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Ford paying $750 million just to close plant in Belgium

According to a report from Reuters, Ford is shelling out $750 million in a severance deal that will see the automaker close its facility in Genk, Belgium. The automaker reached this deal with the 4,000 hourly workers employed at the plant last week, which means the company will pay out an average of $187,500 per worker.
Ford is still negotiating with the 300 salaried workers at the factory, which currently produces the Mondeo sedan. All told, Ford expects to lose around $2 billion in Europe thanks in no small part to the region's ongoing economic downturn, and two more plants are scheduled to be shut down in Europe this year. The company will log its $750 million payout under "special items" for this quarter.
As you may recall, Ford took a similar path in the US back in 2009 when the domestic market took a spill. Back then, the company shelled out around $50,000 per employee with at least one year of experience, plus either $25,000 toward a new car or an extra cash payment of $20,000. It would seem the cost of closing plants in Belgium is a much harder pill to swallow than in the States...

Here's what the UAW will be angling for in next year's contract negotiations

The United Auto Workers union is about to enter a new round of negotiations with the Detroit Three automakers, and this time, the focus is on the end of the two-tier wage system. Introduced in 2007, the two-tier wage system was enacted to allow General Motors, Ford and Chrysler to categorize its hourly employees under two categories: Tier 1 for veteran employees with full rights and benefits, and Tier 2 for short-term or entry-level employees compensated under a different schedule. The idea was that the system would permit the automakers to invest more in their plants and hire new employees as part of their respective recovery plans without being saddled with all the costs associated with hiring full-time employees. Now that the automakers are (more or less) back on their proverbial feet, however, the UAW wants to see an end to the two-tier system, and will likely make that a center-point of its negotiations next year to replace the current arrangement that is scheduled to end in September 2015. Not all members of the UAW will necessarily be interested in ending the two-tier system, however. According to The Detroit News, some Tier 1 workers may be more interested in negotiating a raise in their hourly rate – something which they haven't received in almost a decade. Tier 2 workers, meanwhile, may be more motivated to keep the tiered system in place, as their arrangement includes provisions for profit-sharing payments that have seen the automakers pay out billions to so-called short-term employees in lump-sum payments. Reconciling the two competing demands from two categories of union members and presenting a united front in negotiations may prove the biggest challenge for the UAW's new president, Dennis Williams. And with the right to strike – something which was suspended during the last round of negotiations in 2011 – the union has a bigger bargaining chip in its pocket.

The 11 best scenes from the 2015 Goodwood Festival of Speed

Over the last three days, the Goodwood Estate has played home to the eponymous Festival of Speed. Thrown by the biggest gearhead in the British aristocracy – Charles Gordon-Lennox, the Earl of March and Kinrara – the Festival of Speed is essentially a tremendous, gasoline-fuelled party, complete with a very large lawn sculpture, that features the world's hottest, weirdest, fastest, and loudest race, production, and historic models. While there are quite literally dozens and dozens of videos from the event – not to mention the full-day replays (of which only day one is available, at present) – we've sifted through them to pluck away the very best. There's stuff from the official Goodwood YouTube channel, as well as several videos from automakers and other third-party channels, and it's all available below. 2015 Ford Mustang GT350R Looks Barely Controllable If you thought the highest-performance Ford Mustang would somehow get more tractable or civilized once it moved to an independent rear suspension, this video shows you have nothing to worry about. Watch as an unnamed driver wrestles the new Shelby GT350R and its flat-plane, 5.2-liter V8 up the hillclimb circuit. Even with the new suspension and sticky tires, this Mustang wants to go any direction but straight, especially following its launch. 2016 Ford Focus RS, Is Very Loud, Blue Ken Block makes his first appearance on our list. Before he steps into his Hoonicorn Mustang, though, the Gymkhana expert tackled the hill in the all-new Focus RS. The vicious bellow of the 2.3-liter, turbocharged four-cylinder is the star of this commentary-free video, although the gorgeous Nitrous Blue paint job is a nice accompaniment, as well. 1965 Ford Mustang Hoonicorn Runs Hill, Nearly Kills Lord March Mr. Block's two runs behind the wheel of the Hoonicorn were, unsurprisingly, very eventful. While one attempt goes off without a hitch, seeing the American rally driver slip and slide his way to the top of the hill while taking a short break for a donut, the other is slightly more dramatic. Block, along with Lord March in the passenger seat, carries a bit too aggressive an angle into a turn and nearly puts the NASCAR-powered Mustang into the hay bales. Check out the first video above, and the second one below. Kimi Raikkonen Makes Us Miss F1's V8 Era The latest Formula One cars have been maligned for the lackluster noise produced by the new 1.6-liter, turbocharged V6.