Daily Archive: September 21, 2020

Ford, just admit it: You’re a truckmaker now

Ford Motor Co. prides itself on thinking big. The 117-year-old icon’s long-running strategy centers on preserving its status as a universal nameplate serving all the world’s major geographies and offering a wide array of vehicles from subcompacts to luxury SUVs, in a variety of flavors soon to widely encompass electric. 

But it’s a company that’s sliding: After posting $7.4 billion in profit in 2015, Ford’s earnings barely broke even last year, and that was before COVID-19 and its subsequent lockdowns took a sledgehammer to its North American profitability. In the second quarter of this year the company lost nearly $1 billion in the region. Jim Hackett was ousted as CEO shortly after, and a new round of buyouts was announced.

New CEO James Farley, who was promoted from chief of operations, has a monumental challenge on his hands but also has everything he needs to make Ford a success, if … Read More

Hyundai Motor, South Korean union agrees to freeze wages for the first time in 11 years By Reuters

© Reuters. The logo of Hyundai Motors is seen on a steering wheel of a all-new Sonata sedan on display at the company’s headquarters in Seoul

SEOUL (Reuters) – Hyundai Motor (KS:) and its South Korean union reached a tentative deal to freeze wages for the first time in 11 years this year, an internal message distributed to union members showed on Monday.

The deal is subject to a vote by union members on Sept 25.

South Korea’s Hyundai, which together with sister company Kia Motors (KS:), is the world’s fifth-largest automaker, said its global retail sales fell 33% in the second quarter, and flagged that the pace of recovery will be slow due to the impact of the coronavirus pandemic.

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