Ford Gains as Union Says Progress Made in Talks
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The United Auto Workers (UAW) appears to be making substantial strides in negotiations with Ford Motor (F:US) ahead of the looming Friday deadline for new labor agreements. This progress is significant as it may help prevent an expansion of the strike involving the Detroit Three automakers.
Ford shares rose over 4% on Friday on the news.
Last week, the UAW initiated unprecedented simultaneous strikes at a single assembly plant for General Motors (GM:US), Ford, and Chrysler's parent company, Stellantis (STLA:US).
If a broader strike were to occur, it would likely encompass plants responsible for manufacturing highly profitable pickup trucks such as GM's Chevy Silverado and Stellantis' Ram.
The United Auto Workers has not disclosed whether it intends to include additional Ford plants in the ongoing strike. However, earlier this week, the UAW indicated that it would not do so if it perceived "significant progress" in the negotiations.
Approximately 12,700 workers from plants in Missouri, Michigan, and Ohio have gone on strike. These plants manufacture vehicles such as the Ford Bronco, Jeep Wrangler, and Chevrolet Colorado, among others.
UAW President Shawn Fain has issued a warning that more of the union's 146,000 members working at the Detroit Three automakers could join the strike if new agreements are not reached by noon EDT (1600 GMT) on Friday.
Ford shares are up just 4.5% following recent weakness on the UAW headlines. Senator Tommy Tuberville announced last week that he sold $100,000 - $250,000 worth of Ford shares in August.
