The Detroit automaker also pulled its 2023 forecast, citing 'uncertainty' over the pending ratification of its new labor deal with the United Auto Workers...
- Shares of Ford Motor Co fell 3.8% before the bell on Friday, after the automaker reported wider losses from its electric-vehicle business due to pressure from a price war sparked by industry leader Tesla.
"We believe that the rise in battery raw material costs has negatively impacted the outlook for BEV profitability, and consequently, Ford's profitability," Wells Fargo analysts wrote in a note. On Wednesday, the UAW and Ford reached a tentative agreement that entails a 25% wage increase for 57,000 workers over a span of nearly five years, effectively putting an end to the strike at some of the automaker's largest factories.
General Motors, a rival that has not yet reached an agreement with UAW, withdrew its 2023 results forecast earlier this week and revised its frequently stated goal of producing 400,000 EVs by mid-2024.Your TFSA can be taxed, but it likely won't be if you hold a small position in Royal Bank of Canada stock. The post Think Your TFSA Won’t Be Taxed? Think Again appeared first on The Motley Fool Canada.
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