Lana Payne celebrates on stage as Unifor, Canada’s largest private-sector union, announce Payne as their new president to replace outgoing leader Jerry Dias in Toronto, Ontario, Canada, Aug. 10, 2022. Cole Burston | Reuters DETROIT — Canadian union Unifor and Stellantis have reached a tentative agreement early Monday morning, ending a brief strike that began… Continue reading Canadian auto union reaches deal with Stellantis after brief labor strike
Author: CNBC Online news
UAW deal with Ford includes $8.1 billion in investments, $5,000 ratification bonuses
Members of the United Auto Workers union picket outside the Michigan Assembly Plant in Wayne, Michigan, on Sept. 26, 2023. Matthew Hatcher | AFP | Getty Images DETROIT – Local United Auto Workers union leaders approved a tentative agreement Sunday with Ford Motor that includes $8.1 billion in new plant investments by the company, $5,000… Continue reading UAW deal with Ford includes $8.1 billion in investments, $5,000 ratification bonuses
UAW expected to announce tentative agreement with Stellantis to end labor strike
United Auto Workers members rally outside Stellantis’ Ram 1500 plant in Sterling Heights, Mich. after the union called a strike at the plant on Oct. 23, 2023. Michael Wayland / CNBC DETROIT — Negotiators with the United Auto Workers union and Stellantis have in principle agreed to the terms of a tentative deal following roughly six… Continue reading UAW expected to announce tentative agreement with Stellantis to end labor strike
GM, UAW may be nearing a labor deal after marathon negotiating session
Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan September 29, 2023. Rebecca Cook | Reuters DETROIT — Contract negotiations between the United Auto Workers and General Motors are reconvening midday Friday after intense talks occurred Thursday night and into the morning, according to sources familiar… Continue reading GM, UAW may be nearing a labor deal after marathon negotiating session
Ford shares fall 12% after earnings underline worries about costs and EV plans
Ford Motor Company’s electric F-150 Lightning on the production line at its Rouge Electric Vehicle Center in Dearborn, Michigan, on Sept. 8, 2022. Jeff Kowalsky | AFP | Getty Images Shares of Ford Motor traded sharply lower Friday after the company reported earnings that missed estimates and said that demand for its electric vehicles was… Continue reading Ford shares fall 12% after earnings underline worries about costs and EV plans
Chinese smartphone maker Xiaomi releases a new operating system as it plans car integration
The Xiaomi HyperOS logo is displayed on a smartphone. Sopa Images | Lightrocket | Getty Images BEIJING — Chinese smartphone and appliance maker Xiaomi announced late Thursday a new operating system — as it seeks to develop its ecosystem with the imminent release of its own car. Xiaomi shares rose more than 1% in Hong… Continue reading Chinese smartphone maker Xiaomi releases a new operating system as it plans car integration
Cruise pauses all driverless operations after collisions with pedestrians, permit suspensions in California
A Cruise vehicle in San Francisco, California, on Wednesday Feb. 2, 2022. David Paul Morris | Bloomberg | Getty Images Cruise, the autonomous vehicle startup owned by General Motors, has paused all of its driverless operations after collisions led to investigations, a disagreement with state regulators, and a suspension of its licenses in California earlier… Continue reading Cruise pauses all driverless operations after collisions with pedestrians, permit suspensions in California
Ford will postpone about $12 billion in EV investment as buyers become more cautious
Ford workers produce the electric F-150 Lightning pickup on Dec. 13, 2022 at the automaker’s Ford Rouge Electric Vehicle Center (REVC). Michael Wayland | CNBC As a result, it’s postponing about $12 billion in planned spending on new EV manufacturing capacity. Customers’ reluctance to pay extra for EVs has complicated Ford’s ambitious and expensive plans… Continue reading Ford will postpone about $12 billion in EV investment as buyers become more cautious
Hertz pulls back on EV plans citing Tesla price cuts, high repair costs
Tesla Model 3 electric vehicles at a Hertz airport location. Photo by E.R. Davidson Hertz is pumping the brakes on plans to electrify more of its rental car fleet after EV repair costs came in higher than the company anticipated, and after Tesla price cuts reduced the resale value of the majority of electric cars… Continue reading Hertz pulls back on EV plans citing Tesla price cuts, high repair costs
Ford misses Wall Street’s Q3 expectations, pulls guidance due to UAW strike, pending deal
2024 Ford F-150 Raptor Ford DETROIT — Ford Motor on Thursday missed Wall Street’s third-quarter expectations, as it restructures its operations and regroups following the end of a nearly six-week U.S. labor strike that in total has cost the company $1.3 billion. Shares of the company fell about 4% in after-hours trading. Due to the… Continue reading Ford misses Wall Street’s Q3 expectations, pulls guidance due to UAW strike, pending deal