Ford Motor (NYSE: F) Executive Chair Bill Ford spoke on You Tube live this morning expressing his view on the Future of American Manufacturing. The eight minute talk came after Canadian Unifor members ratified at GM yesterday the pattern contract first reach with Ford. A more significant development came this morning when JP Morgan in an investors note said Ford Motor is now losing ~$44 million a day after the UAW struck its most profitable plant in Kentucky. Ford is due to report Q3 earnings on 26 October, and it will need to account for ~$500 million it has incurred as the result of its inability to come to an agreement with the UAW. Needless to say, Ford stock is under downward pressure and half a billion dollars – thus far – has been noticed on the 14th floor of Ford World headquarters in Dearborn, as well as in the global financial markets starting with Wall Street. (AutoInformed: No Surprise as UAW Strikes at Ford’s Kentucky Truck Plant; UAW Shifts Tactics – No New Strike Actions Today; Canadian Unifor Members Approve GM Pattern Agreement)
“Every set of negotiations has been challenging. But at the end of the day, we’ve always recognized that we’re all Ford and we will succeed or fail together. We know how vital the UAW is to the success of our company. And we want our employees to do well. We didn’t wait for the current contract talks to create thousands of jobs or invest billions of dollars beyond what was required by the letter of a deal. And we agree that our UAW colleagues deserve even more and that’s why we’ve offered a record contract, which would make our UAW employees among the best paid manufacturing workers in the world,” Ford said.
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“Despite this, the UAW leaders decided to escalate and strike our Kentucky truck plant last week. Shutting down that plant harms tens of thousands of Americans right away, workers, suppliers and dealers alike… If it continues, it will have a major impact on the American economy and devastate local communities. The supply base is very fragile, and we’ll start collapsing with an expanded strike. But it doesn’t have to go that way.
“We can stop this now and I call on my great UAW colleagues, some of whom I’ve known for decades, many are close personal friends. We need to come together to bring an end to this acrimonious round of talks. I still believe in a bright future, one that we can build together. I still believe the automobile industry is a major force for good in our country and we will continue to be there when America needs us most.
“Ford has strong leaders, and the best product lineup we’ve ever had, and a talented workforce. This is an incredible chapter in Ford’s history. If we seize this moment, it will mean jobs, profit sharing and security. And growth and prosperity for all of us. But the price of failure should be clear to everyone as well.
“Let me close with this. After 120 years, Ford is still a family company. Unlike the pundits and politicians who’ve been weighing in on this conversation. This is deeply personal to me. When the TV cameras turn off, I’ll still be here,” Bill Ford, the great grandson of company founder Henry Ford, concluded.
Bill Ford Asks UAW to Choose His View of the Right Path
Ford Motor (NYSE: F) Executive Chair Bill Ford spoke on You Tube live this morning expressing his view on the Future of American Manufacturing. The eight minute talk came after Canadian Unifor members ratified at GM yesterday the pattern contract first reach with Ford. A more significant development came this morning when JP Morgan in an investors note said Ford Motor is now losing ~$44 million a day after the UAW struck its most profitable plant in Kentucky. Ford is due to report Q3 earnings on 26 October, and it will need to account for ~$500 million it has incurred as the result of its inability to come to an agreement with the UAW. Needless to say, Ford stock is under downward pressure and half a billion dollars – thus far – has been noticed on the 14th floor of Ford World headquarters in Dearborn, as well as in the global financial markets starting with Wall Street. (AutoInformed: No Surprise as UAW Strikes at Ford’s Kentucky Truck Plant; UAW Shifts Tactics – No New Strike Actions Today; Canadian Unifor Members Approve GM Pattern Agreement)
“Every set of negotiations has been challenging. But at the end of the day, we’ve always recognized that we’re all Ford and we will succeed or fail together. We know how vital the UAW is to the success of our company. And we want our employees to do well. We didn’t wait for the current contract talks to create thousands of jobs or invest billions of dollars beyond what was required by the letter of a deal. And we agree that our UAW colleagues deserve even more and that’s why we’ve offered a record contract, which would make our UAW employees among the best paid manufacturing workers in the world,” Ford said.
Click for more.
“Despite this, the UAW leaders decided to escalate and strike our Kentucky truck plant last week. Shutting down that plant harms tens of thousands of Americans right away, workers, suppliers and dealers alike… If it continues, it will have a major impact on the American economy and devastate local communities. The supply base is very fragile, and we’ll start collapsing with an expanded strike. But it doesn’t have to go that way.
“We can stop this now and I call on my great UAW colleagues, some of whom I’ve known for decades, many are close personal friends. We need to come together to bring an end to this acrimonious round of talks. I still believe in a bright future, one that we can build together. I still believe the automobile industry is a major force for good in our country and we will continue to be there when America needs us most.
“Ford has strong leaders, and the best product lineup we’ve ever had, and a talented workforce. This is an incredible chapter in Ford’s history. If we seize this moment, it will mean jobs, profit sharing and security. And growth and prosperity for all of us. But the price of failure should be clear to everyone as well.
“Let me close with this. After 120 years, Ford is still a family company. Unlike the pundits and politicians who’ve been weighing in on this conversation. This is deeply personal to me. When the TV cameras turn off, I’ll still be here,” Bill Ford, the great grandson of company founder Henry Ford, concluded.