TECH - Ford Worksport Hyundai Stellantis And Tesla Bring Some Much-Needed Good News From The Automotive Universe | Benzinga
On Thursday before the bell, Ford Motor (NYSE: F) shares rose 3% before the bell as it reached a tentative deal with the UAW. Shares of General Motors (NYSE: GM) also followed with a 1% rise as analysts expected the automaker to follow Ford’s footsteps and end an unprecedented strike that the consultancy Anderson Economic Group estimated to have had an economic cost of $9.3 billon. Also today, Stellantis (NYSE: STLA) revealed that it will be buying a 21% stake in Leapmotor, a Chinese EV maker, for $1.6 billion in attempt to revive its appeal in China.
As Ford saved its most lucrative segment from further losses, another pickup player from the automotive parts zone, Worksport Ltd (NASDAQ: WKSP) announced today its hard-folding tonneau covers received interest from a leading Canada-based automotive aftermarket reseller.
Ford Ends The Strike
Ford and the UAW agreed upon a 25% wage hike over the 4-1/2-year contract, beginning with an initial increase of 11%. General Motors as well as Stellantis previously offered a 23% increase in wages. The ratification of 57,000 UAW workers employed at Ford will take up to 2 weeks, kicking off on October 29th, upon approval of the deal by the UAW's leadership. Ford’s deal will undoubtedly serve ...