TECH - Ford Ended The UAW Strike But It Did It At A High Cost Along With Having To Hit The Breaks On Its EV Plans | Benzinga
Unlike its Detroit rival General Motors (NYSE: GM) who topped Wall Street revenue and profit estimates with its third quarter results, Ford Motor (NYSE: F) fell short of estimates, with its executives attributing the shortfall to the impact of the United Auto Workers’ strike at three of its key U.S. factories, including its truck plant in Kentucky. Upon results, Ford stock closed the week down more than 12%, despite the Blue Oval becoming the first of the three Detroit automakers to reach an agreement with the UAW, with workers returning to their jobs before the new deal is officially ratified. Stellantis (NYSE: STLA) followed its footsteps on Saturday by also reaching an agreement following a template set by the UAW and Ford, leaving only GM without a deal. GM got another hit from the UAW who expanded the strike at its Spring Hill, Tennessee, engine facility, hampering GM's large pickup production and adding to its financial pain.
Third Quarter Highlights
For the third quarter, Ford reported a profit of $1.2 billion, successfully turning from a loss of $827 it made during last year’s comparable quarter. Revenue increased 11% YoY to $44 billion.
Ford reported that is EV unit, Ford Model, lost $1.3 billion on an operating basis during the quarter, which is about doubled compared to the loss from last year’s comparable quarter, ...