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Ford (F) to Invest $3.7B, Add 6.2K-Plus UAW Jobs in 3 States
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Ford Motor Company (F - Free Report) and the United Auto Workers (“UAW”) union recently announced plans to add more than 6,200 U.S. manufacturing jobs in the Midwest, offer permanent positions to nearly 3,000 temporary UAW-Ford workers and provide all hourly employees with healthcare benefits on the first day of employment.
The initiatives are part of the company’s Ford+ growth strategy and also include plans for an all-new global Mustang coupe and Ranger pickup for North America, and an all-new electric commercial vehicle for Ford Pro customers. The Ford+ plan aims to remodel the company’s global automotive business and expedite the development of breakthrough electric, connected vehicles, while leveraging the repute of established players to strengthen operating performance and make use of engineering and industrial capabilities.
The joint pact entails $3.7 billion of investments in manufacturing facilities across Ohio, Michigan and Missouri, which, in turn, are expected to generate an estimated 74,000 indirect ancillary non-Ford jobs nationally. Ford intends to invest $1 billion over the next five years to upgrade the workplace experience for manufacturing employees by extensively identifying the needs of employees. The potential benefits include better access to healthy food, new EV chargers, better lighting in parking lots and more.
Here is a brief outline of the $3.7 billion investment and more than 6,200 new union jobs that span three states.
Michigan has been a vital state for Ford since its founding years. The company has invested nearly $10 billion in the state and created or retained more than 10,000 jobs. It is advancing its long-standing legacy in Michigan by investing another $2 billion to create 3,200 UAW jobs, per the latest UAW contract. It looks to increase production of the all-new F-150 Lightning electric truck to 150,000 per year at Rouge Electric Vehicle Center in Dearborn. It will also include production of an all-new Ranger pickup at Michigan Assembly Plant in Wayne and an all-new Mustang coupe at Flat Rock Assembly Plant. The investment also consists of $35 million to build an all-new Ford Customer Service Division packaging facility in Monroe to accelerate parts shipments for Ford customers.
Ford will invest $1.5 billion and create 1,800 union jobs at Ohio Assembly Plant to assemble an all-new commercial EV starting mid-decade. Ford will also create an additional 90 jobs and a $100 million investment between Lima Engine and Sharonville Transmission plants.
A $95 million investment and 1,100 union jobs have been planned for Missouri, for a third shift at Kansas City Assembly Plant to increase production of the Transit and the all-new E-Transit electric van.
Ford is currently America’s top employer of hourly autoworkers and the latest investment furthers its employee-centric commitment. Driving improvements for the company’s frontline manufacturing employees is essential to acknowledge skill, experience and knowledge of the UAW members that add to the success of Ford.
Shares of F have declined 13.2% over the past year compared with its industry’s 11.8% decline.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 1.2% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 1% upward in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 42.2% over the past year.
Standard Motor has an expected earnings growth rate of 2% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has declined 12.6% over the past year.
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Ford (F) to Invest $3.7B, Add 6.2K-Plus UAW Jobs in 3 States
Ford Motor Company (F - Free Report) and the United Auto Workers (“UAW”) union recently announced plans to add more than 6,200 U.S. manufacturing jobs in the Midwest, offer permanent positions to nearly 3,000 temporary UAW-Ford workers and provide all hourly employees with healthcare benefits on the first day of employment.
The initiatives are part of the company’s Ford+ growth strategy and also include plans for an all-new global Mustang coupe and Ranger pickup for North America, and an all-new electric commercial vehicle for Ford Pro customers. The Ford+ plan aims to remodel the company’s global automotive business and expedite the development of breakthrough electric, connected vehicles, while leveraging the repute of established players to strengthen operating performance and make use of engineering and industrial capabilities.
The joint pact entails $3.7 billion of investments in manufacturing facilities across Ohio, Michigan and Missouri, which, in turn, are expected to generate an estimated 74,000 indirect ancillary non-Ford jobs nationally. Ford intends to invest $1 billion over the next five years to upgrade the workplace experience for manufacturing employees by extensively identifying the needs of employees. The potential benefits include better access to healthy food, new EV chargers, better lighting in parking lots and more.
Here is a brief outline of the $3.7 billion investment and more than 6,200 new union jobs that span three states.
Michigan has been a vital state for Ford since its founding years. The company has invested nearly $10 billion in the state and created or retained more than 10,000 jobs. It is advancing its long-standing legacy in Michigan by investing another $2 billion to create 3,200 UAW jobs, per the latest UAW contract. It looks to increase production of the all-new F-150 Lightning electric truck to 150,000 per year at Rouge Electric Vehicle Center in Dearborn. It will also include production of an all-new Ranger pickup at Michigan Assembly Plant in Wayne and an all-new Mustang coupe at Flat Rock Assembly Plant. The investment also consists of $35 million to build an all-new Ford Customer Service Division packaging facility in Monroe to accelerate parts shipments for Ford customers.
Ford will invest $1.5 billion and create 1,800 union jobs at Ohio Assembly Plant to assemble an all-new commercial EV starting mid-decade. Ford will also create an additional 90 jobs and a $100 million investment between Lima Engine and Sharonville Transmission plants.
A $95 million investment and 1,100 union jobs have been planned for Missouri, for a third shift at Kansas City Assembly Plant to increase production of the Transit and the all-new E-Transit electric van.
Ford is currently America’s top employer of hourly autoworkers and the latest investment furthers its employee-centric commitment. Driving improvements for the company’s frontline manufacturing employees is essential to acknowledge skill, experience and knowledge of the UAW members that add to the success of Ford.
Shares of F have declined 13.2% over the past year compared with its industry’s 11.8% decline.
Image Source: Zacks Investment Research
Zacks Rank and Key Picks
F currently carries a Zacks Rank #3 (Hold).
Some top-ranked players in the auto space include Wabash National Corporation (WNC - Free Report) , carrying a Zacks Rank #1 (Strong Buy) and Fox Factory Holdings (FOXF - Free Report) and Standard Motor Products (SMP - Free Report) , each carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 1.2% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 1% upward in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 42.2% over the past year.
Standard Motor has an expected earnings growth rate of 2% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has declined 12.6% over the past year.