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Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 4 (Reuters) - Exchange-traded funds tracking automakers saw net outflows last month on worries over the United Auto Workers' (UAW) strike against the "Detroit Three" and higher interest rates. Production at General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI) have taken a beating as the UAW strike headed into the 20th day. "The redemption of ~20% of the (First Trust) ETF's net assets in mid-September could have been related to the UAW strike, although it's tough to say with certainty." The $1.02 billion Direxion Daily TSLA Bull 1.5X Shares ETF (TSLL.O) saw its first month of outflows in four.

Persons: Rebecca Cook, Bryan Armour, that's, Todd Sohn, Bansari Mayur, Anil D'Silva Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Exchange, United Auto Workers ', General Motors, Ford, Chrysler, Nasdaq Transportation, North America, Morningstar, JPMorgan, GM, X Autonomous & Electric Vehicles, Trust, Global, Strategas Securities, Thomson Locations: Delta Township, Michigan, Bengaluru

☆ Timeline of Racial Wealth Gap
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +8 min

Policies and practices that have disadvantaged Black Americans generation after generation help explain the racial wealth gap. Black veterans find it much harder to obtain benefits; one study finds Black claimants were twice as likely to have their applications queried. 1877Southern states begin enacting “Jim Crow” laws, which formalize racial segregation. The laws restrict civil liberties and limit job opportunities for Black people as employers relegate Black workers to lower-skilled roles. 1896The U.S. Supreme Court rules in Plessy v Ferguson that racial segregation is permissible.

Persons: Black, vagrancy, Union General William Tecumseh Sherman, Andrew Johnson, Jim Crow, Ferguson, Henry Ford, Woodrow Wilson, Smith, Bankhead Organizations: Civil, Union, Bureau, American Medical Association, Prudential, Companies, Black, American Federation of Labor, U.S, Supreme, Plessy, U.S . Department of Agriculture, U.S . Constitution, National Association of Real, Owners Loan Corporation, U.S . Commission, Housing Administration, Federal Housing Administration Locations: U.S, Southern, Black, Louisville , Kentucky, U.S ., Tulsa , Oklahoma, Los Angeles, Chicago, Levittown, New York’s

☆ Auto companies could sacrifice stock buybacks to help pay for union demands, analyst says
▼ + stars: | 2023-10-03 | by ( Aruni Soni | ) www.businessinsider.com time to read: +4 min

Auto companies could forgo stock buybacks to pay for the costly union demands, an analyst said. Strikers have pointed out the billions of dollars companies have poured towards buybacks and dividends. Some investors have expressed willingness to sacrifice stock repurchases. Some investors seem ready to sacrifice stock buybacks. "That translates to a couple billion dollars per week of sales, $2 [billion] to $3 billion dollars, potentially.

Persons: —, Ford, Edward Jones, Jeff Windau, Brian Mulberry, Patrick Kaser, Stellantis, Patrick Anderson Organizations: Auto, Strikers, Service, Big Three, SEC, GM, Bloomberg, Stock, UAW, Zacks Investment Management, Ford, Brandywine Global, General Motors, Anderson Economic Group, Anderson Economic Locations: buybacks

☆ Detroit casino workers approve strike authorization at three casinos
▼ + stars: | 2023-09-30 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

The Detroit skyline is seen from the north side of the city in Detroit, Michigan, December 3, 2013. REUTERS/Joshua Lott/File Photo(Reuters) - Workers at three Detroit casinos have voted in favor of authorizing a strike, if necessary, the United Auto Workers (UAW) union said on Saturday. The union said the Detroit Casino Council (DCC), representing workers at the MGM Grand Detroit, Hollywood at Greektown and MotorCity casinos, said workers voted 99% “yes” on Friday to authorize a strike at all three locations if a new contract agreement isn’t reached. The Detroit Casino Council is made up of 5 unions representing casino employees, including UNITE HERE Local 24, UAW, Teamsters Local 1038, Operating Engineers Local 324, and the Michigan Regional Council of Carpenters. About 18,300 UAW members working at the Detroit Three automakers - Ford, General Motors and Chrysler parent Stellantis, are already on strike.

Persons: Joshua Lott, isn’t Organizations: REUTERS, Workers, United Auto Workers, UAW, Detroit Casino Council, MGM, Detroit, Detroit Casino, Teamsters, Engineers, Michigan Regional, of Carpenters, Detroit Three, Ford, General Motors, Chrysler, GM Locations: Detroit, Detroit , Michigan, Hollywood, Greektown

☆ The pandemic broke the used car market — now shoppers are screwed
▼ + stars: | 2023-09-30 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

Used cars are still expensive, like they've been for years. Slow car production from 2020-2022 slammed the supply of lightly used cars in 2023, a study shows. AdvertisementAdvertisementRidiculously high used car prices are lingering like the last guest at the dinner party. During the pandemic, used cars got incredibly expensive for a couple of reasons. "There's really no factor contributing for used car prices to go down," Brauer said.

Persons: they've, —, iSeeCars, that's, that'll, Karl Brauer, Brauer, There's Organizations: Service, Toyota, Honda

☆ The world needs cheap electric cars. That spells trouble for Big Auto
▼ + stars: | 2023-09-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

The world needs affordable EVs more than ever as electric cars will play a big role in hcelping countries cut planet-heating pollution. “When legacy [carmakers] talk about catching up to Tesla or catching up to the leading Chinese automakers, it’s difficult. It is by far the world’s biggest EV battery manufacturer and dominant in the supply and processing of many critical components needed to make the batteries. Global automakers have had little choice but to enter into joint ventures with Chinese EV and battery manufacturers. EU lawmakers have voiced concerns that government subsidies allow Chinese EV makers to keep prices artificially low, creating unfair competition for European rivals.

Persons: Henry Ford’s, carmaking, Jeff Kowalsky, ”, Gene Munster, Tesla, — Tesla, —, Patrick Hummel, Krisztian Bocsi, Ford, “ It’s, ” Dan Ives, Bill Pugliano, Daniel Röska, Bernstein, China …, Marco Rubio, “ They’re, Bill Ford, CNN’s Fareed Zakaria Organizations: London CNN —, Ford Motor Company, Toyota, Volkswagen, United, Getty, Deepwater Asset Management, Volkswagen Group, Audi, Porsche, Chrysler, Jeep, Ford, General Motors, International Energy Agency, Honda, Renault, Nissan, Mitsubishi, Hyundai, Kia, Benz, BMW —, Investment, UBS, EV, Atlas Public, VW, Bloomberg, Reuters, Twitter, Stellantis, Wedbush Securities, CNN, United Auto Workers, Refining, Global, Republican, European Union, EU, Jato Dynamics Locations: Europe, United States, Dearborn , Michigan, AFP, China, Japan, South Korea, Asia, US, Germany, ” Munster, Munster, Lansing , Michigan, Michigan, Beijing, America

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

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

☆ Detroit casino workers to vote on authorizing strikes this Friday
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

The Detroit skyline is seen from the north side of the city in Detroit, Michigan, December 3, 2013. REUTERS/Joshua Lott/File Photo Acquire Licensing RightsSept 28 (Reuters) - Workers who staff the majority of operations at the three casinos in Detroit will vote on Friday to authorize potential strikes, the United Auto Workers (UAW) union said. The union, in a release on Thursday, said workers staffing operations such as slots and table games, as well as restaurants at MGM Grand Detroit, MotorCity Casino and Hollywood at Greektown, will cast ballots on whether to authorize strikes as they negotiate for a new contract. Should casino workers authorize a strike in Friday's vote, the Detroit Casino Council, the negotiating committee for workers, could call for strikes as soon as mid-October when contracts expire, according to the union. Reporting by Shivansh Tiwary in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Joshua Lott, Shivansh, Shounak Dasgupta Organizations: REUTERS, Workers, United Auto Workers, UAW, MGM Grand Detroit, Hollywood, Detroit Three, General Motors, Chrysler, Detroit Casino Council, Thomson Locations: Detroit, Detroit , Michigan, Greektown, Bengaluru

☆ Exclusive: Brazil mineral rights dispute casts shadow on Sigma Lithium expansion
▼ + stars: | 2023-09-28 | by ( Fabio Teixeira | ) www.reuters.com time to read: +6 min

View shows Sigma Lithium Corp SGML.V production at the Grota do Cirilo mine in Itinga, in Minas Gerais state, Brazil April 18, 2023. That transaction, Gardner's lawyers argued, would grant Sigma mineral rights to valuable lithium deposits and hurt RI-X's ability to develop its own mining project. At the time of the transfer, Gardner owned 49% of RI-X and Cabral-Gardner held 51%, documents show. Sigma shares, which had been up 4% in afternoon trading on Thursday, erased gains to close more than 2% lower after Reuters reported on the court injunction. Sigma declined to comment on the New York lawsuit, and said "the divorce proceedings are a private, personal matter and have no impact on how Sigma Lithium conducts business."

Persons: Washington Alves, Ana Cabral, Gardner, Calvyn Gardner, Cabral, Sigma, Fabio Teixeira, Ernest Scheyder, Gabriel Stargardter, Brad Haynes, Rosalba O'Brien Organizations: Sigma Lithium Corp, REUTERS, DE, Sigma, Reuters, Deloitte, Brazilian Mining Association, New, Thomson Locations: Itinga, Minas Gerais, Brazil, DE JANEIRO, Vancouver, Sao Paulo, New York

[1/8] Former U.S. President and Republican presidential candidate Donald Trump addresses auto workers as he skips the second GOP debate, in Clinton Township, Michigan, U.S., September 27, 2023. "Donald Trump is lying about President Biden's agenda to distract from his failed track record of trickle-down tax cuts, closed factories, and jobs outsourced to China," Biden's campaign said in a statement while Trump spoke. The UAW has to date not backed either presidential candidate, making it the only major union not to endorse Biden. The UAW leadership has welcomed Biden's support, however, and spoken about Trump and his record in scathing terms. Promising to end the government's EV push if elected, Trump urged the UAW to back him in the presidential race.

Persons: Donald Trump, Rebecca Cook, autoworkers, Trump, Joe Biden's, Ron DeSantis, Chris Christie, Donald Duck, Biden, charlatan, Biden's, Jason Roe, Roe, Nathan Layne, Kanishka Singh, Jason Lange, Joe White, Ross Colvin, Deepa Babington Organizations: U.S, Republican, GOP, REUTERS, Former U.S, America's, New, United Auto Workers union, General Motors, Chrysler, Ford, Trump, Republican Party, UAW, Thomson Locations: Clinton Township , Michigan, U.S, Former, Detroit, Florida, New Jersey, China, Michigan, Pennsylvania, Wisconsin, It's, Wilton , Connecticut, Singh, Washington

☆ UK EV supplier Bedeo launches electric van conversions in France
▼ + stars: | 2023-09-27 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

Protean Electric CEO Andrew Whitehead and Bedeo CEO Osman Boyer pose with a diesel van that has been converted into an electric hybrid by Bedeo using Protean in-wheel motors, in Farhnam, Britain, September 26, 2023. In order to qualify for French subsidies Bedeo, which makes electric powertrains for vans for world No. Bedeo acquired Protean Electric in 2022 from a unit of China Evergrande Group. Chinese carmaker Dongfeng Motor (0489.HK) has built small tests fleets using Protean in-wheel motors and is looking at launching new models with them around the middle of the decade, Protean CEO Andrew Whitehead said. Whitehead said a couple of other Chinese carmakers and three major European carmakers are also looking at using Protean's in-wheel motors.

Persons: Andrew Whitehead, Osman Boyer, Nick Carey, Bedeo, Boyer, Stellantis, Whitehead, Sharon Singleton Organizations: Protean, REUTERS, EV retrofitters, Reuters, Protean Electric, China Evergrande Group, HK, Thomson Locations: Farhnam, Britain, France, China

☆ Trump skips debate to woo blue-collar workers in Michigan
▼ + stars: | 2023-09-27 | by ( Nathan Layne | ) www.reuters.com time to read: +4 min

Former U.S. President and Republican presidential candidate Donald Trump speaks during a 2024 presidential campaign rally in Dubuque, Iowa, U.S. September 20, 2023. Biden on Tuesday joined a picket line outside Detroit with striking United Auto Workers union members, backing their call for a 40% pay raise. UAW President Shawn Fain called Biden's visit a "historic moment," and thanked him for his support. "Trump has very strong support from working class voters in Michigan and the auto industry as a whole." ELECTRIC VEHICLESIn Wednesday's speech, Trump will emphasize the negative impact of inflation on the livelihoods of blue-collar workers, Miller said.

Persons: Donald Trump, Scott Morgan, Joe Biden, Biden, Trump, Robert Bruno, Shawn Fain, Jason Miller, Miller, Michael Schostak, Nathan Layne, Joe White, Jason Lange, Colleen Jenkins, Timothy Gardner Organizations: U.S, Republican, REUTERS, Detroit, Trump, Democratic, Michigan, University of Illinois, Republican Party, Tuesday, United Auto Workers, UAW, Drake Enterprises, General Motors, Michigan Republican Party, Thomson Locations: Dubuque , Iowa, U.S, Michigan, Pennsylvania, Wisconsin, Detroit, Lordstown , Ohio, New York, Wilton , Connecticut, Washington

☆ Net Zero Is Still Possible, but Clean Energy Spending Must Go Faster
▼ + stars: | 2023-09-26 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

At least $4.5 trillion a year in clean-energy investments will be needed by the start of the 2030s to reach net zero by 2050, the IEA said. “We have the tools needed to go much faster,” the report said. It estimates that 80% of the emissions reduction needed by 2030 can come from increasing renewable generation, energy efficiency and electrification, as well as from cutting methane emissions. The new report comes as policies toward green energy globally are at a crossroads, with politicians balancing green ambitions with energy security and a cost-of-living squeeze. “Without efforts to reduce methane emissions from fossil fuel supply, global energy sector CO2 emissions would need to reach net zero by around 2045,” the report said.

Persons: Ajit Solanki, “, Yusuf Khan Organizations: Press, International Energy Agency, IEA, Business Locations: Surendranagar, Gujarat, India, Paris, Ukraine, China

They gave everything from their pensions on, and they saved the automobile industry,” Biden said Monday from the White House. Biden is also leaning in on his union support at a time when labor enjoys broad support from the public, with 67% of Americans approving of labor unions in an August Gallup poll. White House officials dismissed the notion that Trump forced their hand and noted that Biden was headed to Michigan at the request of UAW President Shawn Fain, who last week invited the sitting president to join the strikers. “He is pro-UAW, he is pro-workers, that is this president,” White House press secretary Karine Jean-Pierre said Monday. Dave Ellis, who stocks parts at the distribution center, said he’s happy Biden wants to show people he’s behind the middle class.

Persons: Joe Biden’s, Franklin Delano Roosevelt, Harry Truman, Theodore Roosevelt, Roosevelt, Biden, —, ”, Erik Loomis, “, ” Biden, Donald Trump, Gallup, Trump, President Trump, Joe Biden, Jason Miller, Shawn Fain, Karine Jean, Pierre, Carolyn Nippa, ” Nippa, “ I’m, Dave Ellis, he’s, Ellis, Gene Sperling, Julie Su, ___ Krisher, Jill Colvin Organizations: WASHINGTON, United Auto Workers, Democratic, The, University of Rhode, UAW, White, Republican, Biden, ”, Trump, Labor, Associated Press Locations: Las Vegas, The Palms, University of Rhode Island, Detroit, California, Hollywood, Michigan, Pennsylvania, Palestine, Ohio, Van Buren Township , Michigan, Washington, Summerville , South Carolina

☆ Biden will join striking auto workers on the picket line in Detroit — the first time a sitting US president has done so
▼ + stars: | 2023-09-26 | by ( Associated Press | ) www.businessinsider.com time to read: +8 min

Biden will join the striking United Auto Workers on the picket line — a first for any president. Trump, like Biden, will also head to Detroit and hold an event to garner support for his 2024 run. Many unions have endorsed Biden but blue-collar workers are split on who they're voting for. "He is pro-UAW, he is pro-workers, that is this president," White House press secretary Karine Jean-Pierre said Monday. She said it was "great that we have a president who wants to support local unions and the working class."

Persons: Biden, Trump, —, Joe Biden's, Franklin Delano Roosevelt, Harry Truman, Theodore Roosevelt, Roosevelt, Donald Trump, autoworkers, Erik Loomis, Matt Rourke Biden, Gallup, Julie Chavez Rodriguez, Cesar Chavez, President Trump, Joe Biden, Jason Miller, Shawn Fain, Karine Jean, Pierre, Carolyn Nippa, Nippa, Dave Ellis, he's, Ellis, Gene Sperling, Julie Su Organizations: United Auto Workers, Service, Republican, Democratic, The, University of Rhode, UAW, White, General Motors, Associated Press, United Farm Workers, Biden, Trump, Labor Locations: Detroit, Las Vegas, The Palms, University of Rhode Island, California, Hollywood, Pennsylvania, Michigan, Palestine, Ohio, Van Buren Township , Michigan, Washington

☆ Tesla to face EU anti-subsidy probe over China exports- FT
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: 1 min

Tesla's Model 3 is displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowSept 26 (Reuters) - Tesla (TSLA.O) and European carmakers that export from China to the EU will be part of the bloc's probe into whether the country's electric vehicles industry is receiving unfair subsidies, the Financial Times reported on Tuesday, citing Brussels' most senior trade official. Reporting by Shivani Tanna in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Angelika Warmuth, Shivani Tanna, Shinjini Organizations: REUTERS, Financial Times, Thomson Locations: Munich, Germany, China, Brussels, Bengaluru

The UK goal was ahead of the 2035 ban in the European Union, where most British-made cars are sold. "The timing sends the message that things can change again, making it difficult for companies to manage their investment strategies." Under the new mandate that the government could make public as early as this week, the 80% 2030 electric target should remain - with the other 20% a mixture of fossil fuel models and hybrids until 2035. "In Britain, there's no industrial strategy, no intent for industrial strategy and no desire for an industrial strategy," Palmer said. "The UK (fossil fuel ban) delay is not a good sign in terms of stability, but they have realigned with EU regulation," said Denis Schemoul, director of European vehicle forecasting at S&P Global Mobility.

Persons: Rishi Sunak, Christopher Furlong, Boris Johnson, Sunak, it's, Philip Nothard, ZEV, Andy Leyland, Adrian Keen, Keen, Andy Palmer, Aston Martin, Palmer, Denis Schemoul, Nick Carey, Barbara Lewis Organizations: Britain's, Rover, Industry, Union, EV, European Union, Cox Automotive, Volvo, Ford, EU, P Global Mobility, Thomson Locations: Warwick , England, British, Britain, EVs, Europe, Spain

☆ Mercedes applies for tax relief for projects at two U.S. plants
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Elijah Nouvelage/File Photo Acquire Licensing RightsCompanies Mercedes Benz Group AG FollowBERLIN, Sept 25 (Reuters) - German carmaker Mercedes-Benz (MBGn.DE) has applied for tax breaks for potential projects at two of its U.S. plants under the Inflation Reduction Act (IRA), a company spokesperson said on Monday. "We have decided to participate in the application process for production-related tax relief" under the IRA for the plants in Alabama and South Carolina, according to the spokesperson. A final decision is expected later this year or early next year, Handelsblatt reported. Mercedes did not want to comment on the production plan for the electric GLS. Reporting by Ilona Wissenbach, Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Elijah Nouvelage, Mercedes, Handelsblatt, Ilona Wissenbach, Miranda Murray, Friederike Heine Our Organizations: Benz, REUTERS, Companies Mercedes Benz Group, Thomson Locations: Woodstock , Alabama, U.S, Alabama, South Carolina, United States

☆ EU car group calls for urgent action on post-Brexit trade rules
▼ + stars: | 2023-09-24 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

Puzzle with printed EU and UK flags is seen in this illustration taken November 13, 2019. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 25 (Reuters) - The European Union and Britain need to take urgent action to postpone rules for electric vehicles traded between the bloc and the UK that will trigger 10% tariffs, Europe's car industry group said on Monday. Under the EU-UK post-Brexit trade deal, EVs need to have 45% EU or UK content from 2024, with a 50%-60% requirement for their battery cells and packs, or face British or EU import tariffs of 10%. The ACEA has said the rules could cost carmakers up to 4.3 billion euros ($4.57 billion) in tariffs and hit output. In June, Stefan Fuehring, a European Commission official overseeing the post-Brexit EU-UK trade agreement, said the EU rules of origin were "fit for purpose" and that the bloc was not considering changing them.

Persons: Dado Ruvic, Luca de Meo, Stefan Fuehring, Nick Carey, Barbara Lewis Organizations: REUTERS, European Union, Automobile Manufacturers ' Association, Renault, EU, Ford, European Commission, Thomson Locations: Britain, British, EU

Shares in Asia were mostly lower on Monday, with Tokyo the only major regional market to advance, after Wall Street wheezed to more losses with its worst week in six months. Worries over China’s property sector, a U.S. government shutdown and the continued strike by American autoworkers were weighing on investor sentiment. The retreat has deepened with Wall Street’s growing understanding that interest rates likely won’t come down much anytime soon. Pressure has built on Wall Street as yields in the bond market climbed to their highest levels in more than a decade. The Nasdaq composite, which is full of tech and other high-growth stocks, slumped 3.6% for its worst week since March.

Persons: Hang Seng, Australia's, They’d, Shawn Fain, Ford, It’s, Brent Organizations: American, China Evergrande, Dow Jones, Nasdaq, Federal Reserve, U.S, Motors, United Auto Workers, Auto, Treasury, that’s, Nvidia, Microsoft’s, Activision, Microsoft, New York Mercantile Exchange Locations: Asia, Tokyo, U.S, China, Shanghai, Seoul, American

☆ Despite all the gloom, we're buyers going into next week. These 3 things are on our radar
▼ + stars: | 2023-09-23 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

It was another downer of a week on Wall Street with all three major averages posting steep losses despite a bounce back on Friday. The S & P 500 and the technology-heavy Nasdaq fell 2.3% and 2.9% this week, respectively, while the Dow Jones Industrial Average lost 1.5%. Federal Reserve: The central bank signaled this week that it was planning to keep rates higher for longer to beat down inflation. ET: Personal consumption expenditure Before the bell: Carnival (CCL) (See here for a full list of the stocks Jim Cramer's Charitable Trust is long.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: downer, Jim Cramer, carmakers, hasn't, Jim, " Cramer, Stanley Black, Decker, Jim Cramer's, Ferguson, SYNNEX, HB Fuller, Jabil, Cramer's, Emily Elconin Organizations: Nasdaq, Dow Jones Industrial, Federal Reserve, Republican, Democratic, UAW, Big, United Auto Workers union, General Motors, Club, Ford, Fed, Stanley, Jim Cramer's Charitable, Costco, Citi, Meta, Industries, Cintas, Natural Foods, Micron Tech, Concentrix Corp, Worthington, Gross, Accenture, BlackBerry, Vail Resorts, MTN, CNBC, United Auto Workers, Stellantis NV, Bloomberg, Getty Locations: SWK, Stellantis NV Toledo, Toldeo , Ohio

Even after escalating its strike against Detroit automakers on Friday, the United Auto Workers union still has plenty of leverage in its effort to force the companies to agree to significant increases in pay and benefits. The UAW could, if it chose to, vastly expand the number of workers who could strike assembly plants and parts facilities of General Motors, Ford and Stellantis, the owner of the Jeep and Ram brands. All three companies said that talks with the union continued on Saturday, though officials said they expected no major announcements. In expanding the strike on Friday, the UAW struck only the parts-distribution centers of GM and Stellantis. Ford was spared from the latest walkouts because of progress that company has made in negotiations with the union, said UAW President Shawn Fain.

Persons: “, ”, Daniel Ives, Sam Abuelsamid, Abuelsamid, Ford, Shawn Fain, Wheaton, ’, Fain, —, “ It's, AutoNation, Mike Stanton, David Barnas, Jodi Tinson, Alexandra Olson Organizations: Detroit, United Auto Workers, UAW, General Motors, Ford, Jeep, GM, Wedbush Securities, Guidehouse, Fiat Chrysler . Service, Cornell University, National Automobile Dealers Association, Associated Press Locations: Detroit, Flint , Michigan, Sterling Heights , Michigan, Canada, United States, New York

☆ Carmakers will not immediately comply with Massachusetts data repair law
▼ + stars: | 2023-09-22 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Brian Snyder/File Photo Acquire Licensing RightsSept 22 (Reuters) - An auto industry group said on Friday carmakers do not plan to immediately comply with a Massachusetts law requiring them to share vehicle data with independent repair shops citing concerns about potential hacking. Massachusetts voters in 2020 approved a ballot initiative that gives independent repair shops access to diagnostic data that newer cars can send directly to dealers and manufacturers, in order to allow consumers to seek repairs outside dealerships. The Massachusetts attorney general's office said earlier appreciated "NHTSA’s clarification today that our state law is not preempted by federal law." Automakers must comply with the state law, the office said. Federal Trade Commission Chair Lina Khan praised NHTSA's statement "clarifying that automakers can safely comply with Massachusetts' right to repair law and share vehicle data with independent repair shops."

Persons: Brian Snyder, general's, Lina Khan, David Shepardson, Nick Zieminski Organizations: Chevrolet, REUTERS, Traffic Safety Administration, Alliance, Automotive Innovation, NHTSA, Federal Trade, Thomson Locations: Arlington , Massachusetts, Massachusetts

☆ Stock market weakness could continue in week ahead as looming government shutdown adds to fears
▼ + stars: | 2023-09-22 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Headwinds are piling up for the market heading into the final week of the month, as September lives up to its reputation as a horrible month for Wall Street. Wolfe Research's Rob Ginsberg pointed out in a note this week that the CBOE Volatility Index (VIX) doesn't suggest much fear in markets. "We have a potential shutdown in Washington, as well as the UAW strike, which could potentially create some volatility in jobs data in particular." But investors heading into the final trading week of September will likely see a continuation of those losses, if history is any indication. "We could see the market experience additional weakness over the next several weeks," said Sam Stovall, chief investment strategist at CFRA.

Persons: Wolfe, Rob Ginsberg, VIX, Amy Wu Silverman, Aditya Bhave, Shannon Saccocia, Saccocia, there's, RBC's Wu Silverman, what's, Goldman Sachs, Scott Rubner, Sam Stovall, Michael Bloom, Jeff Cox Organizations: Wall, Dow Jones, Reserve, Bank of America U.S, UAW, CFRA, Costco Wholesale, Nike, Chicago, Dallas Fed, New, Richmond Fed, Costco, Micron, . Kansas City Fed Manufacturing, BEA, Auto, PCE Deflator, Chicago PMI Locations: Washington, Detroit, . Kansas, Chicago, Michigan

The nation’s biggest automakers – and car buyers everywhere -- will learn Friday whether the United Auto Workers union will escalate its strike over a demand for higher wages, a shorter work week and other benefits. Fain said earlier this week he would call on workers at more plants to strike unless there was significant progress in contract negotiations with the carmakers. Bargaining continued Thursday, although neither side reported any breakthroughs, and they remained far apart on wage increases. The companies have laid off a few thousand more, saying some factories are running short on parts because of the strike. If the deal is ratified, Unifor expects that GM and Stellantis will agree to similar contracts for Canadian workers.

Persons: Shawn Fain, Fain, Louis, Unifor, Stellantis, ” Ford, “ It’s, Mark Truby, Jonah Furman Organizations: United Auto Workers, UAW, Ford, General Motors, Workers, Stellantis, Canadian, GM, Detroit News Locations: Detroit, St, Toledo , Ohio

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