Ford Motor Company far outpaced analysts’ expectations in the second quarter, reporting that its net income nearly tripled from a year ago to $1.9 billion. For the full year, Ford expects adjusted EBIT of $11 billion to $12 billion. That’s a significant increase over the $9 billion to $11 billion Ford had predicted last quarter. In 2022, Ford’s adjusted EBIT was $10.4 billion, so even the company’s lower guidance exceeds last year’s results. The 150,000 UAW members at Ford, GM and Stellantis began negotiations for a new contract with the Big Three automakers this month. All three companies have now ...
Read more
Ford CEO Jim Farley made some strange claims recently in the Detroit Free Press. He talked about the $112,000 a year that the “average” UAW member makes at Ford. It was a number that didn’t sit right with UAW Vice President of the National Ford Department Chuck Browning, so he wrote to the Free Press to correct the record. He noted that the inflated figure is “labor costs to the company and not what goes into a worker’s pocket.” Browning said it was the kind of math the Big Three used to mislead the public years ago during the financial ...
Read more
Yesterday, the federal government announced a massive $9.2 billion giveaway loan to Ford Motor Co. through the Department of Energy to create 7,500 low-road jobs with no consideration for wages, working conditions, union rights or retirement security. This handout may further enrich Ford shareholders, but it shortchanges communities and the UAW members who produce Ford’s vehicles, powertrains and record-breaking profits. UAW President Shawn Fain’s response below: “We have been absolutely clear that the switch to electric engine jobs, battery production and other EV manufacturing cannot become a race to the bottom. Not only is the federal government not using its ...
Read more