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Ford shares falling on news of lower-than-expected profits next year

Ford has released projections for its 2013 profits, along with predictions of its 2014 earnings, and the news has forced the company's stock to stumble, falling over seven percent as of this writing. The Blue Oval is expecting earnings of $8.34 billion for 2013, although the bulk of that is coming largely from its North American operations, as troubles abroad continue to take a toll.
Calling 2013 an "outstanding" year, Ford expects its revenue to be up about 10 percent, thanks to gains in market share everywhere but Europe. But it's 2014 predictions that are causing stock prices to fall, as the Dearborn-based manufacturer expects pre-tax profits to fall to $7 to $8 billion, because of troubles in both Europe and South America, according to a report from Reuters. This is despite an expansion plan that will see it open an additional factory in the southern hemisphere, as well as two plants in China, all in a bid to launch 23 new or refreshed products next year.
The issues in South America aren't so much related to a fall in sales - Ford expects improved profits in Brazil and Argentina - but because of currency devaluations in Venezuela that are projected to cost it around $350 million. While that would still allow it to break even with 2013, Ford cites continued economic risks that could push losses even higher.

Here's what the UAW will be angling for in next year's contract negotiations

The United Auto Workers union is about to enter a new round of negotiations with the Detroit Three automakers, and this time, the focus is on the end of the two-tier wage system. Introduced in 2007, the two-tier wage system was enacted to allow General Motors, Ford and Chrysler to categorize its hourly employees under two categories: Tier 1 for veteran employees with full rights and benefits, and Tier 2 for short-term or entry-level employees compensated under a different schedule. The idea was that the system would permit the automakers to invest more in their plants and hire new employees as part of their respective recovery plans without being saddled with all the costs associated with hiring full-time employees. Now that the automakers are (more or less) back on their proverbial feet, however, the UAW wants to see an end to the two-tier system, and will likely make that a center-point of its negotiations next year to replace the current arrangement that is scheduled to end in September 2015. Not all members of the UAW will necessarily be interested in ending the two-tier system, however. According to The Detroit News, some Tier 1 workers may be more interested in negotiating a raise in their hourly rate – something which they haven't received in almost a decade. Tier 2 workers, meanwhile, may be more motivated to keep the tiered system in place, as their arrangement includes provisions for profit-sharing payments that have seen the automakers pay out billions to so-called short-term employees in lump-sum payments. Reconciling the two competing demands from two categories of union members and presenting a united front in negotiations may prove the biggest challenge for the UAW's new president, Dennis Williams. And with the right to strike – something which was suspended during the last round of negotiations in 2011 – the union has a bigger bargaining chip in its pocket.

Matt Damon is Carroll Shelby, with Christian Bale in Ford vs. Ferrari film

Right after we reported that one of the Le Mans-winning Ford GT40s is coming up for auction, word got round that its story will now be turned into a Hollywood movie. There will be an as-yet-untitled major motion picture that tells the story of Ford battling Ferrari in the 1960s, culminating in the Ford GT40's dramatic 1-2-3 finish in the 1966 24 Hours of Le Mans. The movie has lined up an all-star cast, with "Batman" and "American Psycho" actor Christian Bale tapped to play key GT40 developer, test driver and racer Ken Miles, and "Punisher" actor Jon Bernthal as Lee Iacocca. The plum role of Carroll Shelby is going to Matt Damon, last seen driving across the Red Planet in "The Martian" or down a flight of stairs in the "Bourne" film series. The film's director will be James Mangold, known from directing last year's "Logan." View 37 Photos Autoweek reports that the original screenplay was based on A.J. Baime's book " Go Like Hell," but there will be a different screenplay written from scratch. Originally, "Go Like Hell" was to be a different project starring Tom Cruise and Brad Pitt. Meanwhile, the book will reportedly be turned into a TV series produced by Peter Dinklage of "Game of Thrones." And meanwhile some more, there are also competing Enzo Ferrari biopics in the works starring Robert De Niro and another starring Hugh Jackman that will also surely touch on the rivalry with Ford. While there's no guarantee yet that the GT40 biopic will match Steve McQueen's "Le Mans," we're got high hopes. It's a great story worthy of all the attention it's getting. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Celebrities Motorsports Rumormill TV/Movies Ferrari Ford Automotive History Racing Vehicles ford gt40