General Motors (GM) OSHA recommends fines for GM joint venture battery plant

Stellantis (STLA), Ford (F) layoff 1,250 additional workers as UAW strike continues

October 16, 2023 9:05 AM EDT

Chrysler-parent company Stellantis (NYSE: STLA) and Ford Motor (NYSE: F) announced on Friday that they would be implementing temporary layoffs for 1,250 employees, citing the repercussions of the ongoing United Auto Workers (UAW) strike.

In light of the strike, Stellantis disclosed that 1,340 employees are... More

UAW escalates strike with surprise walkout at Ford (F) Kentucky plant

October 12, 2023 8:46 AM EDT

The United Auto Workers (UAW) union began a surprise strike against Ford Motor, specifically targeting the automaker's most profitable SUV and pickup truck production facility in Kentucky.

This unexpected strike started at 6:30 p.m. Eastern Time on Wednesday, disrupting operations at Ford's Kentucky Truck Plant. This facility is responsible for manufacturing Ford Super Duty pickups, along with the Ford Expedition and Lincoln Navigator SUVs. The workforce at this plant comprises 8,700 UAW members.

The strike raises places additional... More

Ford says it is 'at the limit' with UAW contract offer

October 12, 2023 6:13 AM EDT

By Joseph White, David Shepardson and Abhirup Roy

DETROIT/WASHINGTON (Reuters) - A senior Ford executive said Thursday the automaker is "at the limit" of what it can spend on higher wages and benefits for the United Auto Workers, and warned the union's strike at the company's most profitable factory could harm workers and slash profits.

"We have been very clear that we are at the limit," Kumar Galhotra, head of Ford's combustion vehicle unit, said during a conference call Thursday. "We stretched to get to this point. Going further will hurt our ability to invest in the... More

The UAW's 'record contract' hinges on pensions, battery plants

October 11, 2023 12:23 PM EDT

By Joseph White

DETROIT (Reuters) - After nearly four weeks of disruptive strikes and hard bargaining, the United Auto Workers and the Detroit Three automakers have edged closer to a deal that could offer record-setting wage gains for nearly 150,000 U.S. workers.

General Motors, Ford Motor and Chrysler parent Stellantis have all agreed to raise base wages by between 20% and 23% over a four-year deal, according to union and company statements.

Ford and Stellantis have agreed to reinstate cost-of-living adjustments, or COLA. The companies have offered to boost pay for temporary workers and give them a faster path... More

Stellantis (STLA) and Samsung will build a 2nd joint EV battery plant in Indiana

October 11, 2023 8:52 AM EDT

Stellantis (NYSE: STLA) and South Korea's Samsung SDI Co Ltd revealed on Wednesday the two companies their plans to establish a second electric vehicle battery facility in Kokomo, Indiana, which happens to be the hometown of United Auto Workers President Shawn Fain.

The union leader is presently engaged in a dispute with the Detroit Three automakers regarding union representation in new battery plant establishments.

Stellantis and SDIs... More

Samsung SDI, Stellantis choose Indiana for second joint EV battery plant

October 11, 2023 6:08 AM EDT

By Heekyong Yang and Joseph White

SEOUL (Reuters) -Stellantis and South Korea's Samsung SDI Co Ltd on Wednesday said they will build a second electric vehicle battery plant in Kokomo, Indiana, the hometown of United Auto Workers President Shawn Fain.

The union leader is currently fighting with the Detroit Three automakers over union representation of new battery factories. The UAW had no immediate comment about the announcement.

Stellantis and SDI said their second joint battery factory in Indiana is scheduled to open in 2027, and could employ 1,400 workers. The two companies would have a combined annual production... More

General Motors (GM) reaches tentative agreement with Canadian union to end strike

October 10, 2023 3:00 PM EDT

General Motors (NYSE: GM) and the Canadian labor union Unifor have reached a preliminary agreement on Tuesday, just hours after union employees initiated a strike at three GM facilities.

The union revealed that this preliminary agreement aligns with the prior agreement Unifor had established with Ford Motor (NYSE:... More

General Motors Canada, Unifor Union Reach Tentative Agreement - Bloomberg

October 10, 2023 1:37 PM EDT

General Motors Canada, Unifor Union Reach Tentative Agreement - Bloomberg

... More

GM Defense (GM) and Anduril Announce Teaming Agreement

October 10, 2023 8:33 AM EDT

GM Defense LLC, a subsidiary of General Motors (GM) (NYSE: GM), and Anduril Industries, Inc. announced a teaming agreement, establishing a framework to collaborate on defense program capture activities. The team is focused on delivering autonomy solutions, battery electrification and other new propulsion technologies, as well as those integrating the full range of Anduril technologies onto GM Defense mobility solutions.

The announcement aligns with the... More

These 15 stocks could surprise as Q3 earnings season is about to start - HSBC

October 10, 2023 8:14 AM EDT

The Q3 earnings season is here and analysts are out with their preview notes on what investors can expect from companies.

After experiencing three consecutive quarters of declines, earnings for the S&P index are anticipated to finally show a year-on-year increase in the third quarter of 2023. However, these expectations are relatively modest, according to HSBC, with consensus estimates suggesting meager growth of 1% year-on-year and 2.5% quarter-on-quarter.

Despite this, HSBC strategists led by Nicole Inui argue that the expectations are overly pessimistic.

Q3 Earnings Expectations

In the first and second quarters, earnings exceeded... More

General Motors (GM) PT Lowered to $43 at UBS

October 10, 2023 7:15 AM EDT

UBS analyst Patrick Hummel lowered the price target on General Motors (NYSE: GM) to $43.00 (from $44.00) while maintaining a Buy rating.... More