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☆ UAW Calls Strike on One of GM’s Largest and Most-Profitable Factories
▼ + stars: | 2023-10-24 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

UAW union members have been striking over job security and pay as automakers push forward in developing EV’s, which require fewer workers and cost more in raw materials. So what does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalThe United Auto Workers expanded its strike against Detroit’s automakers with a walkout at one of General Motors ’ largest and most profitable factories, marking the second straight day of escalation by the union. About 5,000 unionized workers walked out of GM’s Arlington, Texas, assembly plant Tuesday morning, the union said. The plant makes several large sport-utility vehicles, including the Chevrolet Suburban and Tahoe, GMC Yukon and Cadillac Escalade, which are GM’s highest-profit-margin vehicles globally.

Persons: George Downs Organizations: Street, United Auto Workers, Detroit’s, General Motors, Chevrolet, Tahoe, GMC Yukon, Cadillac Locations: GM’s Arlington , Texas

☆ UAW expands strike to crucial GM SUV plant in Texas hours after automaker reports earnings
▼ + stars: | 2023-10-24 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – The United Auto Workers union on Tuesday expanded its strike against General Motors to a highly profitable full-size SUV plant in Texas — a swift response to healthy profits and record third-quarter revenue for the automaker. The walkout came just hours after the automaker reported third-quarter earnings results that beat Wall Street's expectations. As we've said for months: record profits equal record contracts," said UAW President Shawn Fain in a statement. Fain's claims of record results for the automaker reference record third-quarter revenue, according to the union. The automaker disclosed in its quarterly update that the UAW strike has already cost it $800 million in lost production — prior to the Arlington disruption — including $200 million during the third quarter.

Persons: Escalade, we've, Shawn Fain, Fain's Organizations: DETROIT, United Auto Workers, General Motors, Arlington Assembly, GMC, Yukon XL, Chevrolet Tahoe, GM, UAW Locations: Texas, Arlington, GMC Yukon

☆ The UAW is hitting automakers where it really hurts, taking down highly profitable truck and SUV plants at each Big 3 automaker
▼ + stars: | 2023-10-24 | by ( Associated Press | ) www.businessinsider.com time to read: +3 min

As the union targets truck and SUV plants in its sixth week, consumers are likely to feel the impacts. AdvertisementAdvertisementThe United Auto Workers union has turned up the heat on General Motors as 5,000 workers walked off their jobs Tuesday at a highly profitable SUV factory in Arlington, Texas. "It's time GM workers, and the whole working class, get their fair share," Fain said. Barra said GM's record offer rewards employees but doesn't put the company or UAW jobs at risk. AdvertisementAdvertisementLast week GM made an offer that increased its previous offer by about 25% in total value, the company said.

Persons: —, Shawn Fain, Mary Barra, Fain, GM's, Barra, doesn't, it's, walkouts Organizations: UAW, Service, United Auto Workers, General Motors, GM, Ford, Chevrolet Tahoe, GMC Yukon, Cadillac, Arlington Locations: Texas, Arlington , Texas, Sterling Heights , Michigan, Detroit, The Texas, Arlington

DETROIT (AP) — The United Auto Workers union turned up the heat on General Motors as 5,000 workers walked off their jobs Tuesday at a highly profitable SUV factory in Arlington, Texas. The additional plants further escalate a labor dispute that's in its sixth week and now has about 46,000 union workers off the job. “It’s time GM workers, and the whole working class, get their fair share,” Fain said. Barra said GM’s record offer rewards employees but doesn’t put the company or UAW jobs at risk. Last week GM made an offer that increased its previous offer by about 25% in total value, the company said.

Persons: Cadillac Escalade, Shawn Fain, “, ” Fain, Mary Barra, Fain, GM’s, Barra, doesn’t, ”, it's, walkouts, haven't, Thomas Kochan, ” Kochan Organizations: DETROIT, United Auto Workers, General Motors, GMC Yukon, Cadillac, GM, Ford, Arlington, General Motors Co, Massachusetts Institute of Technology Locations: Arlington , Texas, Sterling Heights , Michigan, Detroit, Arlington

CNN —The United Auto Workers union took its most serious shot yet at General Motors in its five-week old strike as 5,000 members walked off the job at a plant in Texas. Arlington Assembly builds GM’s very profitable full-size SUVs, the Chevrolet Tahoe and Suburban, GMC Yukon and Cadillac Escalade. The targeted strike at GM’s largest plant comes just hours after the company reported third quarter earnings, which grew last quarter despite the strike. It’s time GM workers, and the whole working class, get their fair share,” said UAW President Shawn Fain. “GM’s latest offer fails to reward UAW members for the profits they’ve generated,” said the union’s statement.

Persons: we’ve, ”, Shawn Fain, General Motors, Fain, it’s, “ Organizations: CNN, United Auto Workers, General Motors, Arlington Assembly, Chevrolet, GMC Yukon, Cadillac, General, Arlington, GM, UAW, Ford, Chrysler Locations: Texas, Suburban, GM’s, Ford, Arlington

The UAW said another 5,000 workers are going on strike, bringing the total number of UAW members on strike at the Big Three automakers to over 45,000, on day 40 of the strike. The workers took the strike to Arlington Assembly, home to some of GM's most profitable vehicles, the Chevy Tahoe, Chevy Suburban, GMC Yukon and Cadillac Escalade. The union's strategy of targeted strikes has throttled billions in revenue for the Detroit Three while requiring fewer than half the 150,000 UAW members at the companies to forgo pay and walk picket lines. "It's time GM workers, and the whole working class, get their fair share." But he told UAW members "there is more to be won".

Persons: Rebecca Cook, Stellantis, we've, Shawn Fain, Fain, Harley Shaiken, Mary Barra, David Shepardson, Joe White, Ben Klayman, Sayantani Ghosh, Chizu Nomiyama, Peter Henderson Organizations: General Motors, REUTERS, United Auto Workers, UAW, Big, Arlington Assembly, Chevy Tahoe, Chevy, GMC Yukon, Cadillac, Kentucky, Chrysler, Detroit, EV, Ford, Korean, University of California, GM, Anderson Economic, Thomson Locations: Detroit , Michigan, U.S, Texas, Cadillac Escalade, F.N, Sterling Heights, Mich, University of California Berkeley, Arlington, Detroit

☆ GM earnings rise despite strike
▼ + stars: | 2023-10-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The company’s earnings per share rose to $2.28, up from $2.25, in the past quarter. The company said that the strike cost it $200 million in its first two weeks of the quarter. The UAW has been on strike against GM as well as rivals Ford and Stellantis since September 15. The targeted strike started with work stoppages at one assembly plant for each of the automakers and 12,700 on strike but has grown since then. There are now more than 40,000 autoworkers on strike, with 9,200 members on strike at GM alone.

Persons: Refinitiv, Shawn Fain, “, ”, Paul Jacobson, we’re, Mary Barra, “ It’s, ” Barra Organizations: New, New York CNN —, Motors, United Auto Workers, Revenue, UAW, GM, Ford, CNBC, EV, GM Financial, Chevrolet, GMC Yukon Locations: New York, Stellantis, China, Wentzville , Missouri, Lansing , Michigan, Arlington , Texas, Suburban, Ford, Arlington

☆ UAW says it scored a major concession from GM and will not expand its Big Three strike Friday
▼ + stars: | 2023-10-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

GM agreed to have the workers at its future EV battery plants be covered by the national labor agreement governing other UAW members at GM, Fain said, after the UAW threated an expansion of the strike to a GM plant in Arlington, Texas, that assembles the company’s full-sized SUVs. GM has in the past insisted that workers in battery facilities are not GM employees, since the plants are run by joint ventures it has with Asian battery companies. Then on September 29 the UAW declined to expand the strike against Stellantis, once again citing progress in talks, but added a strike against one assembly plant each at GM and Ford. The union has said all along it stood ready to expand the strike to increase pressure on the companies. Fain described the Arlington plant “GM’s biggest money maker.”“It was that threat that brought GM to the table,” he said.

Persons: Shawn Fain, Ford, Fain, ”, GM, ” Fain, “, we’re, “ It’s, “ We’ve, it’s, Cadillac Escalade Organizations: New, New York CNN — United Auto Workers, General Motors, GM, EVs, UAW, “, Workers, EV, Ford, Stellantis, Chevrolet, GMC Yukon, Cadillac Locations: New York, Arlington , Texas, Suburban, Arlington

UAW President Shawn Fain plans to update the union's 150,000 members at Ford, General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) on Friday, a person briefed on the union's plans said. In addition to Ford, talks with Chrysler parent Stellantis (STLAM.MI) and other automakers and the UAW have been active in recent days, sources said. Ford Chief Financial Officer John Lawler said Friday the automaker's retirement offer would assure UAW workers could retire with $1 million in savings. The targeted strike against the Detroit Three automakers began on Sept. 15 and is now in its 20th day. Rival Ford Motor (F.N) secured a $4 billion line of credit in August, ahead of the Sept. 14 UAW contract expiration.

Persons: Rebecca Cook, Shawn Fain, Fain, Ford, Stellantis, John Lawler, Paul Jacobson, JP Morgan, Joe White, David Shepardson, Mark Porter, Nick Zieminski, Matthew Lewis, Anna Driver Organizations: General Motors, REUTERS, Rights, United Auto Workers, Ford, Detroit Three, Wednesday, UAW, Chrysler, Detroit automakers, GM, CNBC, Citibank, Chevrolet, GMC, GMC Yukon, Cadillac, Motor Equipment Manufacturers Association, Thomson Locations: Detroit , Michigan, U.S, Wentzville , Missouri, Kansas, Ohio, Indiana, Detroit

The strike cost at GM reflects 16 days in which production was stopped at one GM assembly plant, a mid-size pickup truck and van factory in Wentzville, Missouri. The UAW ordered a strike at a GM SUV assembly plant in Lansing, Michigan, on Sept. 29. Against that backdrop, GM said in a securities filing that it has locked in a new, $6-billion line of credit through October 2024. The additional liquidity will require GM to maintain at least $4 billion in global liquidity and $2 billion in U.S. liquidity. Rival Ford Motor (F.N) secured a new $4 billion line of credit in August.

Persons: Rebecca Cook, JP Morgan, Ford, Joe White, David Shepardson, Mark Porter, Nick Zieminski Organizations: General Motors, REUTERS, Rights, Wednesday, United Auto Workers, Detroit Three, GM, UAW, Citibank, Chevrolet, GMC, GMC Yukon, Cadillac, Ford, Thomson Locations: Detroit , Michigan, U.S, Wentzville , Missouri, Lansing , Michigan, Fairfax , Kansas, Kansas, Ohio, Indiana

☆ 8 people charged with stealing 19 rental cars worth $1.1 million in an identity fraud scheme
▼ + stars: | 2023-07-29 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Eight people were indicted on charges that they defrauded a car rental firm by stealing 19 vehicles. Eight people have been indicted in St. Louis on charges that allege they stole at least 19 rental cars worth more than $1 million as part of an identity fraud scheme. According to the indictment, the suspects would reserve rental cars from the company using stolen credit card information and false identities. It added that the value of the stolen cars was just over $1.1 million. "This is just the tip of the iceberg when it comes to how criminals use people's stolen identities," said Jay Greenberg of the FBI St. Louis Division.

Persons: Louis, Tyrell Oliver, Jay Greenberg Organizations: Justice, Morning, Department of Justice, Court, BMW X7, GMC Yukon, Chevrolet, FBI, Louis, DoJ Locations: St, Clayton , Missouri, Midwest

☆ GM to invest $500 million to build next-generation Cadillac Escalade, other large SUVs
▼ + stars: | 2023-06-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors plans to invest more than $500 million in a plant in Texas to prepare the facility for production of its highly profitable next-generation large SUVs. GM on Monday made a similar announcement for its next-generation heavy-duty pickups, which share the frame of the large SUVS. The truck investment included more than $1 billion in two Michigan plants for production of next-generation heavy-duty trucks. The automaker recently confirmed an all-electric version of its Cadillac Escalade but declined to disclose when the vehicle will come to market. The investment announcements come ahead of contract negotiations between the Detroit automakers, including GM, and the United Auto Workers union this summer.

Organizations: General Motors Co, DETROIT –, Motors, Detroit, Chevrolet Tahoe, GMC Yukon, Yukon XL, GM, United Auto Workers, UAW Locations: Arlington , Texas, DETROIT, Texas, Arlington, Yukon, Michigan, EVs

☆ These 5 side-hustles could help bolster your finances before a likely downturn in 2023
▼ + stars: | 2022-11-12 | by ( Kiera Fields | Ryan Hogg | ) www.businessinsider.com time to read: +5 min

Side-hustles could help bolster your finances ahead of a likely downturn. Vending machines have emerged as a popular side-hustle given their appeal as a passive income source. The business has a fairly steep entry cost but once up and running, vending machines require minimal time commitment other than refilling. He made another $100,000 in revenue running a YouTube channel linked to his vending machines business. Carlos OchoaLike vending machines, laundromats have a high cost of entry but can ultimately provide a solid stream of passive income.

☆ I made $5,500 in 2 months renting my family's cars on Turo. The extra income helps us pay our bills and save for my kids' college fund.
▼ + stars: | 2022-06-08 | by ( Kimanzi Constable | ) www.businessinsider.com time to read: +6 min

Daniel Veiga, 41, rented out one of his family's five cars on the car-sharing app Turo. Within a month, Veiga began renting out four of the five family cars, generating $4,229 in bookings. The revenue he makes from the car-sharing app Turo has been verified by Insider. My friend said Turo was an app where you could rent people's cars and get the exact vehicle you wanted. We used Turo exclusively for the next three years to rent cars.

☆ Coronavirus impact spreads to European auto plant and could hit GM truck production
▼ + stars: | 2020-02-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

An employee uses a flash grinder to smooth out the metal frame of a sports utility vehicle (SUV) on the production line at the General Motors Co. (GM) assembly plant in Arlington, Texas. Automakers working to restart manufacturing in China amid the coronavirus outbreak are trying to prevent operations elsewhere from being affected by supply shortages. General Motors confirmed Friday it is closely monitoring the supply chain for its highly profitable truck production in North America, spokesman David Barnas said in an emailed statement. He added that the automaker "does not anticipate any impact on full-size truck production at this time." The comments follow a report by The Detroit Bureau, an online industry news website, that union leaders in Flint, Michigan, warned of potential parts shortages at their plant as well as the SUV plant in Texas and another truck plant in Indiana due to the coronavirus.

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