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The United Auto Workers' six-week strike against Ford, General Motors and Stellantis could be over now that the union has reached tentative deals with each of Detroit's Big Three, but the new labor costs incurred by automakers in the fresh contract agreements may be felt by consumers down the road.
Ford has announced that it will cut back on electric vehicle investments following a rather challenging third quarter, in which the Blue Oval saw losses of $36,000 on every EV it sold during this period.
US auto giant Ford has cut planned investments towards electric-vehicle production after the company’s electric-car division posted a significant financial loss last quarter – and was approximately $US36,000 ($AU57,000) in the red for every battery-powered vehicle it produced.
Chrysler parent Stellantis and the United Auto Workers were nearing a deal that could be finalized as soon a Saturday to end a six-week-old strike, sources told Reuters.
Talks between General Motors and the United Auto Workers went on until about 5 a.m. Friday as they engage in intensive bargaining to try to reach a labor contract deal to end a six-week-old strike.
DETROIT — Ford Motor Co on Thursday withdrew its full-year results forecast due to the pending ratification of its deal with the United Auto Workers (UAW) union, and warned of higher losses on electric vehicles, sending shares of the company down nearly 5% after-hours.
Shares of Ford Motor Co fell 3.8% before the bell on Friday, after the automaker reported wider losses from its electric-vehicle (EV) business due to pressure from a price war sparked by industry leader Tesla.