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DETROIT – UAW members are applauding the continued successes of Ford Motor Co., General Motors Corp. and Chrysler Group LLC.
The companies are all in the news recently with reports that include higher than expected second-quarter earnings at Ford, a $74 billion payback for taxpayers from GM, Chrysler and Ally Financial (formerly GMAC Inc.), and a re-launched 2011 Ford Explorer with best-in-class fuel economy.
“The reports show what is possible with cooperative, collaborative relationships,” said UAW President Bob King. “The commitment, sacrifices and hard work of the men and women at UAW-represented companies is an enormous part of the positive news coming from Ford, GM and Chrysler where UAW members are producing best-in-class quality results and building vehicles that hands-down beat global competition.”
On July 26 Ford rolled out the new Explorer – built by UAW Local 551 members at the company’s Chicago Assembly Plant – with a redesign and 30 percent higher fuel efficiency.
In addition, a July 25 analysis by the Detroit Free Press suggested taxpayers could get back about $74 billion of the $86 billion the federal government made available in 2008 and 2009 to save GM, Chrysler and Ally Financial.
On July 23, Ford posted a stronger-than-expected quarterly profit of $2.6 billion – about $1 billion more than analysts predicted – with promises of more earnings in 2011. Chrysler, which cut its net loss to $197 million from January through March, expects to announce its second-quarter earnings in mid-August.
GM plans to release its second-quarter earnings in mid-August.
“These achievements are more than news stories. They represent the commitment and hard work that helps our members provide for the families and contribute to the economic stability of their community and our country,” said King.
“Thanks to the Obama administration and leaders who understand how vital auto manufacturing jobs are to every community in this country, these companies and UAW workers can and will continue to succeed.” King added.