Unionized Ford workers vote on contract, 'game-changer' electric auto investment - Financial Post | Canada News Media
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Unionized Ford workers vote on contract, 'game-changer' electric auto investment – Financial Post

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4 years ago

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Unifor and Ford announced on Sept. 22 that they had reached a tentative agreement, avoiding a strike and creating a “pattern” the union will use in negotiations with the other two members of the Detroit Three car companies, Fiat Chrysler Automobiles N.V. and General Motors Co.

Collective agreements between the companies and their unionized Canadian workers expired Sept. 21, with Unifor saying it would negotiate next with Fiat Chrysler. 

A summary of the tentative agreement with Ford of Canada, published by Unifor, shows workers would receive wage increases of 2.5 per cent in the first and third years of the contract. They would also receive a one-time “Productivity and Quality Bonus” of $7,250 if the deal is ratified, among other contract details released by the union. 

But the centrepiece of the deal is the $1.95 billion investment in Ford’s Oakville and Windsor, Ont. plants. Concerns about the former’s future beyond 2023 was a key reason why Unifor began its bargaining with Ford.

The Oakville facility is also set to receive the lion’s share of the $1.95 billion, as Unifor says the plant is to be retooled so it can build electric vehiclesafter Edge production is phased out. That $1.8-billion project is to begin in 2024, with the first battery-powered vehicle forecast to roll off the assembly line in 2026, “and hopefully sooner,” the union says.

“This is one of the most significant investment announcements in Canadian automotive history, and is a game-changer for the Canadian auto sector,” the Unifor summary says. “Through this conversion, Oakville will become the first mass production (battery electric vehicle) plant in Canada — and one of only a few currently in North America.”

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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6 days ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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