Ford is doing better with labor than either GM or Stellantis. How Come? And is that good news for the stock?
Ford Motor is avoiding the worst of unions’ wrath in heated 2023 labor negotiations. That should have investors asking why. And asking whether that’s a good thing for the stock down the road.
His people-point is interesting. Ford has about 173,000 employees worldwide, about 86,000 in the U.S. Of the 86,000, about 57,000 are represented by the UAW. About 33% of Ford employees are UAW. Stellantis has its own advantage in UAW negotiations. Most of its operations are outside of the U.S. The Chrysler parent generated $191 billion in 2022 global sales. Less than half came from North America, according to FactSet. GM generated about $144 billion in automotive sales in 2022. Almost 90% came from North America. Ford, for its part, generated about $149 billion in auto sales in 2022 with more than 70% generated in North America.
Ford’s reputation with labor wasn’t always positive. Company founder Henry Ford was anti-union. What’s more, Ford was the last of the major auto makers to agree to a contract with the UAW in 1941. GM’s message is a little different. “Where our employees are at right today, it’s a good middle-class wage, that we’ll work through the negotiations and manage that and manage the overall cost like we do every time,” said Barra in November 2022. Barra added in a September 14 video that GM has made “compelling and unprecedented” offers and that the company has been bargaining “in good faith.” pointing out that GM is trying to compete against non-unionized auto makers around the globe.
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