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Ford CEO says UAW proposal could force bankruptcy

Published 09/14/2023, 04:33 PM
Updated 09/14/2023, 04:43 PM
© Reuters. Ford Motor President and CEO Jim Farley attends the press day of the North American International Auto Show in Detroit, Michigan, U.S. September 13, 2023. REUTERS/Rebecca Cook/File Photo
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(Reuters) - Ford Motor (NYSE:F) Chief Executive Jim Farley said Thursday the United Auto Workers union proposal to hike wages by 40%, cut workweeks and add new pension benefits could bankrupt the company.

© Reuters. Ford Motor President and CEO Jim Farley attends the press day of the North American International Auto Show in Detroit, Michigan, U.S. September 13, 2023. REUTERS/Rebecca Cook/File Photo

"You want us to choose bankruptcy over supporting our workers," Farley, in a CNBC interview, said of the UAW proposal. He said there are no current talks, and the automaker has received no counteroffer. "Nothing is going on."

Farley said if the UAW proposal had been in effect since 2019, instead of making about $30 billion in profits over four years, the company would have lost about $15 billion "and gone bankrupt by now."

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