{"id":24268,"date":"2023-10-04T13:05:38","date_gmt":"2023-10-04T13:05:38","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/ford-makes-fresh-offer-to-uaw-amid-strikes-heres-whats-in-it\/"},"modified":"2023-10-04T13:05:39","modified_gmt":"2023-10-04T13:05:39","slug":"ford-makes-fresh-offer-to-uaw-amid-strikes-heres-whats-in-it","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=24268","title":{"rendered":"Ford Makes Fresh Offer to UAW Amid Strikes. Here’s What’s In It."},"content":{"rendered":"
\n
\n

<\/p>\n

\n
<\/div>
\n

UAW workers began to strike at various facilities in mid-September.<\/h4>\n


\n Photograph by Anthony Lanzilote\/Bloomberg
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

\n Ford Motor
\n has made a seventh offer in a bid to end the United Auto Workers strikes at its factories, while
\n General Motors
\n has temporarily laid off more workers. <\/p>\n

The question for investors, and the union: Is it enough? <\/p>\n

\n

\n Ford
\n (ticker: F) didn\u2019t give exact financial details of its latest offer but said it represented an \u201cunprecedented\u201d improvement in wages, which would put employees among the top 25% of all U.S. jobs. It said permanent employees would receive a pay raise of more than 20% in total, and temporary employees would receive a 26% increase and be eligible for profit sharing for the first time. <\/p>\n

Ford also is offering to eliminate worker tiers, something the Union conceded to around the 2008-09 financial crisis. That means all employees can reach the top wage rates over time. <\/p>\n

\u201cWe\u2019ve put an offer on the table that will be costly for the company, especially given our large American footprint and UAW workforce, but one that we believe still allows Ford to invest in the future,\u201d Ford CEO Jim Farley said in a statement.\u00a0<\/p>\n

However, Ford said the union had taken a \u201chard line\u201d on battery plants, which looks to be a sticking point in negotiations. UAW is aiming to bring new battery factories under the master agreement to be eventually struck with Ford. <\/p>\n

Ford shares were down 0.1% in premarket trading at $12.06.\u00a0GM shares were up 0.2% at $31.44 while\u00a0
\n Stellantis
\n (STLA) shares were down 0.3% at $18.65.
\n S&P 500
\n and
\n Dow Jones Industrial Average
\n futures were flat. <\/p>\n

Coming into Wednesday trading and since the start of July, when a strike started looking likely to investors, GM and Ford shares are down about 18% and 19%, respectively, while the S&P 500 is off about 5%.<\/p>\n

\n Stellantis
\n shares are up about 7%. The Chrysler parent is a more global company, relatively less affected by U.S. operations. It\u2019s also a cheaper stock. Stellantis shares trade for about 3.4 times estimated 2024 earnings, while GM shares trade for 4.6 times, and Ford shares trade for 6.6 times.<\/p>\n

The UAW hasn\u2019t publicly responded to Ford\u2019s latest offer. Some 25,000 workers are on strike at all three auto makers with roots in Detroit after walkouts started in mid-September, less than 20% of the total UAW employees working at the Detroit Three auto makers.<\/p>\n

GM said Tuesday it would temporarily lay off another 163 workers in Ohio due to the UAW strikes. That came after Ford and
\n General Motors
\n said they laid off a combined 500 workers the previous day.\u00a0\u00a0<\/p>\n

Baird analyst Luke June on Wednesday wrote that the strikes could lead to between 175,000 and 250,000 units of North American auto production being lost in the fourth quarter. That\u2019s roughly 5% of total capacity. <\/p>\n

\u201cThe strike is likely to last longer than GM in 2019, due to its broad\/protracted nature,\u201d wrote Juke. \u201cBut that the cumulative loss in unit production will be more limited\/similar compared to 2019, due to modest impacts in the strike\u2019s earlier stages.\u201d All UAW workers walked out at GM on day one of the strike in 2019. The UAW started smaller in 2023. <\/p>\n

Lost units could leave U.S. auto production down 1% this year overall from 2022.\u00a0That will impact some auto parts makers, too. Still, Junk adjusted his fourth-quarter numbers for the companies he covers down just 1%. <\/p>\n

Write to Adam Clark at adam.clark@barrons.com and Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

UAW workers began to strike at various facilities in mid-September. Photograph by Anthony Lanzilote\/Bloomberg Ford Motor has made a seventh offer in a bid to end the United Auto Workers strikes at its factories, while General Motors has temporarily laid off more workers. The question for investors, and the union: Is it enough? Ford (ticker:<\/p>\n","protected":false},"author":1,"featured_media":24269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-24268","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nFord Makes Fresh Offer to UAW Amid Strikes. Here's What's In It. | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"UAW workers began to strike at various facilities in mid-September. 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