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New UAW boss Williams talks tough, vows 'no more concessions'

Dennis Williams, the newly elected president of the UAW, had some tough words for American automakers in his inauguration speech at the 2014 UAW Convention, striking down the possibility of any additional concessions from the 400,000-strong union.
"No more concessions. We are tired of it. Enough is enough," Williams said during his speech. UAW employees have not received a raise in nearly 10 years, according to Reuters.
Considering the recent strong results for Ford, Chrysler and General Motors, the union's demands are likely to carry a bit more weight in next year's negotiations. And considering Williams' tough stance, we could be in for some fireworks once negotiations commence.

Ford, Chrysler and Mazda expand scope of Takata airbag recalls

The scope of the Takata airbag inflator recall is ballooning once again across the United States. Where Honda has elected to take its driver-side airbag campaign nationwide, Chrysler Group and Ford have now announced expanded regional actions to cover some passenger-side airbag inflators. Mazda is adding more regions, as well. For Chrysler Group, the campaign covers the inflators on 149,150 examples of the 2003-model-year Ram 1500, 2500 and 3500 pickups. The recall is limited to vehicles sold or ever registered in Alabama, Florida, Georgia, Hawaii, Louisiana, Mississippi, Texas and the territories of American Samoa, Guam, Puerto Rico, Saipan, and the Virgin Islands. The company will begin notifying affected customers on January 19. According to Chrysler's announcement of the action, the passenger side inflators in these trucks "are of a type that is not used in any of the other vehicles affected by Chrysler Group's regional field action." The automaker says that it's not aware of any actual failures or accidents in these pickups and even claims there are no "observed failures in laboratory testing of its airbag modules." The company is continuing to study the problem, though. Ford is taking a similar step by issuing a recall of inflators for 38,500 examples of the 2004-2005 Ranger and 2005-2006 Ford GT. The campaign only affects vehicles originally sold or ever registered in Florida, Hawaii, Puerto Rico and the US Virgin Islands. Certain zip codes of Georgia, Alabama, Mississippi, Louisiana, Texas, Guam, Saipan and American Samoa are also covered. There's already precedent for passenger-side airbags to be covered under the Takata inflator recall. When many automakers announced campaigns in June, BMW, Chrysler, Ford, Honda, Mazda, Nissan and Toyota all included that side in some of their repairs. Subaru subsequently did, as well. In addition, Mazda is expanding the scope of its recall to add Florida, Puerto Rico, Hawaii, Saipan, Guam, American Samoa, US Virgin Islands, Georgia, Alabama, Louisiana, Mississippi and Texas to the affected areas. The company estimates that it has a total of 86,773 vehicles in need of repair. Mazda is also teaming with Toyota to begin independent testing of the Takata inflators. Scroll down to read all of the automakers' announcements of these newly expanded recalls. Statement: Air-Bag Inflators December 3, 2014 , Auburn Hills, Mich.

Ford books $1.2B profit in second quarter on strength of trucks

Ford is rolling along nicely, with a positive second-quarter sales report and a $2.3 billion profit in North America. The Dearborn, Michigan-based manufacturer captured $1.2 billion globally from April to June, with a $177 million profit in Asia. Even in Europe, the land of doom and gloom for automakers not named Mazda, Ford saw some success as it lowered its expected full-year loss from $2 billion to $1.8 billion. The company lost $348 million in Europe during the second quarter, which, believe it or not, represents a $56-million improvement over 2012.
According to the report on CNBC, Ford enjoyed a three-percent increase in pre-market trading thanks to the news. The strong demand for the F-150 propelled growth in the US market, while Ford's 47-percent increase in Asian sales can be attributed to the new EcoSport crossover and Kuga (Ford Escape in the US) arriving in the somewhat fragile Chinese market.
Pre-tax profits for Ford are expected to be in the neighborhood of $8 billion by the end of the year, with sales the US, Europe, and China all looking up. The company also shifted $4.78 billion of asset-backed debt in the form of bonds, according to a report by Bloomberg. This move came amidst rumors of the Federal Reserve cutting back on its $85-billion-per-month bond purchases. Ford wasn't alone among automakers looking to sell off debt, though, as Mercedes-Benz and Nissan shifted around $1 billion each in bonds relating to auto loans.