Unionised workers at Ford have ratified its deal with the UAW

November 17, 2023 11:13 AM PST | By Invezz

Unionised workers at Ford have ratified its deal with the UAW — Image source: Invezz

Votes in favour of Ford deal have a huge lead

Nearly 35,000 unionised workers at Ford participated in voting on Friday – of which 68.2% supported its deal with the UAW.

A few smaller facilities of the legacy automaker are yet to finalise voting results but those do not have enough employees to offset “for” votes that currently lead the “against” votes by more than 12,600.

The news arrives less than a month after Ford Motor reported disappointing results for its third financial quarter and withdrew its future guidance on uncertainty related to the UAW strike.

Watch here: https://www.youtube.com/embed/PK7TaOMNe1Q?feature=oembed

“F” is currently down over 30% versus its year-to-date high.

What does the UAW deal mean for Ford Motor?

In October, Ford promised a 25% increase (at least) in wages to the United Auto Workers on top of other economic benefits including the return of cost-of-living adjustments.

Its Dearborn facility in Michigan was particularly central in ratifying the said deal with about 2,700 employees voting in its favour.

Neither Ford Motor nor the UAW has officially commented on today’s update so far. Note that the represented workers at General Motors and Stellantis have approved their respective preliminary agreements with the union as well.

John Lawler – Chief Financial Officer of Ford expects the UAW pact to result in up to $900 of additional costs per vehicle assembled. Wall Street currently has a consensus “overweight” rating on “F”.

Is Tesla still magic or just a car company? Or has Ford become magic? Compare their stock price wiggles here over the last several years (ie, high correlation) and you decide for yourself. pic.twitter.com/USoqASvInU
— Ken Fisher (@KennethLFisher) November 13, 2023

The post Unionised workers at Ford have ratified its deal with the UAW appeared first on Invezz

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.