Tuesday, February 4

Tag: auto industry

Ford, Stellantis, and GM workers overwhelmingly ratify new contracts that raise pay across industry
18Nov By adminNo Comments
Money

Ford, Stellantis, and GM workers overwhelmingly ratify new contracts that raise pay across industry

The United Auto Workers union overwhelmingly ratified new contracts with Ford and Stellantis, along with a similar deal with General Motors will raise pay across the industry, force automakers to absorb higher costs and help reshape the auto business as it shifts away from gasoline-fueled vehicles.Workers at Stellantis, the maker of Jeep, Dodge and Ram vehicles, voted 68.8% in favor of the deal. Their approval brought to a close a contentious labor dispute that included name-calling and a series of punishing strikes that imposed high costs on the companies and led to significant gains in pay and benefits for UAW workers.The deal at Stellantis passed by a roughly 10,000 vote margin, with ballot counts ending Saturday afternoon. Workers at Ford voted 69.3...
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Honda recalls almost 250,000 Pilot, Odyssey and other vehicles. See the list.
18Nov By adminNo Comments
Money

Honda recalls almost 250,000 Pilot, Odyssey and other vehicles. See the list.

Honda is recalling almost 250,000 vehicles in the U.S. because their bearings can fail, causing the engines to stall and increasing the risk of a crash.The recall includes the following makes and model years:Acura/MDX: 2016-2020Acura/TLX: 2015-2020Honda Odyssey: 2018-2019Honda Pilot: 2016, 2018-2019Honda Ridgeline: 2017, 2019Honda said in documents posted Friday by the National Highway Traffic Safety Administration that connecting rod bearings in the engine can "wear and seize, damaging the engine." The issue, due to a manufacturing error, could cause the vehicles' engines to run improperly or stall while being driven, increasing the risk of a fire, crash or injury.The automaker says in documents that it has 1,450 warranty claims due t...
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General Motors becomes 1st of Detroit automakers to seal deal with UAW members
16Nov By adminNo Comments
Money

General Motors becomes 1st of Detroit automakers to seal deal with UAW members

Auto industry expert discusses latest GM-UAW tentative agreement Auto industry expert discusses latest GM-UAW tentative agreement 04:19 United Auto Workers union members have voted to approve a new contract with General Motors, making the company the first Detroit automaker to get a ratified deal that could end a contentious and lengthy labor dispute. A vote-tracking spreadsheet on the union's website shows that with all local union offices reporting, the contract passed by just over 3...
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UAW reaches tentative labor agreement with General Motors
30Oct By adminNo Comments
Money

UAW reaches tentative labor agreement with General Motors

General Motors, UAW reach tentative agreement on new contract General Motors, UAW reach tentative agreement on new contract 00:17 The United Auto Workers on Monday reached a tentative agreement on a new labor contract with General Motors, a move that is expected to end the union's six-week strike against Detroit's Big 3 automakers.The deal features a 25% wage increase across a four-and-a-half year deal with cost of living adjustments, the Associated Press reported. The deal mirrors a t...
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UAW reaches tentative agreement with Stellantis, leaving only GM without deal
29Oct By adminNo Comments
Money

UAW reaches tentative agreement with Stellantis, leaving only GM without deal

The United Auto Workers have reached a tentative contract agreement with Stellantis, the union announced Saturday evening, edging the labor union closer to ending a 6-week strike that has dented Detroit's Big 3 automakers and idled thousands of their employees."On day 44 of our stand-up strike, I am honored to announce that our union is again victorious," UAW President Shawn Fain said in a video posted to social media. Stellantis Chief Operating Officer Mark Stewart also confirmed the deal in a statement to CBS News, saying the company looks forward to "welcoming our 43,000 employees back to work and resuming operations." The deal with Stellantis — which owns Chrysler, Dodge, Jeep and Ram, along with several foreign auto-brands — comes three days after ...
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Slammed by interest rates, many Americans can’t afford their car payments
28Oct By adminNo Comments
Money

Slammed by interest rates, many Americans can’t afford their car payments

A growing percentage of Americans are falling behind on their car payments, squeezed by rising auto loan interest rates, stubborn inflation and the end to federal pandemic aid.Recent data from Fitch Ratings found that 6.1% of subprime borrowers were delinquent, or at least 60 days past due, on their auto loan as of September — the highest share recorded by the credit rating agency since it first started tracking the figure in 1994. "Delinquencies are climbing and have been increasing incrementally since government stimulus from the pandemic ended," Margaret Rowe, senior director at Fitch Ratings, told CBS MoneyWatch. "More recently, persistent inflation, the erosion of real income and the exhausting of pandemic-related savings are making it harder for subprime borrowers to service their d...
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Ford Chairman Rebukes Auto Union For Striking At Truck Plant
16Oct By adminNo Comments
Business

Ford Chairman Rebukes Auto Union For Striking At Truck Plant

The executive chairman of Ford Motor Company broke his silence on the monthlong auto workers strike on Monday and said the work stoppage could “devastate local communities” if it continues.Bill Ford, the great-grandson of Henry Ford and the company’s chairman since 1999, also criticized the United Auto Workers union for recently shutting down the company’s Kentucky Truck Plant, where it produces highly profitable large pickups and SUVs. Workers walked out of the Louisville facility, which employs 8,700, in a surprise strike last Wednesday.“Shutting down that plant harms tens of thousands of Americans right away — workers, suppliers and dealers alike,” Ford said in his speech at the Rouge, the company’s historic manufacturing facility in Dearborn, Michigan. “It hurts the communities that d...
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UAW may expand strike as talks with Big Three automakers fail to yield breakthrough
29Sep By adminNo Comments
Money

UAW may expand strike as talks with Big Three automakers fail to yield breakthrough

The United Auto Workers is expected on Friday to announce additional work stoppages at Detroit's Big Three carmakers, expanding a strike that has already shuttered assembly plants, parts distribution centers and other facilities across more than 20 states.UAW President Shawn Fain is scheduled to appear in a broadcast on Facebook at 10 a.m. to give an update on the status of labor negotiations with Ford, General Motors and Stellantis (the parent company of Chrysler, Dodge, Jeep and Ram, along with a number of foreign brands). The UAW launched its "stand-up strike" — a rhetorical nod to the "sit-down" strike by GM workers in Flint, Michigan, in the 1930s — on September 15 when nearly 13,000 autoworkers halted work at Big Three assembly plants Michigan, Missouri and Ohio. A week later, anoth...
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Joe Biden’s Visit to a U.A.W. Picket Line Was a Powerful Political Gesture
27Sep By adminNo Comments
Entertainment

Joe Biden’s Visit to a U.A.W. Picket Line Was a Powerful Political Gesture

At lunchtime on Tuesday, Joe Biden became the first sitting U.S. President to join a picket line. Outside General Motors’ Willow Run Redistribution Center, in Belleville, Michigan—not far from Detroit—Biden greeted a group of striking members of the United Auto Workers union. He told the workers that they had saved the automobile industry during the economic crisis of 2008-09 and made a lot of personal sacrifices. (These included taking wage cuts.) Now that the auto industry was doing “incredibly well,” Biden said through a bullhorn, “you should be doing incredibly well, too.”It wasn’t a new message. The day the strike began, Biden said that record profits at the Big Three U.S. automakers—Ford, General Motors, and Stellantis—should mean record pay contracts for the U.A.W. workers. But it’...
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