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Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

Ford, Stellantis workers join those at GM in ratifying contract that ended UAW strikes

DETROIT — The United Auto Workers union overwhelmingly ratified new contracts with Ford and Stellantis, that along with a similar deal with General Motors will raise pay across the industry, force automakers to absorb higher costs and help reshape the auto business as it shifts away from gasoline-fueled vehicles. Workers at Stellantis, the maker of Jeep, Dodge and Ram vehicles, voted 68.8% in favor of the deal. Their approval brought to a close a contentious labor dispute that included name-calling and a series of punishing strikes that imposed high costs on the companies and led to significant gains in pay and benefits for UAW workers. The deal at Stellantis passed by a roughly 10,000 vote margin, with ballot counts ending Saturday afternoon. Workers at Ford voted 69.3% in favor of the pact, which passed with nearly a 15,000-vote margin in balloting that ended early Saturday. Earlier this week, GM workers narrowly approved a similar contract. The agreements, which run through April 2028, will end contentious talks that began last summer and led to six-week-long strikes at all three automakers. Shawn Fain, the pugnacious new UAW leader, had branded the companies enemies of the UAW who were led by overpaid CEOs, declaring the days of union cooperation with the automakers were over. After summerlong negotiations failed to produce a deal, Fain kicked off strikes on Sept. 15 at one assembly plant at each company. The union later extended the strike to parts warehouses and other factories to try to intensify pressure on the automakers until tentative agreements were reached late in October. The new contract agreements were widely seen as a victory for the UAW. The companies agreed to dramatically raise pay for top-scale assembly plant workers, with increases and cost-of-living adjustments that would translate into 33% wage gains. Top assembly plant workers are to receive immediate 11% raises and will earn roughly $42 an hour when the contracts expire in April of 2028. Under the agreements, the automakers also ended many of the multiple tiers of wages they had used to pay different workers. They also agreed in principle to bring new electric-vehicle battery plants into the national union contract. This provision will give the UAW an opportunity to unionize the EV battery plants plants, which will represent a rising share of industry jobs in the years ahead.

Man escapes attempted carjacking and catches the incident on his dashcam

(Warning: video contains strong language. Viewer discretion is advised.) A quick-thinking driver avoided a potentially dangerous situation this week in New Mexico when he evaded and attempted car jacking. On the evening of December 6, an unnamed man accompanied a friend to a market near the intersection of Central and San Mateo in Albuquerque. After he saw his friend safely away in her car, he got back into his and pulled out of the parking lot. Almost immediately, as shown in dashcam footage uploaded to Youtube, a red Chrysler 300 began following him. When the driver pulled up to a stop sign around the block from the market, the Chrysler zipped around and pulled in front of him, blocking his forward progress. Figuring he was about to be carjacked, the driver threw the car into reverse and backed quickly away from the Chrysler. The Chrysler followed, and a chase ensured. With the Chrysler close on his tail, the unnamed driver fled through the nearly empty streets. At one point he cut through a gas station when the Chrysler tried to block him at another intersection. As they drove through the city the Chrysler continually tried to stop the fleeing driver, but he successfully evaded every time. The driver called 911 and reported his predicament. Eventually, both vehciles pulled up at a stop light right next to an Albuquerque Police cruiser. The driver laid on the horn to get the cop's attention, then jumped out to tell the cop what was going on. The Chrysler then made a run for it with the cop in hot pursuit. Unfortunately, the red Chrysler evaded the APD and the car's license plate was obscured so the APD was unable to identify the vehicle or its occupants. Thankfully no one was hurt during the chase, and the driver was able to get home safe and sound. Carjacking is a serious crime. The driver in this video did everything right, except maybe delay calling the police a little too long. The crime is so prevalent that the US Department of Justice has tips for avoiding carjacking. They suggest drivers avoiding stopping when signaled by other drivers or assisting during an accident. Calling the authorities should be your first step if you're every followed or harassed while driving. Head to the nearest police station if you can't get a hold of a cop in time. Related Video: News Source: YouTube Auto News Weird Car News Chrysler Police/Emergency police chase carjacking albuquerque