Ford's Michigan assembly workers overwhelmingly approved a new UAW contract, marking progress in strike negotiations, while Ford faces challenges meeting EV production targets, notably with the F-150 Lightning and Mustang Mach-E. BMW reported strong Q3 sales growth, driven by an 80% surge in EV sales, despite a slight net profit decline due to its Chinese joint venture. US car sales rose modestly but fell short of forecasts amid economic pressures and strikes. Chinese EV startup NIO plans a 10% workforce cut amid a competitive market but continues to grow sales. Ford also acquired power startup AMP to boost EV charging tech and expanded its Bronco off-roading program to non-owners. Acura updated the 2024 TLX with refreshed styling and tech upgrades.
Topics:uaw contract approvalford ev production challengesbmw ev sales growthus car sales trendsnio workforce reductionford amp acquisitionbronco off-roading programacura tlx 2024 updateautomotive labor strikeselectric vehicle market
- Ford Michigan Assembly UAW Workers Approve New Deal - Ford’s EV Sales Slowing - BMW’s EV Sales Soar 80% - U.S. October Car Sales Below Analyst Forecasts - NIO Plans 10% Jobs Cut - Ford Acquires Power Startup AMP - Bronco Off-Roadeo Program Now Open to Non-Owners - Acura Upgrades the TLX for 2024
"...taking reservations now. Acura is upgrading the t TLX for twenty twenty four. Most notably, the front e..."
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This is out Aligned Daily, the show dedicated to enthusiasts of the global automotive industry. The UAW is quickly working through its five step program. The first
step was the Tenet of Agreements, and it's already to step three with Ford and Stillantis, which was live streams to go over the highlights of the contracts with workers. And since the UAW first came to an agreement with Ford,
it's the furthest along workers at Ford's Michigan assembly plant are already on step five and overwhelmingly voted in favor of the new contract. Eighty one percent of production
workers and ninety percent of skilled tradespeople said yes to the new deal, although it did not say how many of the forty eight hundred workers voted. This
was the first plant from Ford to go on strike, so the workers there might have the most incentive to get a deal done. However, the new
contracts do include backpay for strikers and people that were laid off, which is reported to be about one hundred and ten dollars for every day that they were out of work. Now it's Stalantis's turn to move on to steps four and
five. It only took Ford a few days to go from the step three
live stream to starting votes at plants, so we're expecting a similar progression from Stalantis, and we might be seeing another sign of the impact of the strike on Ford. The company including Lincoln, sold a shade under one hundred and
fifty thousand vehicles in the US last month, which was down five percent compared to last year, and it wouldn't be surprising to see more sales numbers in the red as strikes impacted production. We also might have a reason for why
Ford delayed a battery plant with sk Innovation in Kentucky and is cutting overall EV spending by twelve billion bucks. While its overall BEV sales were up nine percent
last month in the US, that's down from the thirteen percent growth for the full year. Sales of the F one to fifty Lightning are up over fifty
percent to three thousand, seven hundred and twelve units, but Ford had plans to be making twelve thousand, five hundred Lightnings every month by the end of the year, and it's not going to do that if it's only selling less than four thousand a month. The mache is also struggling. Sales last month
were down eleven percent year over year and over fifty percent when compared to September, and like the Lightning, the Machee is likely to miss its production targets by a wide margin. BMW reported its third quarter earnings and the results are
pretty good. The automakers sold about six hundred and twenty one thousand, seven
hundred vehicles, up nearly six percent compared to last year, including mini and rolls. Royce. Bev's helped fuel that growth as well. The group sold
nearly ninety four thousand, which is up about eighty percent from a year ago.
Beev's now account for fifteen percent of its total sales, which is its target for the full year. Its revenue of thirty five and a half billion
euros in Q three is an increase of three point four percent. It posted
an ebit of four point four billion euros, an eighteen percent gain, and its net profit of two point nine billion euros was actually a drop of seven point seven percent. BMW blames the slide and net profit on taking a majority
control of its Chinese joint venture with Brilliance last year, which boosted its net profit in twenty twenty two. Even so, BMW says it's on track to
meet its goals for the full year. Car sales in the US were up
last month. According to Global Data. Automakers sold and estimated one point two
million vehicles in October, which is up one point eight percent from a year ago, but that was actually below forecasts that estimated a three to four percent increase in sales. The slower growth is blamed on the UAW strikes, student
loan payments resuming, and other economic issues. The SAR, or seasonally adjusted
annual sales rate, was fifteen and a half million units last month, which was down from September's fifteen point sixty nine million units, but it is up significantly from October twenty twenty two's fourteen point seven million figure. While average transaction
prices still remain high at forty five thousand, six hundred and fifty one dollars, it was a drop of four hundred and fifty one dollars from a year ago, so hopefully that's a trend that continues. A highly competitive home market
and a slight dip in b EV demand are having a big impact on Chinese EV startup Neo. Due to those factors, it says it will cut its
workforce up to ten percent this year. Since it only sells b EV's,
Neo has been hit harder than other automakers that also sell hybrids and pee haves.
But the good news for Neo is that it continues to increase sales.
It sold nearly one hundred and ten thousand vehicles so far this year, which is up over thirty three percent compared to last year. However, not everyone
is in the same boat as Neo, and we expect a lot more shakeup in the Chinese market. As we said earlier in the show, Ford is
struggling to meet its EV ambitions, but it is trying to make its vehicles more attractive to customers. It's buying power startup AMP and will absorb the business
into its all electric division called Ford Model E. AMP will help Ford improve
its power battery in charging management on future evs, although no word on what it's spending on the deal. Ford is opening its Bronco off Roading program to
non Bronco owners. New Bronco owners get a complementary ten hour off roading training
session, but now non owners can enjoy a similar four hour experience. Ford
provides the Bronco along with trail experts to help Guide participants. Packages start just
under eight hundred bucks and includes you and three guests. The program is available
at three locations across the US, mont Potes in Las Vegas, moab Utah, and Horseshoe Bay, Texas. If you're interested, Ford is taking reservations
now. Acura is upgrading the t TLX for twenty twenty four. Most notably,
the front end styling has been updated with a new facia and different grill pattern, and the design of the rear has also been massaged. The technology
package, which is now standard, includes nineteen inch wheels, leather seating, and upgraded audio system and ambient LED lighting. Other standard features include a twelve
point three inch display screen and new safety tech. The powertrains are the same
as before. The base setup is a two liter four cylinder turbo made it
to a ten speed automatic transmission, while the Type S comes with a three liter turbov six that's made it to a sport tuned ten speed auto. The
new ACCURATELX will arrive at dealerships later this month in the US, but no word on pricing just yet. And that brings us to the end of today's
show. Thanks for joining us, and I hope that you have a great
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