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☆ GM's stock hits three-year low amid UAW strike, potential air bag recall
▼ + stars: | 2023-10-05 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Since the UAW union's targeted strikes began Sept. 15, shares of the Detroit automaker have fallen by about 10%. The stock closed Thursday at $30.31 a share, down by 2.4%. The potential recall of roughly 52 million air-bag inflators from Tennessee-based auto supplier ARC Automotive had been reported about previously, but the number of affected GM vehicles had not. The National Highway Traffic Safety Administration held a public meeting Thursday on its determination that the air-bag parts are defective and should be recalled, according to the report. Automakers, including GM, have until later this year to file responses on the matter.

Organizations: DETROIT, Motors, United Auto Workers, UAW, Detroit, Street, ARC Automotive, Traffic Safety Administration, GM Locations: Tennessee

☆ Ford pickup truck sales lead third-quarter growth
▼ + stars: | 2023-10-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Ford Motor's third-quarter U.S. new vehicle sales increased 7.7% compared with a year earlier, led by higher sales of traditional pickup trucks across its lineup. The Detroit automaker on Wednesday reported a 15.3% increase in truck sales compared with a 5.1% decline in cars and sales of SUVs that were essentially flat. The automaker's sales of electric vehicles were up by 14.8% during the quarter to nearly 21,000 units. Ford hybrid sales, led by the F-150 and Maverick hybrid trucks, posted third-quarter sales of 34,861 vehicles – up 41.4% over a year earlier. An ongoing strike by the United Auto Workers union against the Detroit automakers, including Ford, was not expected to directly impact sales much during the quarter.

Persons: Ford, Edmunds Organizations: DETROIT, Detroit, United Auto Workers, Ford, Ford Bronco, UAW, GM, Ford Motor

☆ GM secures new $6 billion credit line as UAW strike costs reach $200 million
▼ + stars: | 2023-10-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors secured a new $6 billion line of credit as the automaker braces for additional strikes by the United Auto Workers union. The targeted strikes already cost the automaker $200 million during the third quarter, GM said Wednesday. A GM spokesman said the $200 million strike cost is due to lost production on wholesale volume, largely due to the UAW's initial Sept. 15 strike at GM's midsize truck and full-size van plant in Wentzville, Missouri. The strike has since expanded to GM's parts and distribution facilities nationwide and, as of last Friday, a crossover plant in mid-Michigan. As a result of the strike in Missouri, GM also idled its Fairfax Assembly Plant in Kansas, where it builds the Cadillac XT4 SUV and the Chevrolet Malibu sedan, and laid off nearly 2,000 workers.

Persons: General Motors, Paul Jacobson, CNBC's Phil LeBeau, Mary Barra, Jim Farley, Shawn Fain, Fain Organizations: DETROIT, General, United Auto Workers, UAW, GM, Fairfax Assembly Plant, Chevrolet Malibu, Ford Motor, Ford, Chrysler Locations: Wentzville , Missouri, Michigan, Missouri, Fairfax, Kansas

☆ GM's third-quarter sales jump 21% as UAW strike slowly expands
▼ + stars: | 2023-10-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – An ongoing strike by the United Auto Workers union against the Detroit automakers had little to no direct effect on General Motors' third-quarter U.S. new vehicle sales. Sales of every one of the Detroit automaker's brands rose compared to a year earlier. Only 25,200 workers, or roughly 17% of UAW members covered by the expired contracts with GM, Ford Motor and Stellantis, are part of the work stoppages. UAW has been gradually increasing the strikes since the work stoppages began, after the sides failed to reach tentative agreements by Sept 14. The targeted walkouts aim to preserve the union's funds and prolong the work stoppages to keep the automakers off keel.

Persons: Jonathan Smoke Organizations: United Auto Workers, UAW, General Motors Co, Flint Processing, Detroit automakers, General Motors, Detroit, GM, Ford Motor, Chevrolet Colorado, GMC, Cox Automotive Locations: Swartz Creek , Michigan, DETROIT

Members of the United Auto Workers union picket outside the Michigan Assembly Plant in Wayne, Michigan, on Sept. 26, 2023. DETROIT – The United Auto Workers union is holding up negotiations with Ford Motor over future electric vehicle battery plants, Ford CEO Jim Farley claimed during a press briefing Friday. "I believe we could have reached a compromise on pay and benefits but so far the UAW is holding the deal hostage over battery plants," he said after the UAW announced it would expand strikes to two additional assembly plants — one each for Ford and General Motors. Farley's public criticism of the union is uncharacteristic for Ford, which is historically viewed as the most union-friendly company of the Detroit automakers. Farley said the company isn't "at an impasse" with the union but warned that day "could come if this continues."

Persons: Jim Farley, Farley, Shawn Fain, hasn't, haven't, Fain Organizations: United Auto Workers, Plant, DETROIT –, Ford Motor, Ford, UAW, General Motors, Detroit automakers, Farley Locations: Michigan, Wayne , Michigan

☆ UAW announces new strikes at GM and Ford plants, spares Stellantis citing 'momentum' in talks
▼ + stars: | 2023-09-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – The United Auto Workers union will expand strikes against General Motors and Ford Motor to two U.S. assembly plants at noon ET, UAW President Shawn Fain said Friday. Fain said Chrysler-parent Stellantis was spared from additional strikes because of recent progress in negotiations with that company. "To restore the balance of power, we have to restore the strike," Fain said Friday, citing several other UAW strikes aside from the Detroit automakers. The UAW originally initiated work stoppages on Sept. 15 at three assembly plants — one each for the Detroit automakers. At that time, the UAW spared Ford from expanded strikes, citing progress in those negotiations.

Persons: Shawn Fain, Fain, Stellantis, Gerald Johnson, GM's Organizations: DETROIT, United Auto Workers, General Motors, Ford Motor, UAW, Chicago Assembly, Ford Explorer, Lincoln Aviator, Buick Enclave, Chevrolet, Chrysler, Detroit, GM, Ford, Detroit automakers Locations: Illinois, Lansing Delta, Michigan

In this article FSTLAM-ITGM Follow your favorite stocks CREATE FREE ACCOUNTStriking members of the United Auto Workers (UAW) picket outside the GM's Willow Run Distribution Center, in Bellville, Wayne County, Michigan, U.S., September 26, 2023. ET Friday, barring substantial progress by in negotiations with General Motors, Ford Motor and Stellantis for contracts covering some 146,000 autoworkers. As of the Wednesday announcement, the UAW also hadn't put forth counter proposals to offers made by the automakers roughly a week earlier, the people said. About 18,300 workers, or roughly 12.5% of the UAW members covered by its contracts with the Detroit automakers, are currently on strike. On the picket linesIn recent days, union members on the picket lines have reported confrontations, intimidations with guns, hit-and-run vehicle accidents and vandalism of vehicles and company property.

Persons: Evelyn Hockstein, Shawn Fain, Fain, hadn't, Mary Barra, Stellantis, Jonah Furman, they've, Matthew Hatcher Organizations: United Auto Workers, UAW, Reuters DETROIT, Detroit automakers, General Motors, Ford Motor, GM, Mopar, Center, AFP, Getty Locations: Bellville, Wayne County , Michigan, U.S, Flint , Michigan, Center Line, Michigan

☆ UAW again threatens to expand strikes at Detroit automakers if progress isn't made by Friday
▼ + stars: | 2023-09-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – The United Auto Workers union will announce expanded strikes at General Motors , Ford Motor and Stellantis plants if the sides don't make significant progress in negotiations by 10 a.m. The new union-imposed deadline comes a week after the UAW announced it would expand its initial Sept. 15 strikes at assembly plants of each of the Detroit automakers to 38 additional parts and distribution locations for GM and Stellantis. The UAW did not expand its strikes at Ford , citing progress in those talks. The strikes currently involve about 18,300 workers, or 12.5% of the UAW's 146,000 members whose labor contracts expired on Sept. 14. It's calling the work stoppages "stand-up strikes," a nod to historic "sit-down" strikes by the UAW in the 1930s.

Persons: Shawn Fain, Fain Organizations: United Auto Workers, UAW, Chrysler Corporate, Division, DETROIT –, General Motors, Ford Motor, Detroit automakers, GM, Ford Locations: Ontario , California

☆ UAW leader condemns Trump ahead of Michigan visit during union strike
▼ + stars: | 2023-09-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

United Auto Workers (UAW) President, Shawn Fain addresses picketing UAW members at a General Motors Service Parts Operations plant in Belleville, Michigan, on September 26, 2023, as US President Joe Biden joined the workers. "President Trump will be in Michigan talking with union workers and ensuring American jobs are protected. "Our focus right now is 100% on getting a great agreement for our members," Fain told CNN. Former U.S. President Donald Trump gestures during a rally in Warren, Michigan, U.S., October 1, 2022. But UAW members have previously attended and participated in Trump's events in Michigan.

Persons: Shawn Fain, Joe Biden, Jim Watson, Donald Trump, Trump's, Fain, Trump, Crooked Joe Biden, Steven Cheung, Biden, Joe, there's, Hilary Clinton, Melania, Michael Fabian, Rich Schmidt, Carlos Barria Organizations: United Auto Workers, UAW, General Motors Service, Operations, Afp, Getty, DETROIT, Republican, Drake Enterprises, CNN, Trump, Biden, General Motors, Ford Motor, Former U.S, Chery, Reutersm, EVs, GOP, Trump's, Democratic, Lordstown Motors, White Locations: Belleville , Michigan, Michigan, Detroit, Warren , Michigan, U.S, Dieu, Macomb County , Michigan, Ohio, Washington , U.S

☆ UAW strike: Biden, Trump seek blue-collar votes in swing state Michigan
▼ + stars: | 2023-09-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

President Joe Biden is expected to visit a picket line Tuesday in the Great Lake State following a public invitation Friday from UAW President Shawn Fain. UAW members Niko Shinn (front) and Darius Collier (back) walk a picket line on Sept. 25, 2023 outside a Mopar facility owned by automaker Stellantis in Centerline. Fain has appeared with the independent senator from Vermont in Washington, D.C., and during a recent UAW rally in Detroit. Trump led Biden 46% to 43% among union members in an August survey, after Biden led Trump 51 % to 42% in June, according to Bernie Porn, president of EPIC·MRA. "With union members, he has been so supportive of just about everything that union members want.

Persons: Rebecca Cook, Joe Biden, Shawn Fain, Donald Trump, Leah Millis, Trump, Darius Collier, Collier, Stellantis, They've, Biden, Fain, Mark Burton, Gretchen Whitmer, Niko Shinn, Michael Wayland, Whitmer, Debbie Dingell, Sen, Bernie Sanders, Sanders, Fain's, who's, Bernie Porn, Trump's, Jamie Roe, Scott Olson Organizations: GM, United Auto Workers, Louisville Kentucky, Reuters DETROIT, General Motors, Ford Motor, Air Force, Joint Base Andrews, Reuters Biden, Biden, Trump, White, UAW, Michigan Gov, Democrat, Stellantis, CNBC Michigan, U.S . Rep, Washington , D.C, Detroit automakers, GOP, Trump's, Drake Enterprises, Republican, Plant, Getty Locations: Louisville, Detroit , Michigan, Michigan, Great Lake State, Clinton Township , Michigan, U.S, Joint Base Andrews , Maryland, . Michigan, Vermont, Washington ,, Detroit, Macomb County , Michigan, United States, Ford's Wayne, Wayne , Michigan

☆ UAW targets 38 facilities at GM and Stellantis for expanded strikes; skips Ford
▼ + stars: | 2023-09-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – The United Auto Workers is expanding strikes to 38 parts and distribution locations across 20 states for General Motors and Stellantis , UAW President Shawn Fain said Friday morning. The union will not initiate additional strikes at Ford Motor , as the company has proven it's "serious about reaching a deal," Fain said during a Facebook Live. "We still have serious issues to work through, but we do want to recognize that Ford is showing that they're serious about reaching a deal," said the outspoken union leader. Fain said the union and Ford have made progress on issues including eliminating some wage tiers, reinstating cost-of-living adjustments and an improved profit-sharing formula. Ford said the company is "working diligently with the UAW to reach a deal," but "we still have significant gaps to close on the key economic issues."

Persons: Shawn Fain, Fain, Ford Organizations: DETROIT, United Auto Workers, General Motors, Stellantis, UAW, Ford Motor, Ford, GM

☆ Automakers question UAW's strike motives after leaked 'chaos' messages
▼ + stars: | 2023-09-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

United Auto Workers President Shawn Fain (center) marches with UAW members through downtown Detroit after a rally in support of the union's members as they strike the Big Three automakers, Detroit, Michigan, Sept. 15, 2023. DETROIT – Major automakers are calling into question the United Auto Workers' motives in launching targeted strikes in light of leaked messages by a union director calling to "keep them wounded for months." Ford communications chief Mark Truby said in a statement Friday the leaked messages are "disappointing, to say the least, given what is at stake for our employees, the companies and this region." In response to The Detroit News, Furman would not confirm writing the messages but according to the paper, called them "private messages" that "you shouldn't have." The leaked messages come as Fain on Friday announced additional plants the union plans to strike as part of its "stand-up strikes," a nod to historic "sit-down" strikes by the UAW in the 1930s.

Persons: Shawn Fain, Jonah Furman, Shawn Fain's, Motors, Mary Barra, Jim Farley, Mark Truby, Stellantis, Furman, Fain, Malcom X Organizations: United Auto Workers, UAW, Big Three, DETROIT –, Twitter, CNBC, The Detroit, Ford Motor, Ford, Chrysler, Detroit News, Furman, Labor Locations: Detroit, Detroit , Michigan, Indiana

☆ Ford avoids Canadian auto strike with Unifor union deal
▼ + stars: | 2023-09-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Lana Payne speaks to delegates after being elected as president of UNIFOR, Canada's largest private sector union, at the Metro Toronto Convention Centre on Aug. 10, 2022. The Canadian tentative agreement was reached on day five of the United Auto Workers union initiating targeted strikes against Ford and its crosstown rivals General Motors and Chrysler-parent Stellantis . DETROIT – Ford Motor avoided having to face labor strikes on both sides of the U.S.-Canada border Tuesday night, as the automaker and Canadian union Unifor announced a tentative deal covering 5,600 autoworkers in the country's Ontario providence. Unifor, which represents 18,000 Canadian workers at the Detroit automakers, took a more traditional approach to its negotiations than its U.S. counterpart did. The Canadian union picked Ford as its "target" company instead of following the UAW's new strategy of bargaining with all three automakers.

Persons: Lana Payne, UNIFOR, Unifor, Ford, Shawn Fain Organizations: Metro Toronto Convention, Plant, Ford Edge, Lincoln Nautilus, Ford, United Auto Workers, General Motors, Chrysler, Detroit, Ford Motor, U.S ., Detroit automakers, U.S, GM, UAW Locations: Oakville, Unifor, DETROIT, U.S, Canada, Ontario, autoworkers, Wentzville , Missouri, Wayne , Michigan, Toledo , Ohio

☆ GM executive slams UAW over 'flow of misinformation,' rhetoric during strike
▼ + stars: | 2023-09-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

The UAW opens auto contract negotiations with Stellantis today, Ford on July 14, and General Motors on July 18. "As the past has clearly shown, nobody wins in a strike," Reuss said in a Wednesday column in the Detroit Free Press. watch nowGM's last offer was made Sept. 14, ahead of the union initiating a "Stand Up Strike" at one assembly plant each for GM, Ford Motor and Stellantis. UAW President Shawn Fain said Monday the strikes will expand at noon Friday unless "serious progress" is made in negotiations. Late Monday, Ford released a lengthy statement fact-checking comments made by Fain, including auto worker wages, company profits and stock buybacks.

Persons: Shawn Fain, Bill Pugliano, Mark Reuss, Reuss, GM's, Wells Fargo's Colin Langan, Langan, Andrew Harrer, Ford, Fain, Jim Farley, He's, We've, Farley, CNBC's Phil LeBeau, he's Organizations: United Auto Workers, Sterling Heights Assembly, UAW, Ford, General Motors, Getty, DETROIT, Detroit automakers, General, Detroit Free Press, GM, Ford Motor, Stellantis, General Motors Co, Chevrolet Silverado, Auto, Bloomberg Locations: Sterling Heights, Sterling Heights , Michigan, Stellantis, Wentzville , Missouri, Wayne , Michigan, Toledo , Ohio, Detroit , Michigan

☆ UAW will strike at additional U.S. auto plants if 'serious progress' isn't made by noon Friday
▼ + stars: | 2023-09-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Blue Cross Blue Shield employees show their support to members of the United Auto Workers (UAW) union as they march through the streets of downtown Detroit following a rally on the first day of the UAW strike in Detroit, Michigan, on September 15, 2023. Matthew Hatcher | AFP | Getty ImagesDETROIT – The United Auto Workers union will announce additional strikes at General Motors , Ford Motor and Stellantis plants if the sides don't make "serious progress" in negotiations by noon ET Friday, UAW President Shawn Fain announced Monday night. The announcement follows the union meeting with each of the automakers since the targeted strikes began Friday. The union selected the plants as part of targeted strike plans, as Fain and UAW leaders unconventionally negotiate with all three automakers at once. It's calling the work stoppages "stand-up strikes," a nod to historic "sit-down" strikes by the UAW in the 1930s.

Persons: Matthew Hatcher, Shawn Fain, We're, Fain Organizations: United Auto Workers, UAW, AFP, Getty, DETROIT, General Motors, Ford Motor, Detroit Locations: Detroit, Detroit , Michigan, Wentzville , Missouri, Wayne , Michigan, Toledo , Ohio

☆ Thousands of UAW members go on strike at three key auto plants after deal deadline passes
▼ + stars: | 2023-09-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

In this article GMFSTLA Follow your favorite stocks CREATE FREE ACCOUNTMembers of the United Auto Workers union hold a rally and practice picket near a Stellantis plant in Detroit, Aug. 23, 2023. For Ford, UAW President Shawn Fain said only workers in paint and final assembly will be on strike. About 12,700 workers – 5,800 at Stellantis, 3,600 at GM and 3,300 at Ford – will be on strike at the plants in total, the union said. The UAW represents about 146,000 workers across Ford, GM and Stellantis. Fain has referred to the union's plans as a "stand-up strike," a nod to historic "sit-down" strikes by the UAW in the 1930s.

Persons: Michael Wayland, Shawn Fain, Fain, Joe Biden, Biden, Ford Organizations: United Auto Workers, CNBC DETROIT –, General Motors, Ford Motor, Ford, UAW, GM, Facebook, YouTube, Detroit automakers, Tesla, Toyota Locations: Detroit, Wentzville , Missouri, Wayne , Michigan, Toledo , Ohio, Stellantis, United States

☆ Everything you need to know about UAW's targeted strike plans – and possible lockouts
▼ + stars: | 2023-09-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

Targeted, or bottleneck, strikes are an alternative to national actions in which the union only strikes select plants. Targeted strikes typically focus on key plants that can then cause other plants to cease production due to a lack of parts. They include initiating targeted strikes at select plants and then potentially increasing the number of strikes based on the status of the negotiations. "We will strike all three companies, a historic first, initially at a limited number of targeted locations that we will be announcing. While "historic," the targeted strikes could have unintended ripple effects.

Persons: Shawn Fain, Rebecca Cook, Fain, Dennis Devaney, Clark, Devaney, Plant, Jeffrey S, Kopp, Lardner, everything's, UAW hasn't, Ben Dictor, Dictor Organizations: United Auto Workers, Sterling Heights Assembly, Reuters DETROIT, Ford, General Motors, UAW, NLRB, GM, Exxon Mobil, Foley, Detroit, National Labor Relations Board Locations: Sterling Heights, Sterling Heights , Michigan, U.S, Texas, Michigan

General Motors CEO Mary Barra talks with reporters following a meeting with lawmakers from Michigan and Ohio at the U.S. Capitol June 05, 2019 in Washington, DC. DETROIT – General Motors is attemping to avoid a looming strike by the United Auto Workers union through a new offer Thursday that includes significant pay increases, more vacation days and better benefits for retirees, among other perks. The proposal, which GM CEO Mary Barra called "compelling and unprecedented," addresses many of the union's demands but continues to fall short on others, such as a 40% pay increase over the four years of the deal that UAW sought. GM released details of the deal roughly nine hours before the UAW could initiate targeted strikes against GM, Ford Motor and Stellantis if deals are not reached by 11:59 p.m. "Today, we put a compelling and unprecedented economic package on the table that reflects the significance of this critical moment."

Persons: Mary Barra, Barra Organizations: U.S, Capitol, DETROIT –, United Auto Workers, UAW, GM, Ford Motor Locations: Michigan, Ohio, Washington , DC

☆ Ford CEO rebuffs UAW leader's criticisms as strike deadline on Thursday approaches
▼ + stars: | 2023-09-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Ford CEO Jim Farley speaks with media after revealing the 2024 Ford F-150 for the Detroit auto show on Sept. 12, 2023. Farley said the company has received "no genuine counteroffer" on its four economic proposals, including the latest offer that Ford is calling the most generous offer ever between the UAW and company. He also said Fain, who is simultaneously negotiating with General Motors and Stellantis , was absent during a Tuesday meeting that he and Ford Chair Bill Ford expected Fain to attend. Public criticism between the union and an automaker aren't unprecedented but the amount of detail being released, announced strike plans and simultaneous bargaining certainly are. Farley said he didn't know Fain had received the offer until he was discussing it during a 5 p.m. Facebook Live with union members.

Persons: Jim Farley, Shawn Fain, Farley, Fain, Bill Ford, didn't Organizations: Detroit, DETROIT, Ford Motor, United Auto Workers, Ford, UAW, General Motors, Detroit Auto, Facebook

DETROIT – The United Auto Workers and Detroit automakers remain far apart ahead of the union "likely" strategically striking the companies after an 11:59 p.m. ET Thursday deadline, UAW President Shawn Fain said Wednesday night. Fain also laid out general plans about how the union expects to strategically strike the Detroit automakers, if needed. Fain referred to the union's plans as a "stand-up strike," a nod to historic "sit-down" strikes by the UAW. He also said Fain missed a Tuesday meeting that he and Ford Chair Bill Ford believed he would be attending.

Persons: Shawn Fain, Fain, …, Sen, Bernie Sanders, Jim Farley, Bill Ford, Farley, it's, Ford, Stellantis Organizations: DETROIT, United Auto Workers, Detroit, UAW, General Motors, Ford Motor, Detroit automakers, Ford Locations: Detroit, U.S, Vermont

☆ Wall Street sees potential UAW strikes as manageable, with upsides
▼ + stars: | 2023-09-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Michael Wayland / CNBCDETROIT – Many on Wall Street view potential strikes by United Auto Workers against the Detroit automakers as largely manageable – even seeing investment opportunities. Using Ford, which has the most UAW employees at 57,000, as an example, RBC estimated margin impacts for 10% and 20% raises for union workers would be 0.39% and 0.79%, respectively. watch nowWhat "matters most" is the duration of a potential strike, Jefferies analyst Philippe Houchois said. Simultaneous national strikes against the Detroit automakers, which the UAW has alluded to doing, would be unprecedented. He estimates labor costs only account for around 4% of the global revenues for the Detroit automakers.

Persons: Michael Wayland, Tom Narayan, Jefferies, Philippe Houchois, Morgan Stanley, Adam Jonas, Jonas Organizations: United Auto Workers, General Motors, Hamtramck Assembly, CNBC DETROIT –, Detroit automakers, Motors, Ford Motor, RBC Capital, Ford, UAW, RBC, GM Locations: Detroit, Hamtramck, U.S

☆ Used vehicle prices may have bottomed for 2023 after August increase
▼ + stars: | 2023-09-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Prices of wholesale used vehicles may have bottomed for the year, as Cox Automotive said prices last month increased for the first time since March. Cox reported Friday its Manheim Used Vehicle Value Index was 212.2 in August, up 0.2% from July. Retail prices for consumers traditionally follow changes in wholesale prices. The costs and scarcity of inventory led consumers to the used vehicle market, boosting those prices as well. Cox expects the used vehicle wholesale market to experience a "slow and gradual recovery" in prices to pre-pandemic levels by 2028.

Persons: Cox, Chris Frey, Frey Organizations: Cox Automotive Locations: Chicago , Illinois, DETROIT

☆ GM offers 10% wage increases, $5,500 ratification bonuses to UAW as strike looms
▼ + stars: | 2023-09-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

UAW Local 5960 member Kinethia Black fills the brakes of a 2022 Chevrolet Bolt EUV during vehicle production on Thursday, May 6, 2021 at the General Motors Orion Assembly Plant in Orion Township, Michigan. DETROIT – General Motors on Thursday offered its largest four-year wage increase in decades as part of a new contract proposal to the United Auto Workers, as the automaker attempts to avoid another costly strike by its unionized workforce. The wage increase for most of GM's roughly 46,000 UAW-represented workers would be 10%, while newer employees would be eligible for up to a 56% increase in wages over the four years of the deal, the company announced Thursday after meeting with union leaders and negotiators. The proposed contract also includes two additional 3% lump sum payments resulting in a total increase of 16%; $5,500 ratification bonus; $6,000 one-time inflation-recognition payment; and $5,000 in inflation-protection bonuses over the life of the agreement (in-progression employees are eligible). The UAW did not immediately respond for comment.

Persons: Kinethia Black, Bolt Organizations: UAW Local, General Motors Orion Assembly, DETROIT –, Motors, United Auto Workers, UAW Locations: Orion Township , Michigan, DETROIT

☆ Why auto worker strikes against GM, Ford and Stellantis seem inevitable
▼ + stars: | 2023-09-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Unlike prior union leaders, Fain is attempting to negotiate with all three automakers at once, refusing to select a "target" company to focus on while extending deals at the others. He's also been far more confrontational with the automakers compared to previous union leaders, at times launching personal attacks on executives. "I think there's a reasonable chance they strike Stellantis first and then give a couple more days for Ford and GM to give a better offer." The union could use that work stoppage as a warning to GM and Ford to finalize their deals, he said. United Auto Workers members on strike picket outside General Motors' Detroit-Hamtramck Assembly plant on Sept. 25, 2019 in Detroit.

Persons: Michael Wayland, Shawn Fain, He's, he's, Fain, —, Wheaton, Biden, Gene Sperling, Morgan Stanley, That's, aren't, I've, Dennis Devaney, Clark Organizations: United Auto Workers, CNBC DETROIT – United Auto Workers, Detroit, General Motors, Ford Motor, GM, National Labor Relations Board, UAW, Worker Institute, Cornell University, Ford, White, Wall, Industry, NLRB, Hamtramck Assembly, CNBC Locations: Detroit, Stellantis, U.S, Hamtramck

☆ GM, Google exploring ways to use AI across automaker’s business
▼ + stars: | 2023-08-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, March 16, 2021. DETROIT – General Motors is working with Google to explore opportunities to implement AI technologies across the automaker's business, the companies announced Tuesday. The IVA system is powered by "intent-recognition algorithms" that use Google Cloud's conversational AI technologies, providing OnStar users with responses to common inquiries, as well as routing and navigation assistance, GM said Tuesday. Some use cases could include vehicle validation, software and in-car assistance such as the OnStar service. GM previously said it was exploring uses for ChatGPT as part of its broader collaboration with Microsoft .

Persons: IVA, Mike Abbott, Mercedes Organizations: General Motors, DETROIT –, Google, Detroit, GM's, GM, Apple, ChatGPT, Microsoft, Mercedes, Benz, U.S Locations: Detroit , Michigan, DETROIT

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