The agreement includes a 10% wage increase for workers during the first year, followed by increases of 2% and 3% during the second and third year. In addition, a $10,000 productivity and quality bonus would be awarded to all employees on the active payroll of the company. Also included are increases to monthly basic benefits and special allowances in benefit and hybrid pension plans.

Representing approximately 5,600 Canadian auto workers, Unifor targeted Ford as part of a larger pattern bargaining tactic. By selecting one of the Detroit Three to negotiate with first, Unifor hoped to set the tone for subsequent deals with other companies.

The post Ford Motors Offers Wage Increases of Up to 25% appeared first on theprimarymarket.com.

In addition to its “integral link pushrod and rocker arm architecture,” as is common in race cars, the Mustang GTD will house its all-new rear suspension and spring setup in its rear trunk.

Farley also spoke on the company’s electric vehicle efforts, admitting to an ongoing issue with the Model e. “The [Model] e business, the volume is ok. We spent the first half getting ready to triple production in the fourth quarter, but the profitability is really challenged,” he said, admitting that while consumers have expressed fondness for the car, they are unwilling to pay premium prices.

Still, Farley claimed that the company’s fortunes should improve upon ironing out some issues, many of which revolve around getting customers adjusted to EVs. Human issues such as charging the EV as necessary and planning routes accordingly are proving challenging, with the company looking to assist by expanding its EV charging network.

The post Ford CEO Unveils New Supercar, Provides EV Update appeared first on theprimarymarket.com.

Ford revealed that it would be compensated with “an amount compatible with the market” as a result of the agreement. The company did not disclose the exact amount.

Chinese electric vehicle manufacturer BYD has exhibited an interest in the complex since mid-2022. The company has repeatedly attempted to engage with Ford and the government of Bahia to negotiate the acquisition of the complex.

BYD revealed its continued interest in the complex in a statement explaining that the company “continues with the planning to invest in the Camacari industrial park, maintaining the necessary negotiations with the Bahia government.”

The post Ford Secures Ownership Of Previously-Shut Brazilian Factory Complex appeared first on theprimarymarket.com.

Top-line revenue for Q2 was $45 billion, outpacing an expected $40.17 billion and improving 12% from the $37.91 billion reported a year earlier. Adjusted earnings per share amounted to $0.72, beating the Wall Street consensus estimate of $0.54 per share. Adjusted EBIT amounted to $3.8 billion.

In terms of its full-year guidance, Ford expects its Ford Blue unit as well as its Ford Ford Pro unit to attain an EBIT of $8 billion a piece. The company’s electric vehicle (EV) unit is expected to continue struggling,however, with its Model E unit expected to incur a full-year loss of $4.5 billion.

Still, Ford CEO Jim Farley expects the company to achieve its EV goals despite this hiccup, explaining, “The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford. EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”

The company expects to reach a 600,000-unit EV production run rate in 2024, en route to achieving its manufacturing goal of 2 million EV units per year.

The post Ford Beats Q2 Profit Estimates Amid EV Unit Slump appeared first on theprimarymarket.com.

The F-150 Lightning Pro EV saw its original price of $59,974 drop to $49,995, while other models were discounted between 6% and 15%. The priciest F-150 Lightning model, Platinum EXT Range, went from $98,074 to $91,995.

According to Ford’s announcement, the lower prices will be applied to dealer stock, meaning that the customers who already ordered the EV but didn’t have it delivered will also benefit.

Ford debuted the Lightning series of EVs back in 2021 and had an initial price of $40,000 for the basic model. However, the surging costs and supply chain prompted the automaker to hike the prices on several occasions.

Despite the hiked prices, F-150 Lightning has seen an increase in sales of 119% in the second quarter of 2023. Overall, Ford EVs were up 11.9% in sales for the first half of the year.

While the numbers indicate that the customers were not discouraged by hiked prices of the F-150 Lightning, Ford still decided to make them more affordable. This is likely a result of an increased inventory and could also indicate that new models might be coming in the fall.  

The post Ford Slashes Prices of F-150 Lightning EV By Almost $10K appeared first on theprimarymarket.com.

“While a supplier part shortage is affecting some of our North American plants, we expect to make up all of the production that is impacted,” Ford announced following the snag.

The decision to resume orders comes as Ford aims to scale its annual production to 150,000 units. The company reiterated this plan upon releasing its Q1 fiscal earnings report last Tuesday.

Despite losses in its electric vehicle business, the company’s earnings beat expectations as its traditional car business, known as Ford Blue, saw an increase in sales alongside its Ford Pro fleet operations. The company’s revenue for the first three months of 2023 reached $39.09 billion, beating estimates of $36.08 billion, while its earnings per share were 63 cents, beating estimates of 41 cents per share.

The post Ford Opens Order for F-150 Despite Production Issue appeared first on theprimarymarket.com.

After cutting the Mach-E price by 8%, Farley expressed an unwillingness to carry out a price-cutting strategy in the same way that company founder Henry Ford did with the Model T starting in 1913.

“You do not want to commoditize the product,” Farley told the Wall Street Journal, adding that he believed the founder’s strategy to be harmful. The resale value for people who bought at higher prices is awful. They never forget. There’s a limit to how far we’ll go.”

In addition to the company’s recent price cut, Farley also spoke of new developments regarding the manufacturing of Ford vehicles. While the likes of General Motors have committed to phasing out features such as Apple CarPlay, Ford has no intention of doing so, with Farley explaining that the company has no choice in the matter due to 70% of its customers in the U.S. being Apple device users.

The post Ford CEO Expresses Concern Over EV Price Cuts appeared first on theprimarymarket.com.

The automaker’s increase in sales is largely attributed to a combination of rising demand and the easing of supply chain restrictions. Ford’s rising sales follow the global trend of rising U.S. sales as shipments to dealers across the industry continue to improve. The exception was Toyota Motor Corp, which reported that it is continuing to experience parts shortages.

Ford reported total first-quarter sales of 475,906 vehicles; up from its sales of 432,132 vehicles during the same period a year earlier.

Automakers across the board faced multiple supply chain disruptions during the height of the pandemic, leading to lower supply levels and multiple delivery setbacks. Such disruptions dwindled over the past year, enabling the likes of Ford to boost their deliveries.

The post Ford’s Quarterly U.S. Sales Surge By Over 10% appeared first on theprimarymarket.com.

According to documents released by National Highway Traffic Safety Administration (NHTSA), the brake issue is related to the rupture-prone front brake hoses that can cause fluid leaking. The models that are most affected by the problem are Ford Fusion and Lincoln MKZ from 2013 and 2018.

“The driver may experience an increase in pedal travel together with a reduction in the rate of deceleration, increasing the risk of a crash,” NHTSA states.

Also, around 220,000 F-150 pickups were recalled due to faulty windshield wiper arms that have been susceptible to breaking.

Ford announced that it would notify the customers that are affected by the recall via letter. The car owners are instructed to contact their local dealership, where they will get a replacement part installed free of charge.

After the news came out, Ford’s shares dropped from $11.72 per share on Friday morning to close at $11.30 per share by the end of the day. The company’s stock lost more than 30 percent of its value in the past year.

The post Ford Stock Dips After 1.5 Million Vehicles Are Recalled Due to Brake and Wiper Issues appeared first on theprimarymarket.com.

The automaker stated it is set to replace the battery packs in the 18 vehicles that had been recalled, however, the company is not aware of any fires or injuries related to the defect. Production of the vehicles took place over a four-week period starting at the beginning of the year.

After an EV battery fire occurred in early February, Ford announced that Monday would see the company recommence all of its on-site production. The fire was not related to the defect identified in the recalled F-150 Lightning vehicles.

Quality actions have already been implemented in response to the setback, with Ford releasing the following statement: “The root cause identified was related to battery cell production at the SK On plant in Georgia. SK On is the automotive battery unit of SK Innovation.”

The company will resume production with a clean stock of battery packs.

The post Ford to Recommence F-150 Lightning Production Next Week appeared first on theprimarymarket.com.

The agreement includes a 10% wage increase for workers during the first year, followed by increases of 2% and 3% during the second and third year. In addition, a $10,000 productivity and quality bonus would be awarded to all employees on the active payroll of the company. Also included are increases to monthly basic benefits and special allowances in benefit and hybrid pension plans.

Representing approximately 5,600 Canadian auto workers, Unifor targeted Ford as part of a larger pattern bargaining tactic. By selecting one of the Detroit Three to negotiate with first, Unifor hoped to set the tone for subsequent deals with other companies.

The post Ford Motors Offers Wage Increases of Up to 25% appeared first on theprimarymarket.com.

In addition to its “integral link pushrod and rocker arm architecture,” as is common in race cars, the Mustang GTD will house its all-new rear suspension and spring setup in its rear trunk.

Farley also spoke on the company’s electric vehicle efforts, admitting to an ongoing issue with the Model e. “The [Model] e business, the volume is ok. We spent the first half getting ready to triple production in the fourth quarter, but the profitability is really challenged,” he said, admitting that while consumers have expressed fondness for the car, they are unwilling to pay premium prices.

Still, Farley claimed that the company’s fortunes should improve upon ironing out some issues, many of which revolve around getting customers adjusted to EVs. Human issues such as charging the EV as necessary and planning routes accordingly are proving challenging, with the company looking to assist by expanding its EV charging network.

The post Ford CEO Unveils New Supercar, Provides EV Update appeared first on theprimarymarket.com.

Ford revealed that it would be compensated with “an amount compatible with the market” as a result of the agreement. The company did not disclose the exact amount.

Chinese electric vehicle manufacturer BYD has exhibited an interest in the complex since mid-2022. The company has repeatedly attempted to engage with Ford and the government of Bahia to negotiate the acquisition of the complex.

BYD revealed its continued interest in the complex in a statement explaining that the company “continues with the planning to invest in the Camacari industrial park, maintaining the necessary negotiations with the Bahia government.”

The post Ford Secures Ownership Of Previously-Shut Brazilian Factory Complex appeared first on theprimarymarket.com.

Top-line revenue for Q2 was $45 billion, outpacing an expected $40.17 billion and improving 12% from the $37.91 billion reported a year earlier. Adjusted earnings per share amounted to $0.72, beating the Wall Street consensus estimate of $0.54 per share. Adjusted EBIT amounted to $3.8 billion.

In terms of its full-year guidance, Ford expects its Ford Blue unit as well as its Ford Ford Pro unit to attain an EBIT of $8 billion a piece. The company’s electric vehicle (EV) unit is expected to continue struggling,however, with its Model E unit expected to incur a full-year loss of $4.5 billion.

Still, Ford CEO Jim Farley expects the company to achieve its EV goals despite this hiccup, explaining, “The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford. EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”

The company expects to reach a 600,000-unit EV production run rate in 2024, en route to achieving its manufacturing goal of 2 million EV units per year.

The post Ford Beats Q2 Profit Estimates Amid EV Unit Slump appeared first on theprimarymarket.com.

The F-150 Lightning Pro EV saw its original price of $59,974 drop to $49,995, while other models were discounted between 6% and 15%. The priciest F-150 Lightning model, Platinum EXT Range, went from $98,074 to $91,995.

According to Ford’s announcement, the lower prices will be applied to dealer stock, meaning that the customers who already ordered the EV but didn’t have it delivered will also benefit.

Ford debuted the Lightning series of EVs back in 2021 and had an initial price of $40,000 for the basic model. However, the surging costs and supply chain prompted the automaker to hike the prices on several occasions.

Despite the hiked prices, F-150 Lightning has seen an increase in sales of 119% in the second quarter of 2023. Overall, Ford EVs were up 11.9% in sales for the first half of the year.

While the numbers indicate that the customers were not discouraged by hiked prices of the F-150 Lightning, Ford still decided to make them more affordable. This is likely a result of an increased inventory and could also indicate that new models might be coming in the fall.  

The post Ford Slashes Prices of F-150 Lightning EV By Almost $10K appeared first on theprimarymarket.com.

“While a supplier part shortage is affecting some of our North American plants, we expect to make up all of the production that is impacted,” Ford announced following the snag.

The decision to resume orders comes as Ford aims to scale its annual production to 150,000 units. The company reiterated this plan upon releasing its Q1 fiscal earnings report last Tuesday.

Despite losses in its electric vehicle business, the company’s earnings beat expectations as its traditional car business, known as Ford Blue, saw an increase in sales alongside its Ford Pro fleet operations. The company’s revenue for the first three months of 2023 reached $39.09 billion, beating estimates of $36.08 billion, while its earnings per share were 63 cents, beating estimates of 41 cents per share.

The post Ford Opens Order for F-150 Despite Production Issue appeared first on theprimarymarket.com.

After cutting the Mach-E price by 8%, Farley expressed an unwillingness to carry out a price-cutting strategy in the same way that company founder Henry Ford did with the Model T starting in 1913.

“You do not want to commoditize the product,” Farley told the Wall Street Journal, adding that he believed the founder’s strategy to be harmful. The resale value for people who bought at higher prices is awful. They never forget. There’s a limit to how far we’ll go.”

In addition to the company’s recent price cut, Farley also spoke of new developments regarding the manufacturing of Ford vehicles. While the likes of General Motors have committed to phasing out features such as Apple CarPlay, Ford has no intention of doing so, with Farley explaining that the company has no choice in the matter due to 70% of its customers in the U.S. being Apple device users.

The post Ford CEO Expresses Concern Over EV Price Cuts appeared first on theprimarymarket.com.

The automaker’s increase in sales is largely attributed to a combination of rising demand and the easing of supply chain restrictions. Ford’s rising sales follow the global trend of rising U.S. sales as shipments to dealers across the industry continue to improve. The exception was Toyota Motor Corp, which reported that it is continuing to experience parts shortages.

Ford reported total first-quarter sales of 475,906 vehicles; up from its sales of 432,132 vehicles during the same period a year earlier.

Automakers across the board faced multiple supply chain disruptions during the height of the pandemic, leading to lower supply levels and multiple delivery setbacks. Such disruptions dwindled over the past year, enabling the likes of Ford to boost their deliveries.

The post Ford’s Quarterly U.S. Sales Surge By Over 10% appeared first on theprimarymarket.com.

According to documents released by National Highway Traffic Safety Administration (NHTSA), the brake issue is related to the rupture-prone front brake hoses that can cause fluid leaking. The models that are most affected by the problem are Ford Fusion and Lincoln MKZ from 2013 and 2018.

“The driver may experience an increase in pedal travel together with a reduction in the rate of deceleration, increasing the risk of a crash,” NHTSA states.

Also, around 220,000 F-150 pickups were recalled due to faulty windshield wiper arms that have been susceptible to breaking.

Ford announced that it would notify the customers that are affected by the recall via letter. The car owners are instructed to contact their local dealership, where they will get a replacement part installed free of charge.

After the news came out, Ford’s shares dropped from $11.72 per share on Friday morning to close at $11.30 per share by the end of the day. The company’s stock lost more than 30 percent of its value in the past year.

The post Ford Stock Dips After 1.5 Million Vehicles Are Recalled Due to Brake and Wiper Issues appeared first on theprimarymarket.com.

The automaker stated it is set to replace the battery packs in the 18 vehicles that had been recalled, however, the company is not aware of any fires or injuries related to the defect. Production of the vehicles took place over a four-week period starting at the beginning of the year.

After an EV battery fire occurred in early February, Ford announced that Monday would see the company recommence all of its on-site production. The fire was not related to the defect identified in the recalled F-150 Lightning vehicles.

Quality actions have already been implemented in response to the setback, with Ford releasing the following statement: “The root cause identified was related to battery cell production at the SK On plant in Georgia. SK On is the automotive battery unit of SK Innovation.”

The company will resume production with a clean stock of battery packs.

The post Ford to Recommence F-150 Lightning Production Next Week appeared first on theprimarymarket.com.