each company. The strikes were expanded on Sept. 22, adding 38 GM and Stellantis parts warehouses. Assembly plants from Ford and GM were added the week after that, and then the union hit Ford hard, taking down the Kentucky Truck Plant in Louisville, the company’s largest and most profitable factory.

    At the peak, about 46,000 workers were on strike against all three companies, about one-third of the union’s 146,000 members at the Detroit three. Automakers laid off several thousand more as parts shortages cascaded through their manufacturing systems.

    Under the Ford deal, workers with pensions also will see small increases when they retire, and those hired after 2007 with 401(k) plans will get large increases. For the first time, the union will have the right to go on strike over company plans to close factories. Temporary workers also will get large raises, and Ford agreed to shorten to three years the time it takes for new hires to reach the top of the pay scale.

    Other union leaders who followed more aggressive bargaining strategies in recent months have also secured pay hikes and other benefits for their members. Last month, the union representing Hollywood writers called off a nearly five-month strike after scoring some wins in compensation, length of employment and other areas. This summer, the Teamsters also secured new pay hikes and benefits for unionized UPS workers after threatening a nationwide strike at the delivery company.

    ____

    Hadero contributed to this report from Jersey City, New Jersey. AP Staff Writer Corey Williams contributed from Sterling Heights, Michigan.

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    Tom Krisher, Haleluya Hadero, The Associated Press

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