A U.S. automotive consultant says Ford is planning to stop making the Edge crossover utility vehicle, which raises questions about the future of the Oakville, Ont., assembly plant that builds it.
Sam Fiorani, vice-president of global forecasting at AutoForecast Solutions, says Ford is in the process of changing its mix of models, and part of that process has led to them scrapping the Edge program.
The news was first reported by Automotive News Canada.
“We are expecting the current Edge to be extended a short time to fill the gap, and then Ford to move on to another product,” Fiorani said in an interview with CBC News.
That could be bad news for the company’s assembly plant, which currently employs 4,200 people. It has been in operation since 1953, and plant currently has enough work to keep it busy through the Edge’s current production cycle. But if the Edge goes away, so could the work.
“We have no intel saying they are planning any product in Oakville as of yet,” Fiorani said.
Ford Canada poured cold water on the report, telling CBC News that the “Edge and the five-passenger midsize SUV segment remain a critical part of Ford’s winning portfolio.”
“We have no plans to exit the segment,” spokesperson Lauren More said.
In 2018, Fiorani correctly predicted that General Motors would halt its current production at its assembly plant in Oshawa, Ont., which came to pass last year.
Union negotiations
The Fiorani report comes as the labour agreement between Ford and Unifor, its largest Canadian union, is set to expire. Negotiations for a new four-year pact are scheduled to begin in September.
“This is the time when Ford would tell the union that it plans to close within the next contract four-year period,” Fiorani said.
In an interview with CBC News, Unifor leader Jerry Dias said that he was “concerned” with the report, but he described it as “premature.”
“Final decisions have not been made yet,” he said. “They sell 200,000 of these a year. It would have to be replaced with something, if in fact it goes away at all.”
Union contracts with the Big Three automakers expire this year. The union’s strategy has historically been to focus on negotiations with one automaker, and then take that deal to the other two for a framework.
“The Ford Oakville plant was already going to be the focus of our contract negotiations this fall with Ford so what this did was certainly put a spotlight on it for good reason,” Dias said.
“We’re going to find a solution.”
Premier weighs in
Speaking to reporters at his daily COVID-19 briefing, Ontario Premier Doug Ford said his government is “concerned” with the report and has been in touch with the automaker and the union.
“When any line in the automotive sector is discontinued or moving down south, it concerns us.”
In addition to the Edge, the Ford plant in Oakville also makes the Lincoln Nautilus, which was already slated to be phased out in 2023.
Last year, Ford ended production of the Ford Flex and Lincoln MKT, which were both assembled at the Oakville plant.
TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.
The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.
The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.
The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.
Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.
Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.
This report by The Canadian Press was first published Nov. 6, 2024.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
