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Ford Chairman William Clay Ford Jr. to Speak Amid UAW Strike

by Administrator Forexezy
October 16, 2023
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Ford (F) Executive Chairman, William Clay Ford Jr., is scheduled to address the public at 10 a.m. Eastern time. The purpose of his speech remains a mystery; however, it is likely that he will address the ongoing United Auto Workers (UAW) strike, which has been ongoing for a month. Currently, around 33,000 UAW workers from the Detroit-Three automakers are on strike, with nearly 17,000 of them being Ford employees.

While specific details regarding Ford’s offers to the union have not been disclosed, there have been hints from both the union and the company. Proposed offerings include wage increases ranging around 20% over the course of four years, shorter time requirements for advancing through pay scales, higher top rates for newer employees, improved retirement benefits, and increased paid time off, among other benefits.

Despite these proposed offers, they have yet to bring an end to the strike. One point of contention revolves around battery-plant workers, as the union wants them to be treated as assembly-line workers while Ford prefers to classify them as suppliers. Ford has not yet provided any comments on this matter.

During his address, Chairman Ford Jr. may appeal to the union to reconsider their demands. Alternatively, he may discuss the possibility of locking out workers as a signal of further escalation. Investors will have to wait for his speech to find out.

The UAW strike has had a negative impact on both Ford and General Motors (GM). As of Monday’s trading session, their shares have declined by approximately 21% and 27% respectively over the past three months. In contrast, the S&P 500 has experienced a much smaller decline of about 4%.

On the other hand, Stellantis (STLA) shares have seen a 4% increase. However, it is important to note that Stellantis is a more global company, and its shares are comparatively cheaper than Ford and GM. Stellantis stock is currently trading at less than four times the estimated earnings for 2024, while Ford and GM trade at less than seven and five times respectively.

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Tags: Automotive industryFordInvestorsLabor disputeUAW strike
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