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- A Super Duty Shift
Good Morning!
Happy Thursday! One more day until Friday:
👉Ford moves production
👉United Airlines earnings are in
👉Student loan forgivness
FORD: Moves Production
Ford Motor is expanding production of its Super Duty trucks to a Canadian plant initially slated for electric vehicle production. The company will invest around $3 billion, with $2.3 billion going to the Oakville Assembly Complex in Ontario and the rest to U.S. and Canadian facilities. Currently, Ford produces these trucks in Ohio and Kentucky.
Source: Car and Driver
The Canadian plant, set to begin in 2026, will add 100,000 units annually. Previous plans to invest $1.3 billion in this plant for EV production, including a new SUV, are delayed until 2027. Ford plans to electrify the next-generation Super Duty trucks but hasn't shared details yet. This move aligns with Farley's Ford+ plan for profitable growth, which initially focused on EVs but has faced slower-than-expected adoption.
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EARNINGS: United Airlines
United Airlines' Q2 profit rose over 20% thanks to strong international travel demand. However, its Q3 forecast fell short due to too many flights affecting fares. United expects Q3 earnings of $2.75 to $3.25 per share, below analysts' $3.44 estimate.
Q2 earnings were $3.96 per share, up from $3.24 last year, with adjusted earnings at $4.14, beating the $3.93 estimate. Revenue increased 5.7% to $14.99 billion, slightly missing estimates. Despite third-quarter guidance disappointments, United and Delta Air Lines stand out in the U.S. airline industry. Both added international flights and premium offerings, targeting high-demand, higher-paying travelers.
BIDEN: Student Debt
The Biden administration announced it will cancel $1.2 billion in student debt for 35,000 public service workers. This is due to recent improvements to the Public Service Loan Forgiveness (PSLF) program, originally signed into law by President George W. Bush in 2007.
Source: CNBC
The program aims to forgive federal student loans for not-for-profit and government employees after ten years of repayment, but it has faced many issues, leaving few people eligible.
Chart of the Day
📊 Alphabet’s Revenue
Source: @Carbon Finance
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