Today's top stories for Ford Motor Company (NYSE: F) revolve around regulatory scrutiny, labor negotiations, and competitive positioning in the electric vehicle market. Here's a rundown of what you need to know.
Regulatory Scrutiny Over Chinese Partnership:
A group of 26 Republican members of the House Energy and Commerce Committee, led by Chair Cathy McMorris Rodgers and Oversight Subcommittee Chair Morgan Griffith, are probing Ford's alliance with Chinese battery manufacturer Contemporary Amperex Technology (CATL).
The lawmakers have sent a letter to Ford CEO Jim Farley, voicing concerns that the partnership could compromise national security and increase U.S. dependence on China for electric vehicle supply chains, Fox News reports.
Labor Negotiations Could Lead to Strike:
High-stakes talks between the United Auto Workers (UAW) and Detroit car manufacturers, including Ford, are teetering on the edge of a strike. These negotiations are pivotal as they will set the terms for labor contracts affecting wages and benefits for thousands of workers.
A potential strike could further strain Ford's already struggling stock and disrupt its production. More details here.
Ford's Electric Truck Ambitions:
Ford is gearing up to take on Tesla (NASDAQ: TSLA) and Rivian (NASDAQ: RIVN) in the electric pickup market with its F-150 Lightning and upcoming products.
The automaker plans to manufacture its next-generation electric truck, known as Project T3, at its BlueOval City facility in Tennessee.
This campus will be Ford's inaugural carbon-neutral vehicle and battery production site, with a capacity to produce 500,000 electric trucks annually.