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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.

Stolen Lincoln Town Car stars in wacky GTA-like airborne crash

  If we can believe our eyes, a carload of people is lucky to be alive. What we know is what's on the videos stitched together above — in the first POV, a white Lincoln Town Car busts through a barrier at the end of Cumberland Street in San Francisco, a dead end road. Looks ridiculous, not crazy. The crazy part comes in the second POV, taken from a Nest camera across Sanchez Street. The Town Car was going fast enough to jump-launch itself over the concrete berm at the base of the barrier, nosedive into the hill below, flip over end-over-end into a tree below that, then slide down the tree to land on its roof at the base of a set of steps going down to Sanchez Street below Cumberland.  The kind bit is when a Good Samaritan runs to the Town Car and opens the front passenger door. The wacky bit is when four people slowly emerge from the town car while engaging in quite a bit of oddball banter — one woman who was in the back seat says "I'm sorry" and "I love you" to someone named Kevin numerous times — then walk away. The silent couple runs up the steps, Kevin and his apologetic, loving associate sashay down Sanchez Street. A report from local channel KTVU (full report below) via Carscoops, says, "Witnesses told KTVU the incident started with a carjacking." Compiling comments on the second YouTube vid alleges the car's occupants carjacked a DoorDash driver — a situation that's far more common that we'd have guessed before looking into this story — and that the man who opened the door "noted several bottles of open liquor, two Tasers, and the police reported a gun was found in the car." If the second bit is true, that and copious amounts of adrenaline would explain why the crew was eager and able to skedaddle. The occupants haven't been found; of course police are looking for them. KTVU writes, "Anyone with information about the incident is asked to contact the San Francisco Police Department at 415-575-4444 or text a tip to TIP411 and begin the message with SFPD."

Ford 2Q profit drops 86% as it restructures overseas

DEARBORN, Mich. (AP) — Ford's net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America. Net income for the April-through-June period dropped to $148 million, or 4 cents per share. Without the charges the company made 28 cents per share. Revenue was flat at $38.9 billion. On average, analysts surveyed by FactSet expected earnings 31 cents per share on revenue of $38.49 billion. Chief Financial Officer Tim Stone says the company had charges of $1.2 billion as it moved to close factories in Europe and South America. He says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers. Ford, which released numbers after the markets closed Wednesday, says its results include a $181 million valuation loss on an investment in a software company, trimming 4 cents off adjusted earnings per share. Its stock fell 6.3% in after-hours trading to $9.68. Stone said Ford is in the early stages of its restructuring, but already is seeing improvement in some regions. Free cash flow also improved by 80% to $2.1 billion in the first half of the year, he said. "We're already starting to see some early benefits," he said. "A lot of work to do." The company expects improvement in the second half of the year as more new big SUVs hit dealerships and more of the restructuring takes hold. Ford on Wednesday forecast pretax adjusted earnings of $7 billion to $7.5 billion for all of 2019, compared with $7 billion last year. The company previously had only said that pretax earnings would improve. Full-year adjusted earnings per share are forecast to be $1.20 to $1.35, up from $1.30 in 2018. Previously it did not give per-share guidance. Ford's U.S. sales fell nearly 5% in the second quarter, according to the Edmunds.com auto pricing site, as the company exited most of its passenger car business. But Stone said sales of the new Ford Ranger small pickup offset much of that as its share of the small truck segment rose 14%. Edmunds, which provides content for The Associated Press, said Ford's average vehicle sale price rose 2.8% to $41,328 during the quarter. In North America, Ford's biggest profit center, pretax earnings fell 3% to just under $1.7 billion, which the company blamed on switching its Chicago factory to build new versions of midsize SUVs.