Auto giant Ford downshifts in Europe, announcing the reduction of 4,000 jobs amidst sluggish electric vehicle demand. This move marks a gear change from previous plans for accelerated electrification. The company aims to optimize operations and become more competitivo as it navigates the shifting automotive landscape, with the ultimate goal of strengthening its position in the race towards sustainable mobility.
Tag: manufacturing
Steven Madden C.E.O. Says It Is Moving Production Out of China
Steven Madden, Ltd. is shifting production out of China as a result of rising operational costs in the country. Moving production will ease some of the financial burdens the company has been experiencing in recent years. In a news release, CEO Edward Rosenfeld said the company has already begun the process of diversifying its supply chain to reduce reliance on China. Rosenfeld said Mexico and Vietnam are seen as lucrative alternatives that will mitigate the impact of tariffs. The changes are expected to benefit the company in the coming years.
Trump’s Win Shows Limits of Biden’s Industrial Policy
Trump’s surprising victory in the Wisconsin presidential election exposes industrial policy’s severe boundaries. Insisting on jobs can benefit a candidate’s appeal to voters, but it falls short of guaranteeing electoral victories. Broader economic concerns, such as the pace of the recovery, may take precedence over policies aimed at specific sectors. The election also underscores the challenge of promoting industrial policy in a highly globalized economy, with manufacturing subject to complex global supply chains. Trump successfully tapped into voters’ dissatisfaction with economic globalization and their concerns about job losses, but the efficacy of his industrial policy remains an open question.
Boeing Reaches New Deal With Union in Hopes of Ending Strike
Boeing and the International Association of Machinists and Aerospace Workers (IAM) have reached a tentative agreement, potentially ending the ongoing strike that has halted production at the company’s 737 Max jetliner assembly site. The new deal includes increased wages, enhanced benefits, and job security measures, according to union officials. The tentative agreement still needs to be ratified by IAM members, which could take several weeks. If approved, the agreement would mark a significant step towards resolving the strike, which began in September 2021 and has had a major impact on Boeing’s production schedules.