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☆ What investors should know about the UAW's organizing drive of VW
▼ + stars: | 2024-04-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

"We're going to carry this fight on to Mercedes and everywhere else," Fain told VW workers Friday night following the historic vote. Impact on labor costsTop of the list of likely impacts from organizing efforts at VW is labor costs. But for the Big Three Detroit automakers — and their shareholders — the VW organizing drive could be a positive. GM, Ford and Stellantis have higher all-in labor costs than non-organized automakers such as VW. Fain on Friday said "the real fight begins now," referring to the expected negotiations between the union and VW.

Persons: Elijah Nouvelage, Alex Hertel, Fernandez, It's, Shawn Fain, Kelcey Smith, Kevin Wurm, Fain, Let's, Joe Biden, Evelyn Hockstein, there's, – Organizations: Volkswagen, Getty, DETROIT, United Auto Workers, UAW, Detroit union's, U.S . Department of Labor, Columbia University, Union, National Labor Relations Board, NLRB, VW, General Motors, Ford Motor, Chrysler, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Nissan, Subaru, Toyota, Volvo, Washington Post, Workers, Mercedes, UBS, Big Three Detroit automakers —, GM, Ford, Chamber, U.S, Capitol, Reuters Locations: Chattanooga , Tennessee, U.S, Vance , Alabama, Chattanooga, Washington , U.S, Detroit

Labor painsAfter a “summer of strikes” last year that stretched from Detroit to Hollywood, unions are on a roll, flexing their growing might. Friday will bring a new test of that power as workers at a Volkswagen factory in Tennessee vote on whether to join the United Automobile Workers. Victory there would mark perhaps the first time a foreign carmaker’s U.S. plant became unionized and form a beachhead for organized labor in the anti-union South. But it could also resonate well beyond the car industry as President Biden cultivates labor in battleground states like Michigan and Pennsylvania. A yes vote would be a big win for the U.A.W.

Persons: ”, Biden, Shawn Fain, they’ve Organizations: Volkswagen, United Automobile Workers, Big, Detroit carmakers, Toyota, Tesla, Automotive News Locations: Detroit, Hollywood, Tennessee, U.S, Michigan, Pennsylvania

Service centers - facilities that play a crucial role in supplying manufacturing companies nearly finished steel products - had paused purchases ahead of the United Auto Workers (UAW) union's coordinated strike against the Detroit automakers. However, many of them were soon forced to place large orders as stocks ran low and operations resumed at the carmakers. Reuters Graphics Reuters GraphicsThe automotive segment makes up about 25% of the total U.S. sheet demand, with about 65% of that attributable to the Big Three Detroit automakers in any given year, CRU data showed. Nucor Corp (NUE.N) has raised HRC prices to $950/st while U.S. Steel (X.N) recently announced a $100/st price increase, without specifying a final rate. Meanwhile, automakers stare at higher costs for a key raw material if prices extend their upward trajectory for longer.

Persons: union's, Ryan McKinley, Morgan, Philip Gibbs, Gordon Lee Johnson, Ananta Agarwal, Nathan Gomes, Arpan Varghese, Sriraj Organizations: Detroit Three, CRU Group . Service, United Auto Workers, UAW, Detroit, CRU, Reuters Graphics Reuters, Big Three Detroit, Cleveland Cliffs, HRC, Nucor Corp, U.S . Steel, KeyBanc, GLJ Research, Thomson Locations: Bengaluru

☆ The Big Number: $42.60
▼ + stars: | 2023-11-03 | by ( Marie Solis | ) www.nytimes.com time to read: 1 min

Reporting on the Business news of the weekMarie Solis Reporting on the Business news of the weekIn its tentative agreements with the Big Three Detroit automakers, the United Automobile Workers union won big wage gains: By the end of the contract, the top rate for Ford production workers would increase to $42.60 an hour. Here’s how they got there →

Persons: Marie Solis Organizations: Business, Big Three Detroit automakers, United Automobile Workers, Ford

☆ The UAW strike is over after 46 days. Here are the details of their contract that will leave some workers making up to $42 an hour.
▼ + stars: | 2023-10-31 | by ( Nora Naughton | Associated Press | ) www.businessinsider.com time to read: +6 min

The historic United Auto Workers strike is over. The UAW announced Monday evening it had reached a tentative agreement with GM, the last of the Detroit car companies to complete negotiations. The 25% pay increases by April 2028 agreed to in the new contracts raise top pay to about $42 an hour, according to the union. For historical comparison, the union said its workers saw pay increases of 23% for all the years from 2001 through 2022. Ford was the first to notch a tentative agreement with the union on Oct. 25 after employees spent 41 days on strike.

Persons: —, Ford, Jim Farley, Mary Barra, Fain, Stellantis Organizations: United Auto Workers, GM, Detroit, Service, Big Three Detroit, UAW, Local UAW, Ford, Workers, Ultium, LG Energy, Big Locations: Detroit, U.S, Michigan, Korea

☆ Cramer urges investors to stick with Ford, even as latest strike risks denting profits
▼ + stars: | 2023-10-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Around 8,700 Ford workers Wednesday evening walked off the job at the automaker's Kentucky truck plant — its largest and most profitable globally — after the UAW said Ford refused further concessions in contract bargaining. "It's time for a fair contract at Ford and the rest of the Big Three," he added. Ford was apparently caught off guard by the strike at its Kentucky plant, which generates $25 billion in annual revenue, roughly a sixth of the company's global automotive revenue. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Factory workers and UAW union members form a picket line outside the Ford Motor Co. Kentucky Truck Plant in the early morning hours on October 12, 2023 in Louisville, Kentucky.

Persons: Ford, Jim Cramer, Fain, Jim, BofA, Wells, Jim Cramer's, Luke Sharrett Organizations: United Auto Workers, Ford, Big Three Detroit, UAW, Chrysler, General Motors, Big Three, Duty, Ford Expedition, Lincoln, Bank of America, Detroit, CNBC, Factory, Ford Motor Co, Plant, Getty Locations: Kentucky, Wells Fargo, Louisville , Kentucky

☆ A majority of Americans in a new poll back the UAW's unprecedented auto strike as GOP union support grows
▼ + stars: | 2023-10-05 | by ( Nora Naughton | Juliana Kaplan | ) www.businessinsider.com time to read: +9 min

It's indicative of a shift in how Americans view the labor movement in the post-COVID-crisis era. In a Reuters-Ipsos poll of Americans, some 58% of respondents said they supported the United Auto Workers union's strike at the Big Three Detroit car manufacturers. AdvertisementAdvertisementAside from this strike, support for labor unions has been increasing on the right. The UAW's strike represents a culmination of issues that have come to a head in the post-COVID-crisis labor movement, labor experts told Insider. Now even some Republican elected officials are showing up to support UAW workers' demands — even if they don't necessarily agree with its leadership.

Persons: Biden, —, Joe Biden, Alice Stewart, John Drake —, Chamber of Commerce —, Shawn Fain, Fain, Sen, Bernie Sanders, Sanders, Kate Andrias, JD Vance, Ford, Christian Sweeney, he'd, Sweeney, Drake, Carolyn Nippa, Nippa, we're, Jason Miller, Andrias Organizations: Service, Reuters, United Auto Workers, Big, Big Three Detroit, Ford, General Motors, Gallup, Metro Detroit, CNN, Chamber of Commerce, Columbia University, Republican, GM, AFL, Bureau of Labor Statistics, UAW, Michigan State University Locations: Big Three, Metro, Detroit, Ohio, China

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why Tesla is at the center of the UAW strikesThousands of workers are striking the big three Detroit auto manufacturers Ford, GM and Stellantis. The strikes are unlike any other in recent American auto history. Even United Auto Workers' president Shawn Fain calls the demands audacious. Legacy carmakers already struggle to compete with Tesla's manufacturing costs and selling price. So are Elon Musk and Tesla the strikes' big winners?

Persons: Tesla, Shawn Fain, carmakers, Elon Organizations: UAW, Detroit, Ford, GM, United Auto Workers

☆ IMF says US government shutdown is 'avoidable risk,' urges parties to reach consensus
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

An American Flag on the U.S. Capitol Building is seen in Washington, U.S., August 31, 2023. REUTERS/Kevin Wurm Acquire Licensing RightsWASHINGTON, Sept 28 (Reuters) - The International Monetary Fund on Thursday said a looming shutdown of the U.S. government posed an "avoidable risk" to the nation's economy, and urged parties to reach consensus on continued funding for the federal government. "We certainly are urging the parties to come together to reach a consensus and find a way forward," IMF spokesperson Julie Kozack told reporters at a regular briefing. "We do see a shutdown as an avoidable risk for the U.S. Reporting by Andrea Shalal; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin Wurm, Julie Kozack, Joe Biden, McCarthy, Kozack, Andrea Shalal, Mark Porter Organizations: U.S, Capitol, REUTERS, Rights, Monetary Fund, Democratic, House Republicans, Biden, United Auto Workers, Big Three Detroit, Thomson Locations: American, Washington , U.S, U.S

☆ Pence echoes Trump, links UAW strikes to Biden EV push: 'Good for Beijing, bad for Detroit'
▼ + stars: | 2023-09-19 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +1 min

Former Vice President Mike Pence argued Tuesday that the Biden administration's push toward electric vehicles was to blame for the historic United Auto Workers strikes underway at the Big Three Detroit carmakers' plants. "I guarantee you that one of the things that's driving that strike is that Bidenomics and their green energy, electric vehicle agenda is good for Beijing and bad for Detroit, and American autoworkers know it," Pence said on CNBC's "Squawk Box." The strikes are a "reflection of the failed economic policies of the Biden administration," said Pence, whose campaign to win the 2024 Republican presidential has struggled to gain traction in the polls. "This drive toward electric vehicles, driving people away from gasoline-powered vehicles, any auto worker that's paying attention would know that's not in their long-term interest," he said. Pence's stance on the strikes echoed the one pushed by his former boss, ex-President Donald Trump, the current front-runner in the GOP nomination contest.

Persons: Mike Pence, Biden, Pence, that's, Donald Trump Organizations: United Auto Workers, Big, Detroit, Republican, GOP Locations: Beijing, Detroit

☆ A core frustration unites striking workers: Exorbitant CEO pay
▼ + stars: | 2023-09-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Exorbitant CEO pay is a frustration shared by Hollywood creatives and Detroit autoworkers alike. Since 1978, the CEO compensation among America’s 300 biggest companies has gone up 1,460%, while the typical worker’s pay grew by just 18% (both adjusted for inflation), according to the Economic Policy Institute, a progressive think tank. Over the same period, CEO pay at the Big Three Detroit automakers — GM, Ford and Chrysler parent Stellantis — has jumped an average of 40%, or roughly how much of a raise striking workers are now demanding. But a company’s profit depends not only on bringing in hearty revenue, but also on keeping costs — including workers’ pay — low. CEO pay went up 40%… No one had any complaints about that, but God forbid the workers ask for their fair share,” he told CNN’s Jake Tapper last week.

Persons: New York CNN —, Hollywood creatives, Barack Obama, Adam S, Hersh, —, Mary Barra, Barra, Carlos Tavares, Jim Farley, Michael M, Shawn Fain, ”, CNN’s Jake Tapper, ’, ” Hersh, “, CNN’s Chris Isidore Organizations: New, New York CNN, Workers, Hollywood, Detroit, Economic Policy Institute, Chrysler, GM, Big Three Detroit, — GM, Ford, CNN, Guild of America, Los Angeles Times, UAW, “, EV Locations: New York, America, Barra, American, Kentucky, Tennessee

☆ The UAW is playing with fire. Jim Cramer says Ford could be forced to flip the script
▼ + stars: | 2023-09-18 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The United Auto Workers strike entered Day 4 on Monday, and both sides remained far apart on pay hikes. By striking Ford, the UAW is "playing with fire," according to Jim, who said the automaker might get tired of trying to appease union demands and just lock workers out. Ford CEO Jim Farley told CNBC last week that UAW demands would bankrupt the company. In addition to top-line pressure on its EV unit and companywide cost pressure from the UAW strike, Ford needs to work its way through this transition from high-profit ICE vehicles to the currently money-losing EVs. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer, Jim, Ford, Jim Farley, Goldman Sachs, Tesla, Washington, Joe Biden, Biden, Jim Cramer's, Shawn Fain, Bill Pugliano Organizations: United Auto Workers, Ford, UAW, Detroit, Plant, Bronco, Ford's, General Motors, Chrysler, GM, CNBC, White House, Getty Locations: Michigan, Wayne, Wentzville , Missouri, Toledo , Ohio, U.S, Mexico, Detroit, Detroit , Michigan

☆ Stellantis offers raises, inflation protection measures to UAW as strikes continue
▼ + stars: | 2023-09-16 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The standoff between the UAW and major automakers Stellantis, Ford and General Motors reached a fever pitch Friday, with the union starting work stoppages after an agreement wasn't met by a Thursday night deadline. UAW President Shawn Fain said earlier this week that Stellantis had previously offered a 17.5% increase. Under the new proposal, starting pay for supplemental employees would increase by $4.22, or nearly 27%, to $20 an hour. Stellantis leadership also pushed back against the union's descriptions of the automaker's plans to close or sell 18 facilities. The company has said it aims to run parts distribution centers more efficiently and continue shifting resources toward electric vehicles.

Persons: Stellantis, Mark Stewart, General Motors, wasn't, walkouts, Shawn Fain, Ford, Jim Farley, Stewart, Joe Biden, — CNBC's Michael Wayland Organizations: United Auto Workers, Detroit, Ford, General Motors, UAW, General, GM, CNBC

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