Ford has said that there are still “significant gaps” to close on key economic issues in its negotiations with the United Auto Workers (UAW) union. The two sides have been in talks for a new contract since July 2023, and the current contract expired on September 14, 2023.
In a statement, Ford said that the two sides have made progress on some issues, but that there are still “significant gaps” to close on key economic issues. The company said that it is committed to reaching a fair and equitable agreement with the UAW, but that it is important to reach an agreement that is sustainable for the company and its employees.
The UAW has not commented on Ford’s statement, but it has previously said that it is seeking significant wage increases and improved benefits for its members. The union has also said that it is concerned about job security at Ford, as the company has been moving jobs to Mexico and other countries in recent years.
The headquarters of the American multinational automaker Ford Motor Company are in Dearborn, Michigan. Henry Ford formed it, and on June 16, 1903, it became a legal entity. Under the Ford brand, the corporation sells cars and commercial vehicles, while the Lincoln brand is used for luxury vehicles. In addition, Ford holds a 32% ownership in Jiangling Motors in China. Additionally, it has joint ventures in Thailand (AutoAlliance Thailand), China (Changan Ford), Taiwan (Ford Lio Ho), and Turkey (Ford Otosan).
Based on projected vehicle production through 2022, Ford will be the sixth-largest manufacturer in the world (after Toyota, Volkswagen Group, Hyundai Motor Group, Stellantis, and General Motors) and the second-largest automaker in the United States (behind General Motors). Ford was Europe’s fifth-largest automaker at the end of 2010. The corporation went public in 1956, but the Ford family still holds 40% of the voting rights thanks to special Class B shares. Despite facing financial difficulties during the 2007–2008 financial crisis, the company—unlike the other two main US automakers—did not require government assistance.
The current Ford UAW labor contract expired on September 14, 2023. The two sides have been in negotiations for a new contract since July 2023.
Ford is likewise making significant investments in electric cars. The Mustang Mach-E SUV, the F-150 Lightning pickup truck, and the E-Transit van are among the new electric cars the business wants to introduce in the upcoming years.
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