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☆ Here's what investors need to know after GM's capital markets day
▼ + stars: | 2024-10-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +8 min

GM's investor day showcased many of the company's current achievements, but did not provide much insight on strategy," Bernstein analyst Daniel Roeska wrote Wednesday in an investor note. "GM's Investor Day yesterday didn't provide much in the way of sharp shifts in strategy. Through the first half of 2024, GM earned $8.3 billion in EBIT-adjusted and generated $6.4 billion in adjusted automotive free cash flow. GM's 2024 financial guidance includes anticipated capital spending of between $10.5 billion and $11.5 billion. GM's operations in China have experienced a decade-long slide in earnings, and executives said they are discussing restructuring options with their China-based partners.

Persons: Rebecca Cook, Mary Barra, Mark Reuss, Stellantis, Bernstein, Daniel Roeska, Dan Levy, John Murphy, Levy, Paul Jacobson, Jacobson, GM's, we're, Barra, Ultium, Kurt Kelty, " Jacobson, Reuss, that's, you'll, Tesla's Organizations: General Motors, Reuters DETROIT —, GM, Ford Motor, Ford, Barclays, BofA Securities, Wall Street, EV tailwinds, North America, LG Energy, ICE, GMC, China Locations: Detroit, Spring Hill , Tennessee, North, Cruise, China

GM declined to discuss details of the spending, including how much of that amount is specifically tied to NFL advertising, but reiterated it remains significantly lower than historic levels. Last NFL season, automakers were the most-seen brand industry, with more than 10% of TV ad impressions, according to ad data company iSpot. Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%. Automotive ad spend increased 17% over the past two seasons and is expected to increase again this year, according to Leyes. New ad campaignsToyota, as the "Official Automotive Partner of the NFL," launched a new ad campaign for the NFL season this week called "Roll Deep."

Persons: Ryan Briganti, Alberto Leyes, we've, Leyes, Andrew Messina, Messina, Mark Marshall, Jenny Wall Organizations: NFL, National Football League, Toyota Motor Corporation, Hyundai Motor Company, Detroit, Toyota, CBS Sports, CBS, Paramount, General Motors, GM, Nielsen, Disney, ESPN, Disney Advertising, Hyundai, Mercedes, Benz, Nissan Motor, Chrysler, Brands, NBC, Automotive, Baltimore Ravens, Kansas City Chiefs Locations: Messina, U.S

Based on Trump's social media commentary, more about their relationship may be coming soon. Trump wrote in a post on Truth Social on Tuesday that the two will be speaking together publicly next week. Trump wrote. 'I have no choice'Since gaining Musk's support, Trump has returned the praise. On the day of Trump's speech in Nashville, Musk wrote "Save our kids!"

Persons: Elon Musk, Donald Trump, Evan Vucci, Donald Trump's, Trump, he'd, Elon, He's, Musk, What's, podcaster Jordan Peterson, they've, Kamala Harris, he's, it's, Joe Biden, Steven Cheung, Biden, Tesla wasn't, Tesla, Ron DeSantis, DeSantis, David Sacks, Trump's, CNBC's Joe Kernen, they're, Harris, Mark Fields, —, Fields, CNBC's Brian Sullivan, Giorgia Meloni, Javier Milei, Jair Bolsonaro, Narendra Modi, Benjamin Netanyahu, Kevin Mohatt, Kamala, Mike Moritz, Moritz, Brian Schwartz, Christina Wilkie Organizations: SpaceX, White, AP NASHVILLE, Bitcoin Conference, Elon, Music City Center, Trump, Republican, PAC, North Carolina Attorney General's, America PAC, ELON, Biden, General Motors, Ford, Musk, Tesla, Bitcoin, Italian, Indian, Capitol, Air Force, Joint Base Andrews, Financial Locations: Washington, Tenn, —, Nashville, Memphis , Tennessee, Pennsylvania, Michigan, tamp, Florida, Lago, China, U.S, Atlanta, Gaza, Wisconsin, Joint Base Andrews , Maryland, West Palm Beach , Florida, Silicon Valley

☆ UAW considering next steps on worries Trump could beat Biden, Reuters reports
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: +2 min

Fain and the UAW, which endorsed Biden in January, are important allies of Biden and are expected to play a critical role in helping Biden win in key swing states including Michigan, where the UAW is based. Fain, who announced the UAW's endorsement of Biden in January, has repeatedly rebuked Trump, the Republican former president. "Donald Trump stands against everything we stand for as a society," Fain said in his January endorsement of Biden. Fain also received a mention from Biden at this year's State of the Union address, which Fain attended. On Wednesday, actor George Clooney, a Democrat who has backed Biden, withdrew his support in an opinion piece in the New York Times.

Persons: Shawn Fain, Joe Biden's, Donald Trump, Fain, Biden, Trump, General Motors, Jonah Furman, George Clooney Organizations: United Auto Workers, UAW, Biden, U.S, Ford, General, Stellantis, Republican, Wednesday, AFL, NATO, Detroit, Democratic, Trump, Democrats, Democrat, New York Times Locations: Michigan, U.S, year's State

☆ Mercedes-Benz workers in Alabama vote against UAW union membership
▼ + stars: | 2024-05-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

United Auto Workers (UAW) members and supporters on a picket line outside the ZF Chassis Systems plant in Tuscaloosa, Alabama, US, on Wednesday, Sept. 20, 2023. Andi Rice | Bloomberg | Getty ImagesMercedes-Benz workers in Alabama have voted against union representation by the United Auto Workers, the National Labor Relations Board said Friday. Union organizing failed with 56% of the vote, or 2,642 workers, casting ballots against the UAW, according to the NLRB, which oversaw the election. More than 90% of the 5,075 eligible Mercedes-Benz workers voted in the election, according to the results. If no objections are filed, the election result will be certified, and the union will have to wait one year to file for a union election for a similar bargaining unit.

Persons: Andi Rice, Shawn Fain, Margaret Mock, Stellantis, Michael Wayland, Stephen Silvia, Southern, Mercedes, Silvia Organizations: United Auto Workers, UAW, ZF, Systems, Bloomberg, Getty, Mercedes, Benz, National Labor Relations Board, Detroit, Union, NLRB, Team, Detroit automakers Ford Motor, General Motors, Volkswagen, Southern Gamble, Workers, Foreign, American University Locations: Tuscaloosa , Alabama, Alabama, Tennessee, Sterling Heights , Michigan, U.S, Washington ,

☆ U.S. automakers like GM are rapidly losing ground in China, once an engine for growth
▼ + stars: | 2024-05-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

China was once a profit engine for GM, and its top sales market from 2010 to 2023. GM revealed several vehicles last week in China, including plug-in hybrid versions of its Buick GL8 minivan, a best-seller in China, and the Chevrolet Equinox crossover. "We think clearly that market has shifted and the landscape has shifted … with the capability of the Chinese [automakers]," Barra said. But it has had to aggressively cut prices to compete against Chinese automakers such ay BYD, Nio and others. Stellantis CEO Carlos Tavares earlier this year called Chinese automakers his company's "No.

Persons: Mary Barra, Jeff Kowalsky, we're, Barra, Paul Jacobson, GM wasn't, John Murphy, Michael Dunne, Dunne, Mark Fulthorpe, They'll, they've, Tesla, lockdowns, Elon Musk, Tingshu Wang, Reuters Tesla, Morgan Stanley, Adam Jonas, Musk, Junheng Li, Stellantis, Carlos Tavares, Zhu Jiangming, We've, We're, Ford, John Lawler, Lawler Organizations: General Motors Co, Bloomberg, Getty, General, GM, U.S, Chevrolet, SAIC, GM Pan, Asia Automotive Technology Center, Nurphoto, PSA Groupe, Chrysler, EVs, GM's, Buick, Wuling Motors, Motors, Bank of America Securities, China, Hummer, Durant Guild, America's, Detroit, P Global Mobility, Ford Motor, Tesla, Reuters, EV, Baidu, Warren Capital, Ford, Guangzhou Automobile Group, India & Asia, Lincoln, Lincoln Nautilus Locations: Detroit , Michigan, China, Barra, Beijing, Asia, Shanghai, Russia, India, Thailand, Australia, North America, South Korea, Brazil, Europe, GM's U.S, Qingdao, East China's Shandong, Indonesia, U.S, Nio, Greater China, South America

☆ Volkswagen union vote in Tennessee to test UAW's power after victories in Detroit
▼ + stars: | 2024-04-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Elijah Nouvelage | Getty ImagesDETROIT — Volkswagen workers in Chattanooga, Tennessee, will vote this week on whether to organize with the United Auto Workers in a key test of the union's sway. More than 4,000 VW workers are eligible to vote, beginning Wednesday and ending at 8 p.m. EDT on Friday. The organizing vote, which is being overseen by the National Labor Relations Board, will need a simple majority to succeed. Volkswagen, which has union workers at non-U.S. plants, has said it will let its workers determine whether to organize. An aerial view of the Chattanooga Volkswagen factory in Chattanooga, Tennessee on April 10, 2024.

Persons: Elijah Nouvelage, Shawn Fain, Fain, Stephen Silvia, Southern, Silvia, Kevin Wurm, it's, we're, —, Isaac Meadows, Meadows Organizations: Volkswagen, Getty, DETROIT, United Auto Workers, UAW, General Motors, Ford Motor, Chrysler, Detroit, Tennessee VW, VW, National Labor Relations Board, Detroit automakers, Southern Gamble, Workers, Foreign, American University, Washington , D.C, Chattanooga Volkswagen, Washington Post, Ford Locations: Chattanooga , Tennessee, U.S, Detroit, Tennessee, Chattanooga, Washington ,

☆ Republican governors from six states condemn UAW campaigns, citing potential for layoffs
▼ + stars: | 2024-04-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — Republican governors of six states on Tuesday condemned the United Auto Workers' push to organize automotive factories in the South, warning the union's efforts could lead to layoffs and fewer future investments. The joint statement — signed by governors in Alabama, Georgia, Mississippi, South Carolina, Tennessee and Texas — comes a day before Volkswagen workers in Chattanooga, Tennessee, begin voting on whether to join the UAW. The VW vote is part of an unprecedented labor organizing drive announced last year by UAW President Shawn Fain that targets 13 automakers operating in southern states and elsewhere. "We have worked tirelessly on behalf of our constituents to bring good-paying jobs to our states. Unionization would certainly put our states' jobs in jeopardy — in fact, in this year already, all of the UAW automakers have announced layoffs," read the statement.

Persons: —, Texas —, Shawn Fain, Bill Lee Organizations: DETROIT, United Auto Workers, UAW, VW, General Motors, Ford Motor, Chrysler, Tennessee Gov Locations: Alabama , Georgia , Mississippi, South Carolina , Tennessee, Texas, Chattanooga , Tennessee

☆ Job posts for workers without degrees are booming. The actual hiring doesn't always follow
▼ + stars: | 2024-02-19 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +10 min

But as data emerges on degreeless hiring, there are signs that some of these efforts may be falling short. It's based on limited data and doesn't consider alternative pathways that people without degrees use to join organizations, such as through apprenticeships and internships. But it's still a snapshot look at how some of the top employers in the U.S. are doing in their efforts to hire more workers based on skills versus degree attainment. Rather, it implies managers may be reticent to hire people without degrees, absent specific policies to assess these workers' skills. Companies that have been successful with skill-based hiring also articulate clearly the skills they require for a job, even before posting it.

Persons: it's, Matt Sigelman, What's, Sigelman, Schultz, Joseph Fuller, Fuller, Tyson, Lockheed Martin, Kroger, Stellantis, Backsliders, Meijer, Delta Organizations: Burning Glass Institute, Harvard Business School, Glass Institute, Workers, American, Foundation, Walmart, Apple, GM, Koch Industries, General Motors, Target, Tyson Foods, ExxonMobil, Yelp, Bank of America, Oracle, Companies, Lockheed, Stellantis, CNBC, Amazon, Nike, Delta, Uber, HSBC, Novartis, Delta Air Lines, US Foods Locations: U.S, Meijer

☆ UAW threatens to strike Ford truck plant in Kentucky if local issues aren't resolved
▼ + stars: | 2024-02-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – The United Auto Workers is threatening a labor strike at Ford Motor's largest U.S. plant if local union demands aren't resolved by next week. The Detroit union on Friday said nearly 9,000 UAW autoworkers at Ford's Kentucky Truck Plant could strike at 12:01 a.m. on Feb. 23 if local contract issues remain. The plant — Ford's largest in terms of employment and revenue — produces Ford Super Duty pickups as well as the Ford Expedition and the Lincoln Navigator SUVs. Local contracts differ from the national agreements that the union ratified late last year with Ford, General Motors and Chrysler parent Stellantis . The union said "core issues in Kentucky Truck Plant's local negotiations are health and safety in the plant, including minimum in-plant nurse staffing levels and ergonomic issues, as well as Ford's continued attempts to erode the skilled trades at Kentucky Truck Plant."

Persons: Shawn Fain, aren't, Ford's Organizations: United Auto Workers, Detroit, DETROIT –, Ford Motor's, UAW, Ford, Ford Expedition, Lincoln, General Motors, Chrysler, Kentucky Locations: Kentucky

☆ Honda Boosts U.S. Factory Workers’ Pay by 11% After UAW Wins in Detroit
▼ + stars: | 2023-11-10 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

Honda is cutting the time it takes to reach the top wage, a change that is similar to one won by the UAW in its negotiations with GM, Ford and Stellantis. Photo: Eugene Hoshiko/Associated PressHonda Motor is giving many U.S. factory workers a 11% pay bump and making other improvements for these employees, a move that follows major gains secured by the United Auto Workers union in Detroit last month. The base wage increase is effective in January, according to a memo viewed by The Wall Street Journal. The Japanese automaker is also cutting the time it takes to reach the top wage in half to three from six years, a change that is similar to one won by the UAW in its negotiations with General Motors , Ford Motor and Chrysler-parent Stellantis .

Persons: Eugene Hoshiko Organizations: Honda, UAW, GM, Ford, Associated Press Honda, U.S, United Auto Workers, Wall Street, General Motors, Ford Motor, Chrysler Locations: Detroit

☆ Honda Gives U.S. Factory Workers 11% Pay Bump Following UAW Wins in Detroit
▼ + stars: | 2023-11-10 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

Honda is cutting the time it takes to reach the top wage, a change that is similar to one won by the UAW in its negotiations with GM, Ford and Stellantis. Photo: Eugene Hoshiko/Associated PressHonda Motor is giving many U.S. factory workers a 11% pay bump and making other improvements for these employees, a move that follows major gains secured by the United Auto Workers union in Detroit last month. The base wage increase is effective in January, according to a memo viewed by The Wall Street Journal. The Japanese automaker is also cutting the time it takes to reach the top wage in half from six to three years, a change that is similar to one won by the UAW in its negotiations with General Motors , Ford Motor and Chrysler-parent Stellantis .

Persons: Eugene Hoshiko Organizations: Honda, UAW, GM, Ford, Associated Press Honda, U.S, United Auto Workers, Wall Street, General Motors, Ford Motor, Chrysler Locations: Detroit

☆ Trade Desk shares plunge about 30% on weak guidance tied to auto, Hollywood strikes
▼ + stars: | 2023-11-09 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

The Trade Desk shares plunged about 30% in after-hours trading on Thursday after the ad-tech company issued fourth-quarter revenue guidance that fell well short of analysts' estimates. A Trade Desk spokesperson told CNBC that guidance came "in slightly below consensus, largely because the transitory cautiousness from advertisers in certain verticals, such as U.S. auto and media/entertainment due to the strikes." The United Auto Workers launched targeted strikes at select facilities against the Detroit automakers beginning Sept. 15, and then expanded the stoppages. Trade Desk said third-quarter sales jumped 25% from $493 million a year earlier. Net income increased to $39 million, or 8 cents a share, from $16 million, or 3 cents, a year earlier.

Persons: Jeff Green, Green, Susan Li Organizations: LSEG, CNBC, United Auto Workers, Detroit, UAW, General Motors, Ford Motor, Guild of America, Trade, Meta, Comcast, Cisco Systems Locations: Israel

☆ Biden says all autoworkers deserve deals like those the UAW won from Detroit automakers
▼ + stars: | 2023-11-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden puts on a t-shirt of the UAW Local 1268 during a United Auto Workers (UAW) union members meeting, in Belvidere, Illinois, U.S., November 9, 2023. DETROIT – President Joe Biden said Thursday that all autoworkers deserve contracts like the ones recently won by the United Auto Workers from General Motors , Ford Motor and Chrysler-parent Stellantis . Biden, wearing a red UAW T-shirt given to him by a local union leader, said the deals won by UAW negotiators are "game changers" that set a "new standard" for blue-collar workers. "I'm a little selfish, I want this type of contract for all autoworkers," Biden said during a visit with UAW President Shawn Fain in Belvidere, Illinois. "I told my team, 'Make Stellantis know Belvidere is a priority,' so I got on the phone and let him know personally I thought it was a priority," Biden said.

Persons: Joe Biden, Stellantis, Biden, Shawn Fain, Mark Stewart Organizations: UAW, United Auto Workers, DETROIT, General Motors, Ford Motor, Chrysler, Stellantis North Locations: Belvidere , Illinois, U.S, Stellantis North America, Belvidere

☆ GM is expected to invest $13 billion in U.S. facilities under new UAW deal
▼ + stars: | 2023-11-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors plans to invest roughly $13 billion in U.S. facilities by April 2028, the United Auto Workers union said as part of its recent tentative agreement with the automaker. GM has already announced some of the planned investments such as $4 billion at Orion Assembly in suburban Detroit and $2 billion in Spring Hill, Tennessee, for new electric vehicles. GM was the last Detroit automaker to reach a tentative agreement following Ford Motor and Chrysler-parent Stellantis . GM's U.S. investments through the terms of the 4 ½-tear tentative compared to $8.1 billion announced by the union at Ford and $18.9 billion at Stellantis, including $6.2 billion in previously announced parts plants in Kokomo, Indiana. The details disclosed by the union for GM did not include billions in previously announced investments in four joint-venture battery cell plants in the U.S., including three upcoming facilities.

Persons: Mary Barra Organizations: United Auto Workers, UAW, General Motors, DETROIT –, Motors, GM, Orion Assembly, Detroit, Ford Motor, Chrysler, Ford Locations: Arlington , Texas, DETROIT, Detroit, Spring Hill , Tennessee, Lansing Grand, U.S, Kokomo , Indiana

☆ The UAW’s Next Challenge: Getting Workers to Vote Yes
▼ + stars: | 2023-11-03 | by ( Nora Eckert | Ryan Felton | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a tentative deal with General Motors on Monday, more than six weeks after workers went on strike. The company was the last of the three Detroit automakers to reach a new tentative labor deal. Photo: Rebecca Cook/ReutersUnited Auto Workers leaders bargained for months and called a historic strike before clinching tentative agreements with Detroit’s automakers. UAW members at local chapters across the country begin voting as soon as this week on the labor pacts with Ford Motor , General Motors and Chrysler parent Stellantis . The proposed contracts, which include a 25% wage hike and a return of cost-of-living adjustments, increase pay more than several contracts over the past two decades combined.

Persons: Rebecca Cook Organizations: United Auto Workers, General Motors, Detroit, Reuters United Auto Workers, Detroit’s, UAW, Ford Motor, Chrysler

☆ Winners and losers of the UAW talks with GM, Ford and Stellantis
▼ + stars: | 2023-10-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

UAW President Shawn Fain warned of a more combative union heading into the talks, but not many, if anyone, expected the union to strategically outmaneuver the companies like it did, leading to record deals for 146,000 UAW members with GM, Ford Motor and Stellantis . UAW members must still vote to ratify the tentative agreements. 1, of course, are the UAW members," said Art Wheaton, a labor professor at The Worker Institute at Cornell University. Some winners, some losers: UAW membersBroadly speaking, the UAW members covered by the new deals are winners, however not everyone faced the financial toll of the union's strikes against the Detroit automakers. They may also be targets of increased organizing efforts by members seeking better wages like those for UAW members.

Persons: Joe Biden, Shawn Fain, Evelyn Hockstein, General Motors, Fain, Tesla, Wheaton, Shawn Fain Fain, they've, Marick, It's, Ford, John Lawler, Masters, I'm, Biden Organizations: United Auto Workers, Reuters DETROIT, General, Detroit, UAW, GM, Ford Motor, Worker Institute, Cornell University, Wayne State University, Ford, Deutsche Bank, Finance, Detroit automakers, Toyota, Hyundai, EVs Locations: Bellville , Michigan, U.S, Detroit, Michigan

☆ The UAW-Ford Deal: What’s in the Contract, Who Won and What It Means for GM and Stellantis
▼ + stars: | 2023-10-26 | by ( Nora Eckert | Mike Colias | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty ImagesThe United Auto Workers reached a new tentative labor deal with Ford Motor Wednesday night, calling workers off the picket lines at the automaker. Here’s what to know about the deal, what’s next for Ford and the union, and what the agreement means for the company as well as its rivals General Motors and Chrysler-parent Stellantis .

Persons: Michael Swensen, what’s Organizations: United Auto Workers, Ford, General Motors, Chrysler, Ford Motor

☆ Ford Reaches Tentative Labor Deal With UAW Six Weeks Into Historic Strike
▼ + stars: | 2023-10-25 | by ( Nora Eckert | ) 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 secured a new tentative labor deal with Ford Motor Wednesday night, potentially ending a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis . The labor agreement, which is subject to a member vote before being ratified, contains a 25% wage increase during the span of the contract, including an 11% bump in the first year, according to Chuck Browning , the UAW’s lead bargainer with Ford. The overall increase, which will be spread out over four years, would put the top wage for assembly workers at around $40 an hour.

Persons: George Downs, Chuck Browning Organizations: Street, United Auto Workers, Ford Motor, General Motors, Chrysler, Ford

☆ Canadian autoworkers strike against General Motors, joining UAW
▼ + stars: | 2023-10-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Richard Lautens | Toronto Star | Getty ImagesDETROIT — Labor strikes are now an international issue for General Motors after the Detroit automaker failed to reach a tentative agreement by Monday for roughly 4,300 workers represented by Canadian union Unifor. The Canadian autoworkers will join roughly 9,200 United Auto Workers members who are on strike in the U.S. at two assembly plants and 18 parts and distribution centers for GM. Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan September 29, 2023. Rebecca Cook | ReutersUnifor, which represents 18,000 Canadian workers at the Detroit automakers, took a more traditional approach to its negotiations than its U.S. counterpart. The Canadian union is negotiating with each automaker separately and using a deal first reached last month with Ford as a "pattern" for GM and Chrysler parent Stellantis .

Persons: Lana Payne, UNIFOR, Richard Lautens, Rebecca Cook, Payne Organizations: Metro Toronto Convention, Toronto Star, Getty, DETROIT — Labor, General Motors, Detroit, United Auto Workers, GM, Chevrolet Silverado, Unifor, UAW, General Motors Lansing Delta Plant, Reuters Unifor, Detroit automakers, U.S ., Ford, Chrysler Locations: Canadian, U.S, Ontario, Delta Township , Michigan, Canada

☆ UAW Mack Trucks union members to join striking Detroit autoworkers on picket lines after voting down tentative deal
▼ + stars: | 2023-10-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

UAW members attend a rally in support of the labor union strike at the UAW Local 551 hall on the South Side on October 7, 2023 in Chicago, Illinois. DETROIT – About 3,900 United Auto Workers members with Mack Trucks will go on strike Monday after a majority of members rejected a tentative agreement reached last week by the union and company. The tentative agreement was voted down by 73% of UAW members who voted, the union said Sunday night. The Mack Trucks workers will add to tens of thousands of other striking UAW members, most notably more than 25,000 employees with General Motors , Ford Motor and Stellantis . Mack Trucks President Stephen Roy said the company is "surprised and disappointed that the UAW has chosen to strike, which we feel is unnecessary."

Persons: Mack Trucks, Shawn Fain, Mack, what's, Fain, Detroit autoworkers, Stephen Roy Organizations: UAW, DETROIT –, United Auto Workers, Workers, General Motors, Ford Motor, Detroit, Volvo Group, Detroit automakers, CNBC Locations: Chicago , Illinois, DETROIT, Pennsylvania , Maryland, Florida

This is the first week since targeted strikes by the UAW started on Sept. 15 that the union will not expand the work stoppages at GM, Ford Motor or Chrysler-parent Stellantis . GM, with its battery plant in Ohio, is the only Detroit automaker with a joint venture battery plant in operation and unionized in the U.S. watch nowElectric vehicle battery plants have been a major point of contention in this year's talks between the union and the three Detroit automakers. Officially, because they're owned by joint ventures, the battery plants aren't covered by the automakers' agreements with the union. Ford CEO Jim Farley said last week that the UAW is "holding the deal hostage over battery plants."

Persons: Shawn Fain, Fain, We've, Jim Farley, Ford, Mark Stewart, who's, Stewart, Rebecca Cook Organizations: GM, Detroit automakers, DETROIT, United Auto Workers, Detroit, General Motors, UAW, Ford Motor, Chrysler, Arlington Assembly, U.S, LG Energy, Samsung SDI, Ford, North, General Motors Lansing Delta Plant Locations: Arlington, Ohio, United States, U.S, North America, Delta Township , Michigan

☆ 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

☆ These are JPMorgan’s top stocks for October
▼ + stars: | 2023-10-02 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

JPMorgan added three new stocks to its list of top names for October, including a sports betting company that has had a massive rally since the start of the year. The focus list comprises the top ideas of the bank's equity analysts spanning growth, value and short investment strategies. The bank has a $60 price target, more than 13% above the stock's $52.80 close on Friday. Returning names to the list include value stock General Motors , which is down 3% this year. Analyst Tessa Romero's $26 price target implies shares could rise more than 353% from their Friday close of $5.73.

Persons: Joseph Greff, Robbie Marcus, Greff, Ryan Brinkman's, Tessa Romero's, — CNBC's Michael Bloom Organizations: JPMorgan, Boston Scientific, Wynn Resorts, Boston, Motors, United Auto Workers, Ford Motor, Edgewise Therapeutics, Boyd Gaming Locations: DraftKings, Macau, China, UAE

DETROIT, Sept 29 (Reuters) - United Auto Workers union President Shawn Fain is expected to launch walkouts at more Detroit Three auto factories Friday, barring last-minute progress in bargaining that has moved slowly since last week. Talks among the UAW and negotiators for the Detroit Three were described as "very active" by one person briefed on the situation. The union has shut one assembly plant at each of the Detroit Three, and 38 parts distribution centers at GM and Stellantis. However, strikes at these plants would have less impact as the models affected are either money-losers or substantially less profitable than the big pickups. The union launched its first walkouts on Sept. 15, with simultaneous strikes at one assembly plant at each automaker.

Persons: Shawn Fain, Fain, Silverados, Ram, Ford, Joe Biden, David Shepardson, Joseph White, Nick Zieminski Organizations: DETROIT, United Auto Workers, Detroit, UAW, Wall Street, Ford, General Motors, Strikers, GM, Reuters Graphics Reuters, Thomson Locations: Kentucky, Flint, Sterling Heights , Michigan, Warren , Michigan, Detroit, Italian, Kokomo , Indiana, Hamtramck, Spring Hill , Tennessee, Dearborn , Michigan

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