As the United Auto Workers strike towards the Detroit Big 3 persists, CNBC’s Jim Cramer mentioned Thursday he believes Ford (F) might finally think about shifting extra manufacturing to Mexico.
“There is some movement between Ford and the UAW,” Cramer mentioned on “Squawk on the Street.” However, Cramer mentioned, “I have a feeling that, if they don’t come to the table soon, Mexico will be in play.”
Cramer advised that would happen inside “a couple of weeks,” whereas noting Ford already has meeting crops south of the border. Cramer’s Charitable Trust, the portfolio utilized by the CNBC Investing Club, owns Ford shares.
In an announcement Thursday to CNBC, Ford spokesman Dan Barbossa mentioned the corporate’s “focus remains on working diligently with the UAW to achieve a record contract and a strong future for our employees.” Ford is the highest employer of UAW-represented hourly autoworkers within the U.S., Barbossa famous.
If you want this story, join Jim Cramer’s Top 10 Morning Thoughts on the Market e mail e-newsletter at no cost.
Tensions are excessive between the UAW and the automakers, which along with Ford additionally embody General Motors (GM) and Chrysler mother or father Stellantis (STLA). Since the UAW’s focused strike started on Sept. 15, the union has twice expanded the variety of crops affected by work stoppages.
Last week, Ford CEO Jim Farley described the state of negotiations with the UAW, saying at a press briefing that he believed each side “could have reached a compromise on pay and benefits, but so far the UAW is holding the deal hostage over battery plants” for electrical automobiles.
Here’s a full listing of the shares in Jim’s Charitable Trust, the portfolio utilized by the CNBC Investing Club.