Ford Motor Company (NYSE:F) shares are trading higher Friday. There were multiple developments this week, including unionization efforts at its Kentucky battery plant and broader industry calls to President-elect Donald Trump to preserve key EV tax credits. Here's what you need to know.
What To Know: Earlier this week, the United Auto Workers (UAW) announced that a supermajority of workers at Ford's BlueOval SK battery plant in Kentucky, a joint venture with SK On, signed union authorization cards.
The workers cited pay and benefit disparities compared to unionized Ford employees as key motivators. UAW stated that BlueOval SK workers earn significantly less than their unionized counterparts, starting pay at $21 per hour compared to $26.32 for Ford's UAW production workers.
Additionally, a group representing major automakers, including Ford, urged the incoming Trump administration to preserve the $7,500 federal tax credit for electric vehicle purchases and support self-driving car technologies. The group also expressed concerns over emissions regulations and potential revisions to rules mandating automatic emergency braking systems. This lobbying effort potentially highlights the auto industry's focus on sustaining momentum in EV and autonomous vehicle development while addressing regulatory challenges.
What Else: On Wednesday, the company announced plans to cut about 4,000 jobs or 14% of its European workforce, due to weak demand for electric vehicles and increasing competition. The layoffs, representing 2.3% of Ford's global headcount, are expected to occur by the end of 2027. Ford's European sales have dropped 17.9% this year, largely due to reduced EV subsidies in markets like Germany, contributing to the company's challenges as its transition to electric vehicles.
F Price Action: Ford Motor shares were up 3.56% at $11.18 at the time of writing, according to Benzinga pro.
Image via Shutterstock.
