DIRS.INFO The most relevant business & tech news

☆ Canadian union Unifor begins strikes at all Stellantis facilities
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

People attend a Stellantis presentation at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsOct 30 (Reuters) - Canadian labor union Unifor said early on Monday it has commenced strikes at all Stellantis (STLAM.MI) facilities in the country, with more than 8,200 members staging a walkout after failing to reach a tentative agreement in labor contract talks. Chrysler-parent Stellantis said it was "extremely disappointed" with the strike action and would continue to bargain until an agreement is reached. The UAW and Stellantis reached a tentative agreement on a new labor contract on Saturday. Stellantis assembles some of its popular vehicles including the Dodge Charger, Challenger and the Chrysler Pacifica minivan in its Canadian plants.

Persons: David, Dee, Delgado, Unifor, Stellantis, Unifor's, Abinaya Vijayaraghavan, Jacqueline Wong, Edwina Gibbs Organizations: New York, REUTERS, Plant, Chrysler, United Auto Workers, UAW, Ford, General Motors, GM, Dodge, Chrysler Pacifica, Detroit, Thomson Locations: Manhattan , New York City, U.S, Brampton, Canada, United States, Bengaluru

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The GM workers will return to work after an official announcement of the deal, two sources said. Ford shares fell 2% while Stellantis shares were down 1.5% in Milan. Excluding Monday's share moves, GM and Ford shares have lost roughly a fifth of their value since the strike began while Stellantis shares have fallen 1%. "The Street is glad to have this UAW nightmare in the rear view mirror with a less onerous deal than originally feared for the Detroit Big 3," Wedbush analyst Daniel Ives said.

Persons: Rebecca Cook, Stellantis, Patrick Anderson, Shawn Fain, Fain, Joe Biden, Biden, Tesla, Ford, Erik Gordon, Daniel Ives, David Shepardson, Joseph White, Shivansh Tiwary, Deepa Babington, David Gaffen, Peter Henderson, Alistair Bell Organizations: General Motors, REUTERS, Detroit, United Auto Workers, UAW, Reuters, Detroit Three automakers, Ford Motor, Chrysler, Anderson Economic Group, GM, Ford, Democratic, Detroit Three, Detroit automakers, EV, Toyota, University of Michigan, Kentucky, Detroit Big, Thomson Locations: Detroit , Michigan, U.S, Detroit, Milan, Arlington , Texas, Tahoe, Sterling Heights , Michigan, Hill, Tenn, Washington

☆ Workers at the Detroit 3 are set to make up to $35 more an hour than at Tesla thanks to new union contracts
▼ + stars: | 2023-10-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Detroit's hourly labor costs could soar to $90 an hour, according to one estimate. At Tesla and foreign car companies, that same hourly labor cost sits between $45 and $55 per hour, industry experts estimate. AdvertisementAdvertisementHeading into contract talks this summer, the labor cost gap between the Detroit Three and Tesla was already sizable. While Ford, GM, and Stellantis were spending about $66 an hour on their factory workers, Tesla was spending just $45 an hour. Throughout the strike, Detroit executives warned of the advantage higher labor costs would hand to their competitors.

Persons: —, That's, Tesla, Wedbush, Bill Ford, Shawn Fain, Fain Organizations: UAW, Service, Detroit, United Auto Workers, Ford, GM, Tesla, Toyota, Honda, Volkswagen Locations: Wells

DETROIT (AP) — The United Auto Workers union has widened its strike against General Motors, the lone holdout among the three Detroit automakers, after reaching a tentative contract agreement with Jeep maker Stellantis. About 14,000 UAW workers had been on strike at two Stellantis assembly plants in Michigan and Ohio, and several parts distribution centers across the country. Workers also will get cost-of-living pay that would bring the raises to a compounded 33%, with top assembly plant workers making more than $42 per hour. Like the Ford contract, the Stellantis deal would run through April 30, 2028. Negotiations between the UAW and Stellantis had intensified Thursday, the day after the Ford deal was announced.

Persons: ”, Erik Gordon, Ford, Stellantis, Shawn Fain, ” “ Everybody’s, Larry Montgomery, John Rutherford, Spring Hill didn’t, Fain, “, ” Fain, Rich Boyer, Gordon, Bruce Baumhower, Baumhower, Jermaine Antwine, Bajak, John Raby, Corey Williams, Haleluya Organizations: DETROIT, United Auto Workers, General Motors, Detroit, UAW, GMC Acadia, Cadillac, University of Michigan, GM, Ford, ” UAW, Workers, Toyota, Tesla, Jeep, Hollywood Locations: Hill , Tennessee, North America, Texas , Michigan, Missouri, Tennessee, Belvidere , Illinois, Spring Hill, Stelantis, Michigan, Ohio, Stellantis, Belvidere, Trenton , Michigan, Toledo , Ohio, Sterling Heights , Michigan, Pontiac , Michigan, Boston, Charleston , West Virginia, Jersey City , New Jersey

A public deal announcement with Stellantis is expected later Saturday afternoon or early evening, the sources said. Stellantis shuttered its assembly plant in Belvidere, Illinois, early this year, leaving 1,300 workers without jobs. The tentative contract deal will have provisions on the use of temporary workers, the sources said, adding Stellantis has agreed to significant investment. Fain and other senior union leaders are briefing local UAW chiefs by video conference, the sources said. The deal is also expected to include investments in other U.S. plants, including the Trenton engine plant, the sources said.

Persons: Stellantis, Shawn Fain, Biden, Fain, Tesla, Ford, Joe Biden, David Shepardson, Joseph White, Sayantani Ghosh, David Gregorio, Peter Henderson Organizations: United Auto Workers, Chrysler, Detroit Three, UAW, Ford, GM, Detroit, Detroit automakers, EV, Toyota, Kentucky, Korean, buildouts, U.S, Republican, Thomson Locations: Belvidere , Illinois, Illinois, U.S, Trenton, Detroit, Arlington , Texas, Tahoe, Sterling Heights , Michigan, Hollywood, Michigan

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 27 (Reuters) - Chrysler parent Stellantis (STLAM.MI) and the United Auto Workers were nearing a deal that could be finalized as soon a Saturday to end a six-week-old strike, sources told Reuters. The deal will likely set a pattern for new UAW contracts with GM and Stellantis. Talks between Stellantis and the UAW were set to reconvene at 10 a.m. Detroit after lengthy talks on Friday. Talks between the UAW and General Motors were continuing past 9 p.m. Friday. The deal amounts to total pay hikes of more than 33% when compounding and cost-of-living mechanisms are factored in, the UAW said.

Persons: Rebecca Cook, Stellantis, Ford, John Lawler, David Shepardson, Joseph White, Chizu Nomiyama, Peter Henderson, Matthew Lewis, Raju Gopalakrishnan Organizations: General Motors, REUTERS, Chrysler, United Auto Workers, Reuters, Ford Motor, Detroit, GM, Stellantis, UAW, Bloomberg, Ford, Thomson Locations: Detroit , Michigan, U.S, Stellantis, Detroit, New York, Washington

DETROIT (AP) — Jeep maker Stellantis has reached a tentative contract agreement with the United Auto Workers union that follows a template set earlier this week by Ford, two people with knowledge of the negotiations said Saturday. Political Cartoons View All 1223 ImagesLike the Ford contract, the Stellantis deal would run through April 30, 2028. Jermaine Antwine and other Stellantis workers picketing outside the automaker’s Sterling Heights, Michigan, were excited Saturday after hearing news of a tentative deal. The union and Stellantis went into intense negotiations on Thursday, the day after the Ford deal was announced, and finalized the agreement on Saturday. Under the Ford deal, workers with pensions also will see small increases when they retire, and those hired after 2007 with 401(k) plans will get large increases.

Persons: Stellantis, Bruce Baumhower, “, Fain, Baumhower, Shawn Fain’s, ”, Jermaine Antwine, Antwine, Ford, Haleluya Hadero, Corey Williams Organizations: DETROIT, United Auto Workers, Ford, Workers, Jeep, UAW, General Motors, GM, Saturday, Kentucky, Plant, Detroit, Hollywood, Teamsters, AP Locations: Michigan, Ohio, Stellantis, Belvidere , Illinois, Toledo , Ohio, Sterling Heights , Michigan, Pontiac , Michigan, Sterling, Texas , Michigan, Missouri, Louisville, Jersey City , New Jersey

☆ Dana sees 'significant impact' from UAW strikes to North American operations
▼ + stars: | 2023-10-27 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. Dana said the UAW strikes affected some of its largest light truck programs, including Ford Super Duty, Ranger and Bronco as well as Stellantis' Jeep Wrangler and Gladiator. "The longer the UAW strike continues, the greater financial stress there will be across the Tier 2 through Tier 4 supply base," Dana's chief executive James Kamsickas said in a post-earnings call with analysts. Dana expects its full-year sales to be $10.7 billion if UAW strikes through Oct. 31, or $10.2 billion with strikes through Dec. 31. GM and Ford have pulled their full-year forecasts this week to account for impacts from the UAW strikes.

Persons: Rebecca Cook, DAN.N, Dana, James Kamsickas, Nathan Gomes, Shilpi Majumdar Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Dana, Detroit Three, General Motors, Ford Motor, Stellantis, Ford Super Duty, GM, Ford, Anderson Economic Group, Thomson Locations: Delta Township, Michigan, North America, Bengaluru

☆ Ford withdraws 2023 forecast, warns on EV results
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsOct 26 (Reuters) - Ford Motor Co (F.N) on Thursday withdrew its full-year results forecast due to the pending ratification of its deal with the United Auto Workers (UAW) union, sending shares of the company down 7% in after-hours trade. Ford's Detroit rival General Motors (GM.N) on Tuesday withdrew its 2023 profit outlook due to the strike. Ford said third-quarter revenue rose 11% to $44 billion, with profit of $1.2 billion compared with a year-earlier loss of $827 million. The automaker warned it may experience a higher-than-expected loss in its Ford Model e electric-vehicle business due to ongoing price wars.

Persons: Wolfgang Rattay, Ford, Nathan Gomes, Paul Lienert, Devika Syamnath, Matthew Lewis Organizations: REUTERS, Ford Motor, Thursday, United Auto Workers, UAW, Ford, Wednesday, Detroit Three, Anderson Economic Group, General Motors, Tuesday, Ford Model, Thomson Locations: Frankfurt, Germany, Detroit, Texas, Bengaluru

[1/2] United Auto Workers (UAW) union members picket outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. Total economic losses from the auto workers' strike have reached $9.3 billon, the Anderson Economic Group said earlier this week. Getting the deal ratified will be up to Fain and UAW leaders, and that is not assured. UAW workers at the company now called Stellantis rejected a proposal endorsed by UAW leaders in 2015. UAW leaders feared that the automakers would cut jobs at combustion engine factories and shift work to non-union joint venture battery plants or overseas suppliers.

Persons: Luke Sharrett, Shawn Fain, Ford, Sam Fiorani, Stellantis, Joe Biden, Fain, Donald Trump, Mrinmay Dey, Peter Henderson, Abhirup Roy, Shailesh Kuber, Sayantani Ghosh, Cynthia Osterman Organizations: United Auto Workers, UAW, REUTERS, Ford, General Motors, Chrysler, Stellantis, GM, AutoForecast Solutions, CNBC, Anderson Economic Group, Detroit, U.S, Republican, Mack, EV, Detroit Three, Toyota, Tesla, Hyundai, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Arlington , Texas, Kentucky, Sterling Heights , Michigan, Detroit, Michigan, United States, Bengaluru

☆ US auto sales likely to rise in October but impact of UAW strike looms - report
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsOct 25 (Reuters) - U.S. auto sales are expected to rise in October but the outlook for the rest of the year remains uncertain owing to the auto workers strike at Detroit Three, a report from S&P Global Mobility showed on Wednesday. "On the surface, with a projected SAAR (seasonally adjusted annual rate) result of 15.7 million units, October auto sales will be stronger than they appear," said Chris Hopson, principal analyst at S&P Global Mobility. New total light vehicle sales in October are estimated to be 1.22 million units, up 3.3% year-over-year, according to the report. "As of the week ended October 22, nearly 150,000 units of vehicle production have been lost due to the respective plant strikes," according to the report. While the impact on sales has been limited in the month of September, production disruptions caused by the strike are expected to affect October sales for the Detroit Three and will likely be sustained in November, the report added.

Persons: Carlos Barria, Chris Hopson, Hopson, Shivansh, Shweta Agarwal Organizations: REUTERS, Detroit, P Global, P Global Mobility, Ford, General Motors, automakers, Thomson Locations: San Francisco , California, U.S, SAAR, Bengaluru

☆ California suspends GM Cruise self-driving vehicles as 'not safe' for public
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +4 min

Cruise's AVs posed an "an unreasonable risk to public safety," and "are not safe for the public's operation" California's Department of Motor Vehicles (DMV) said in a statement. The suspension, which came after a series of accidents involving Cruise vehicles, is a major setback to GM's self-driving technology unit and to the nascent autonomous vehicle (AV) industry. That month, a Cruise robotaxi was involved in a crash with an emergency vehicle in San Francisco. Barra said the Cruise robotaxis have better safety records than human drivers. This month, U.S. auto safety regulators opened a probe into whether Cruise was taking sufficient precautions with its autonomous robotaxis to safeguard pedestrians.

Persons: Cruise, Elijah Nouvelage, Cruise's AVs, Mary Barra, robotaxi, Barra, Hyunjoo Jin, David Gregorio Our Organizations: REUTERS, Motors, California's Department of Motor Vehicles, Cruise, GM, DMV, California Department of Motor Vehicles, Traffic Safety Administration, UAW, Detroit Three, Thomson Locations: San Francisco , California, U.S, San Francisco, New York, Texas

Revenue of $44.13 billion rose 5.4% and also exceeded estimates of $42.48 billion, according to data provider FactSet. The UAW has been on strike since Sept. 15 — nearly six weeks — against GM and its Detroit competitors, Ford and Jeep maker Stellantis. Jacobson said the third-quarter strike loss was $200 million, since the walkouts were only in effect the final two weeks of the period. Jacobson said GM still expects to start turning low-to-mid single-digit profit margins on electric vehicles in 2025. The company's U.S. sales rose 21%, and Jacobson said the average U.S. selling price for GM vehicles was $50,750, down only slightly from the previous quarter.

Persons: Paul Jacobson, Jacobson, “, ” Jacobson, ” Jessica Caldwell, ” Organizations: DETROIT, General Motors, United Auto Workers union, GM, Wall, UAW, Detroit, Ford Locations: Detroit, Sterling Heights , Michigan, Louisville , Kentucky, Michigan, North America

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

☆ UAW reaches tentative deal with General Dynamics, preventing strike
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. Earlier this month, over 1,000 UAW members in Michigan, Ohio and Pennsylvania plants had voted to authorize a strike after a four-year agreement was set to expire on Oct. 22, 11.59 pm ET. UAW members at the company make military vehicles including tanks and light armored vehicles, according to the union. Details of the proposed agreement, which needs to be ratified by UAW workers, were not immediately available. General Dynamics has said it expects to negotiate the terms of 28 agreements with unions and works councils, covering about 12,600 employees this year.

Persons: Rebecca Cook, staving, Abrams, Abhinav Parmar, Priyamvada, Krishna Chandra Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, General Dynamics, Dynamics, U.S ., Detroit Three, General Motors Co, Ford Motor, Thomson Locations: Delta Township, Michigan, Michigan , Ohio, Pennsylvania, Ukraine, U.S, China, Taiwan, Bengaluru

[1/2] United Auto Workers president Shawn Fain meets with striking UAW members from the General Motors Lansing Delta Plant, as they picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsWASHINGTON/DETROIT, Oct 23 - The United Auto Workers (UAW) union went on strike at Chrysler-parent Stellantis's largest assembly plant on Monday, hitting the automaker's profitable RAM 1500 pickup truck production in a major expansion of the more than month-old strike. The union has demanded a 40% wage hike, including a 20% immediate increase, improvements in benefits, as well as covering EV battery plant workers under union agreements. He said the Detroit Three had converged on a 23% wage hike offer and made progress on other issues but told UAW members "there is more to be won". Fain also told UAW members the talks were nearing an end.

Persons: Shawn Fain, Rebecca Cook, Tim Ghriskey, Ingalls & Snyder, Fain, Arthur Wheaton, Stellantis, Wheaton, Bill Ford, Henry Ford, Ford, David Shepardson, Joe White, Ben Klayman, Sriraj Kalluvila, Deepa Babington Organizations: United Auto Workers, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, WASHINGTON, UAW, Chrysler, Detroit, Ford, General Motors, Detroit Three, EV, Sterling, Ford's, Ingalls &, Labor, Korean, Twitter, Cornell University, GM, Anderson Economic, Thomson Locations: Delta Township, Michigan, DETROIT, Ford's Kentucky, U.S, Milan, New York, Washington, Detroit, Bengaluru

Fain confirmed the Detroit Three had converged on a 23% wage hike offer and made progress on other issues. But he told UAW members "there is more to be won". While warning of possible expanded strikes, Fain also told UAW members the talks were closing in on an end. Walkouts began at the three automakers on Sept. 15 and now more than 34,000 union members are waging the UAW's first simultaneous strikes against the Detroit Three. Fain declared "the days of the UAW and Ford being a team to fight other companies are over."

Persons: Rebecca Cook, Shawn Fain, we've, Fain, Walkouts, Bill Ford, Henry Ford, Ford, Tesla, Stellantis, Joseph White, Ben Klayman, Pratyush Thakur, Sayantani Ghosh, Sriraj Kalluvila, Peter Henderson, David Gregorio Our Organizations: General Motors, REUTERS, Rights, United Auto Workers, Detroit Three, UAW, Chrysler, Detroit, Ford, GM, Toyota, Anderson Economic, Thomson Locations: Detroit , Michigan, U.S, Ford's, Kentucky, Detroit, Bengaluru

Fain acknowledged some union members want to vote on the offers the union bargainers have in hand. He urged UAW members not to give in to what he called "fear, uncertainty, doubt and division" sowed by the companies. More than 34,000 union members working at the three automakers are on strike since the walkouts began on Sept. 15. The demand included a 20% immediate increase, elimination of different pay scales among UAW workers and restoration of defined benefit pension plans. The GM offer "suggests we may be in the endgame," said University of California Berkeley labor professor Harley Shaiken.

Persons: Rebecca Cook, Shawn Fain, Fain, General Motors GM.N, Harley Shaiken, Ford, We've, Stellantis, Ford hasn't, Shaiken, it's, Tesla, Bill Ford, Joseph White, Ben Klayman, Pratyush Thakur, Sayantani Ghosh, Sriraj Kalluvila, Peter Henderson, David Gregorio Our Organizations: General Motors, REUTERS, Rights, United Auto Workers, UAW, General, Chrysler, GM, Ford, Bloomberg News, Detroit Three, of California, Ford's, Toyota, Anderson Economic, Detroit, Thomson Locations: Detroit , Michigan, U.S, of California Berkeley, Kentucky, Arlington , Texas, Detroit, Bengaluru

☆ GM makes new offer to UAW, sees movement in all key areas
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. "We have made substantial movement in all key areas in an effort to reach a final agreement with the UAW and get our people back to work," the company said in a statement. The automaker said the new 23% general wage increase offer represents a 25% compounded wage rise over the life of the agreement, with 10% hike in the first year. The UAW had no immediate comment ahead of a planned Facebook address by its president, Shawn Fain, at 4 PM ET. The total economic losses from the UAW strike have reached $7.7 billion, according to the latest data from economic consultancy Anderson Economic Group, with the Detroit Three suffering losses of $3.45 billion.

Persons: Rebecca Cook, Shawn Fain, Fain, Tesla, Bill Ford, Pratyush Thakur, Sriraj Organizations: General Motors, REUTERS, UAW, Ford's, Motors, Chrysler, Detroit Three, Toyota, Ford, Anderson Economic, Detroit, Thomson Locations: Detroit , Michigan, U.S, Kentucky, Arlington , Texas, Bengaluru

☆ UAW workers at ZF plant in Alabama ratify labor deal, end strike
▼ + stars: | 2023-10-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

An American flag flies in front of the United Auto Workers union logo on the front of the UAW Solidarity House in Detroit, Michigan, September 8, 2011. The union said the strike by 190 workers was over after a tentative agreement had been ratified. About 34,000 UAW members remain on strike at the Detroit Three automakers - Ford Motor (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI). The UAW last expanded its strike on Oct. 11 when it walked out at Ford's Kentucky Truck Plant, the company's largest plant worldwide. Ford said late on Wednesday that it was temporarily laying off another 150 workers because of the strike, bringing the total to 2,730 workers furloughed since the start of the strike.

Persons: Shawn Fain, Stellantis, Ford, Fain, David Shepardson, Jonathan Oatis, Jamie Freed Organizations: United Auto Workers, UAW Solidarity House, U.S, Motors, Chrysler, UAW, Mercedes, Workers, ZF, Benz, Tuscaloosa, Detroit Three, Ford, General Motors, GM, Ford's, Thomson Locations: American, Detroit , Michigan, Alabama, Tuscaloosa, Ohio

☆ UAW head Shawn Fain to hold live event on Friday amid auto strikes
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

United Auto Workers President Shawn Fain addresses the audience during a rally in support of striking UAW members in Detroit, Michigan, U.S., September 15, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 19 (Reuters) - United Auto Workers President Shawn Fain will hold a Facebook Live event on Friday, the union said, as 34,000 of its members continue selective strikes against the Detroit Three automakers over the failure to reach agreements on new contracts. The UAW last expanded its strikes on Oct. 11 when members walked out at Ford's Kentucky truck plant, the company's largest and most profitable plant globally. Fain said last week that UAW members would now walk out of additional Detroit Three facilities without warning rather than waiting until Fridays to announce new plans, as the union had done initially. UAW members who went on strike at Mercedes supplier ZF's plant in Alabama last month demanding higher pay and better healthcare benefits ended a nearly month-long walkout on Thursday.

Persons: Shawn Fain, Rebecca Cook, Fain, Baranjot Kaur, Jamie Freed Organizations: United Auto Workers, REUTERS, Detroit Three, Ford Motor, General Motors, Chrysler, GM, UAW, Detroit, Thomson Locations: Detroit , Michigan, U.S, Ford's Kentucky, Alabama, Bengaluru

A United Auto Workers (UAW) union member wears a pin while picketing outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. With the United Auto Workers (UAW) strike entering its 36th day and the total economic cost pegged at more than $7 billion, companies are counting the cost of lost revenue amid an uncertain economy and persistent inflation. "The damage from the strikes will last long after UAW members return to work," University of Michigan professor Erik Gordon said. Earlier this week, consultancy firm Anderson Economic Group estimated the economic losses related to supplier wages and earnings of about $2.67 billion through fourth week of the strike. An agreement remains elusive so far and shares of automakers and suppliers have fallen since the strike began on Sept. 15.

Persons: Luke Sharrett, Erik Gordon, Gordon, Lear, John Murphy, Aptiv, Mikael Bratt, Raechel Thankam, Shivansh, Marie, Nathan Gomes, Arun Koyyur Organizations: United Auto Workers, UAW, REUTERS, Detroit Three, University of Michigan, Workers, Delta Air Lines, Detroit . Paints, PPG Industries, railroader Union, Analysts, General Motors, Ford Motor, Trucking, Magna International, Global Research, Anderson Economic Group, Reuters, EV, Auto, Marie Mannes, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Detroit, French, Forvia, Bengaluru, Stockholm

☆ Ford lays off another 150 workers citing UAW strike
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

Striking United Auto Workers (UAW) union workers picket outside the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 23, 2023. REUTERS/Dieu-Nalio Chery/File Photo Acquire Licensing RightsOct 18 (Reuters) - Ford Motor (F.N) said late on Wednesday it is laying off another 150 workers in Michigan because of the ongoing United Auto Workers strike, bringing the total to 2,730 workers furloughed. Ford said the UAW's walkout last week at its Kentucky Truck Plant prompted the new layoffs at a Michigan axle plant. Another 16,600 Ford employees are on strike at three assembly plants, including Kentucky Truck, the company's largest plant worldwide. The targeted strike against the Detroit Three automakers Ford, General Motors (GM.N) and Chrysler-parent Stellantis (STLAM.MI) began on Sept. 15.

Persons: Nalio Chery, Ford, David Shepardson, Muralikumar Organizations: United Auto Workers, UAW, Ford Michigan Assembly Plant, REUTERS, Ford, Plant, Kentucky, Detroit Three, General Motors, Chrysler, Thomson Locations: Wayne , Michigan, U.S, Dieu, Michigan

☆ Tesla tumbles as Wall St raises doubt over growth outlook
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. Overall, 10 analysts cut their price targets on the stock, pushing the median view to $260, according to LSEG data. Cash crunches at small EV startups and the ongoing strike at the Detroit Three automakers have also added to the optimism around Tesla. Tesla trades at about 59 times its 12-month forward earnings estimates, compared with 6.3 times for Ford and General Motors' 4.2. Reuters GraphicsReporting by Aditya Soni and Akash Sriram in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Tesla, Elon Musk, Canaccord, Chaim Siegel, Elazar, Cybertruck, Cash, Aditya Soni, Akash Sriram, Shounak Dasgupta Organizations: Tesla, REUTERS, Wall Street, EV, Reuters, Elazar Advisors, Detroit Three, Ford, General Motors, Thomson Locations: Taipei, Taiwan, Bengaluru

"The UAW is holding the deal hostage over battery plants," said Ford Chief Executive Jim Farley on Sept. 29. Since then, the union has not announced an agreement on battery plant issues with GM or the other automakers. Stellantis and Samsung SDI (006400.KS) have announced plans to build two EV battery plants in Kokomo, Indiana, employing up to 2,800 workers in total. Ford officials have not disclosed details of their proposals for battery plant wages or unionization. Yet, we are very open to working with them on a way forward on the battery plants," Ford executive Kumar Galhotra said on Oct. 12 of talks with the UAW.

Persons: Shawn Fain, bargainers, Jim Farley, Fain, Ultium, Joe Biden's, CATL, Tesla, Stellantis, haven't, Kumar Galhotra, Joe White, Nick Zieminski Organizations: DETROIT, United Auto Workers, Detroit Three, General Motors, Ford, Chrysler, UAW, Detroit, GM, Ultium, Tesla, Samsung SDI, Thomson Locations: Northeast Ohio, Detroit, U.S, Michigan, Belvidere , Illinois, KS, Kokomo , Indiana

Search resuls for: "Detroit Three"

25 mentions found