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Nov. 24, 2015, 1:58 AM
- Ford (NYSE:F) is the latest automaker to say it will not equip future cars with Takata (OTCPK:TKTDY) air bag inflaters that use ammonium nitrate, the chemical propellant that has been linked eight deaths and more than 100 injuries worldwide.
- Ford's auto recalls with Takata airbags have so far affected about 1.5M vehicles, including certain older model-year Ford Mustangs, Ford GTs and North American-built Ford Rangers.
- Previously: More automakers distance themselves from Takata (Nov. 08 2015)
- Previously: Takata shares plunge as automakers reconsider inflators (Nov. 05 2015)
- Previously: Honda drops Takata as supplier following U.S. fine (Nov. 04 2015)
Nov. 23, 2015, 12:19 PM| Nov. 23, 2015, 12:19 PM | 24 Comments
Nov. 21, 2015, 12:02 AM
- Ford (NYSE:F) workers narrowly voted to approve their new four-year labor agreement after receiving tallies from plants in Dearborn, Mich.
- The Detroit Free Press reports that the Dearborn truck plant, with more than 4,300 workers, voted 74% in favor, which apparently was enough to carry all of the Local 600 union to passing the vote and in turn ensuring the entire contract was ratified.
- Ford is the final Detroit automaker to reach a new national agreement after GM's deal was ratified Friday following a two-week delay.
Nov. 20, 2015, 7:25 PM
- The United Auto Workers union ratifies a four-year labor agreement with General Motors (NYSE:GM), after most rank-and-file GM workers voted in favor of the new contract two weeks ago.
- The new contract, which goes into effect on Monday, calls for raises for all workers and the end of the two-tiered pay system; average labor costs, of which pay is nearly half, for GM workers will be $60/hour by 2019, up from $55 now, according to a new study by labor analysts released today.
- Meanwhile, the UAW is racing to save a proposed labor deal with Ford (NYSE:F) that would mark a significant setback if rejected; a vote today at a Dearborn, Mich., plant is considered critical, and earlier plant tallies had contract opponents leading by ~1,500 votes.
- Earlier: New Ford-UAW deal in jeopardy with younger workers unsettled (Nov. 18)
Nov. 19, 2015, 9:16 AM
- The latest unofficial tally show 53% of UAW workers oppose the new national labor agreement with Ford (NYSE:F).
- The contract includes an $8.5K signing bonus and a $1.5K early profit-sharing plan, but doesn't have wide support with new workers.
- The stakes are high for the UAW with the automaker eyeing Mexico for some production.
- Shares of Ford closed at $14.46 yesterday and haven't traded over $16 since last April.
Nov. 18, 2015, 3:22 PM
- Ford's (NYSE:F) deal with the UAW appears to be in some trouble with 52% of the early votes rejecting the negotiated contract.
- Newer UAW members are providing the most resistance over the length of time it takes for younger workers to reach the top wage level. There's some worry that the group doesn't fully understand that a rejected contract will reset all the negotiating points when talks resume.
Nov. 18, 2015, 10:12 AM
- Ford (F +0.6%) will show off a production version of the 2017 Lincoln MKZ at the Los Angeles Auto Show today.
- The new MKZ will feature options for crash avoidance technology and automatic driving capabilities. Updates aimed at the millennial generation also include lighting features, stereo system upgrades, and a new sports mode.
- Ford is investing a lot of money in the Lincoln brand with a stated goal to triple global sales to over 300K units by 2020.
Nov. 18, 2015, 5:16 AM
- Ford (NYSE:F) is set to unveil the latest version of its luxury car the Lincoln MKZ at the Los Angeles Auto Show later today.
- The 2017 MKZ features a new grille design, a three-liter turbo-charged engine, 400 horsepower vs 300 HP on the current model, and an all-wheel drive system.
- Ford has also installed a new interior look and will offer optional crash-avoidance technology and a feature that will automatically slow and accelerate the car in traffic.
- The MKZ competes with GM's (NYSE:GM) Cadillac ATS, BMW's (OTCPK:BAMXF) 3-series, Daimler's (OTCPK:DDAIF) Mercedes-Benz C-Class and Audi's (OTCQX:VLKAF) A4 in the $36,000-$50,000 price category.
Nov. 17, 2015, 2:00 PM
- Ford (F +1%) is shifting strategy around its view that the SUV market will grow to 40% of all light vehicles sales in the U.S. by 2020 from a current level of 33%.
- Global sales exec Stephen O'Dell thinks the segment could fragment in different directions due to the strong demand.
- SUV sales are up over 10% for the automaker this year. Ford will unveil the new version of its Escape SUV at the L.A. Auto Show next week.
Nov. 17, 2015, 7:44 AM
- Ford (NYSE:F) car registrations +1.7% to 77,272 units in October, according to the European Automobile Manufacturers Association.
- Overall EU registrations +2.9% Y/Y to 1,394,223 units in October, led by strong demand in italy and Spain. Registrations in Germany and France were up 1%.
- Ford market share: 7.0% vs. 7.1% a year ago.
- Ford YTD registrations +6.5%.
- EAMA release (.pdf)
Nov. 16, 2015, 12:18 PM
Nov. 16, 2015, 7:16 AM
- Ford (NYSE:F) and Fiat Chrysler Automobiles (NYSE:FCAU) will build nearly all mass-market passenger cars abroad by 2019 as a result of the higher labor costs in the new UAW deals, observes Automotive News. General Motors (NYSE:GM) is likely to keep a much higher percentage of passenger car manufacturing in the U.S., although it's also making similar moves to import passenger cars.
- The two automaker will focus their U.S. plants on the higher-margin truck and SUV categories in a strategy that could keep profit per vehicles higher.
- A potential risk with the production strategy is the impact on truck and SUV sales if gas prices were to turn sharply higher.
- Previously: GM to sell Made-in-China Buick (Nov. 12 2015)
Nov. 11, 2015, 12:40 PM
Nov. 11, 2015, 10:50 AM
- A reduction by Beijing in new car taxes helped lift deliveries by 13% to 1.94M units in October, according to data from the China Association of Automobile Manufacturers. The strong month follows a mild 3.3% gain in September and three months of negative sales growth over the summer.
- Domestic automakers once again increased sales at a faster clip than global sellers, although General Motors (NYSE:GM), Toyota (NYSE:TM), Nissan (OTCPK:NSANY), and Ford (NYSE:F) all reported strong numbers.
- SUV sales were up 61% Y/Y in a positive sign for profitability.
- The tax cut, which went into effect on October 1, is forecast to help drive sales growth over the next few months.
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Nov. 6, 2015, 3:19 PM
Nov. 3, 2015, 3:49 PM
- U.S. auto sales soared in October with the Detroit Three (F, GM, FCAU) all showing double-digit gains from a year ago. An extra selling weekend helped traffic, while low gas prices drove sales for SUVs and trucks.
- The annual selling rate came in at 18.2M for the month to sail past almost all estimates. Japanese automakers performed strong, while German brands performed better than expected after some spillover from the Volkswagen cheating scandal was anticipated.
- If there's a catch, it might be what the crowding out impact is on broad retail as consumers take on larger auto payments. Retail sales have disappointed in recent months with heavyweights such as Wal-Mart (NYSE:WMT), Target (NYSE:TGT), Best Buy (NYSE:BBY), and Staples (NASDAQ:SPLS) unable to pull off the comps the auto sector is rolling out.
- U.S. auto sales reports
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