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Farley reacts as UAW expands strike against Ford, GM

Members of the United Auto Worker union walk out of the Chicago Ford Assembly Plant as Lance Williams from Lansing, Ill., waves the UAW flag Friday. (AP)   As the United Auto Workers walk off the job at an additional Ford and General Motors plant, Ford CEO Jim Farley addressed investors and members of the media Friday, pleading the case for the company's latest overture to the union and addressing both public and investor concerns regarding the core issues facing American manufacturing.  Farley made a public case for Ford's efforts to resolve the dispute, expressing frustration with the ongoing stalemate and noting both the concessions Ford offered before the strike began and the signing of a contract with Canada's Unifor. Farley also acknowledged UAW President Shawn Fain's success in getting the union's message out, quipping: "Shawn has been on TV more than Jake from State Farm at this point." The first-ever simultaneous strike against the Detroit Three automakers enters its third week with threats of continued expansion, but little in the way of obvious concrete progress.  "If the UAW’s goal is a record contract, they have already achieved this," Farley said. "It is grossly irresponsible to escalate these strikes and hurt thousands of families." Farley also lamented the fact that EVs have become the subject of partisan conflict, with the company's recently announced battery production facilities taking heat from both pundits and investors as Ford was forced to press pause on the venture while negotiations continue. Former President Donald Trump dropped in to Michigan this week to declare EVs the enemy of blue-collar jobs. "They've become a political football, and that's a shame," he said. Friday saw an expansion of the UAW strike to Ford's Chicago assembly plant and GM's Lansing, Delta Township, Michigan, assembly plant, covering about 7,000 workers, Fain said in an announcement, bringing the total number of workers on the picket lines to 25,000. The strike will not include any additional members at Stellantis, where talks have reportedly been more productive. The Ford and GM plants went on strike at noon Eastern today (Friday). Ford builds the Explorer and Lincoln Aviator in Chicago. GM's Delta Township plant builds Chevy Traverse and Buick Enclave. "Despite our willingness to bargain, Ford and GM have refused to make meaningful progress," Fain said in a video address Friday morning.

Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.

Kid Rock's Chevy Silverado is a working-class hero [w/video]

Rock stars are known for their swagger, and Kid Rock brings a mountain of that confidence to his design for this chrome-festooned 2016 Silverado 3500HD at the SEMA show. Inspired by his song Born Free and a visit to the pickup factory in Flint, MI, the styling is meant to celebrate the folks that build these trucks everyday. The Silverado sparkles like a beacon under the lights at the SEMA Show thanks to its black metallic-flecked paint and acres of chrome. The shiny stuff covers the custom grille, exhaust stacks, 22-inch wheels, and side steps. In a patriotic nod, silver Stars and Stripes run down the side to offer a little contrast to the dark body. Further emphasizing the pickup's huge size, a trailer carries a pair of Gibbs Sports Quadskis that are decorated to match the truck. Kid Rock takes inspiration from – get this – acid-wash jeans for the interior by combining Sky Cool Gray leather seats with metallic-looking inserts. Appropriate for a musician, there's also a custom Kicker stereo in there, and Made in Detroit logos adorn the door sills and glovebox. Related Video: Show full PR text SILVERADO 3500HD KID ROCK CONCEPT CELEBRATES FREEDOM Boldly styled custom 'dually' truck honors working-class Americans LAS VEGAS – Inspired by his hit song "Born Free," musician Kid Rock collaborated with Chevrolet to design a customized 2016 Silverado 3500HD "dually" that celebrates freedom and honors American workers. The truck was introduced today at the SEMA Show in Las Vegas, where it joined other personalized Chevy truck concepts designed to showcase the depth and breadth of the brand's pickup truck lineup. Michigan-born Kid Rock visited the Silverado HD assembly plant in Flint, Mich., to meet with the members of UAW Local 598, who built the truck, before driving it to Chevrolet's design studio to share his ideas for its customization. "The Flint plant – and everyone on the line – is the backbone of America," said Kid Rock. "I wanted the design for the truck to be bold, but with features and elements that wouldn't be out of reach for working-class guys." As a result, his Silverado features several enhancements, including a custom chrome grille with the Born Free logo and an enlarged Chevy Bowtie emblem, chrome exhaust stacks and patriotic graphics that flow across the body sides. A unique execution of the patriotic motif was an idea he expressed at the start of the project.