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☆ UAW and automakers GM, Ford and Stellantis try to reach deal before strike widens
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Striking United Auto Workers walk the picket line outside the Ford Michigan Assembly Plant in Wayne, Michigan, U.S. September 17, 2023. REUTERS/Rebecca Cook Acquire Licensing RightsSept 18 (Reuters) - The United Auto Workers strike against the Detroit Three automakers enters its fourth day on Monday as both sides try to hammer out deals to avoid costly disruptions to more plants. Sample HTML blockAbout 12,700 UAW workers are on strike as part of a coordinated labor action targeting three U.S. assembly plants - one at each of the Detroit Three automakers after the prior four-year labor agreements expired. The strikes have halted production at three plants in Michigan, Ohio and Missouri that produce the Ford Bronco, Jeep Wrangler and Chevrolet Colorado, along with other popular models. Besides higher wages, the UAW is also demanding shorter work weeks, restoration of defined benefit pensions and stronger job security as automakers make the shift to electric vehicles.

Persons: Rebecca Cook, Shawn Fain, Stellantis's Ram, David Shepardson, Ben Klayman, Deepa Babington Organizations: United Auto Workers, Ford Michigan Assembly Plant, REUTERS, Detroit Three, Union, General Motors, Ford, UAW, Ford Bronco, Chevrolet, GM's, Silverado, Reuters, Thomson Locations: Wayne , Michigan, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado

☆ The UAW strikes are concerning but won't lead to a full-blown recession, says Moody's
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe UAW strikes are concerning but won't lead to a full-blown recession, says Moody'sMike Brisson, Director of Economic Research at Moody's Analytics, discusses the economic impact of the United Auto Workers strikes.

Persons: Mike Brisson Organizations: UAW, Economic Research, Moody's, United Auto Workers

☆ Ford and GM workers already make $20 more per hour than Tesla employees. Their union's demands would double that gap.
▼ + stars: | 2023-09-18 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Detroit executives have Tesla in mind as they reject the UAW's big demands. The labor cost gap between the Detroit 3 and Tesla is already staggering. Tesla is the "clear winner" in the UAW strike, one analyst said. The UAW launched a first wave of targeted strikes last week after months of negotiations for new labor contracts with Ford, GM, and Jeep-owner Stellantis. Tesla spends about $45 an hour on labor (this cost combines hourly wages and benefits), while Ford, GM, and Stellantis are currently spending about $66 an hour on their labor, according to industry analysts.

Persons: Tesla, Stellantis, Wells, Elon, Dan Ives Organizations: Detroit, UAW, Service, United Auto Workers, Ford, GM, Deutsche Bank, Toyota, Honda, Tesla, Thrones Locations: Wall, Silicon, Detroit, Michigan , Ohio, Missouri, Wells Fargo

Former President Donald Trump will travel to the battleground state of Michigan next week to meet with striking autoworkers instead of participating in the second Republican presidential debate, a person familiar with his plans said Monday. That’s the date others in the GOP field will gather at the Ronald Reagan Presidential Library in Simi Valley, California, for the cycle’s second primary debate. On Monday, the United Auto Workers and Detroit’s Big Three carmakers resumed talks aimed at ending a strike now in its fourth day. Stellantis described the discussion as “constructive.” A spokesperson for General Motors said representatives of the company and the United Auto Workers were continuing to negotiate. Trump earlier this summer traveled to Michigan, where the Oakland County GOP honored him as its Man of the Decade.

Persons: Donald Trump, Trump, Joe Biden, Biden, Ronald Reagan, Tucker Carlson, Ammar Moussa, “ Donald Trump, ” Moussa, Barack Obama, carmakers, Stellantis, ”, General Motors, Dave Green, “, ” Green, Jill Colvin, Joey Cappelletti Organizations: GOP, The New York Times, Associated Press, Ronald Reagan Presidential, Twitter, Trump, Biden, United Auto Workers, General, UAW, Oakland, NBC News Locations: Michigan, Simi Valley , California, Milwaukee, Rust, East Palestine , Ohio, Ohio, Indiana, China

☆ There's a definite cost advantage for Tesla using non-union plants, says Gabelli's Brian Sponheimer
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a definite cost advantage for Tesla using non-union plants, says Gabelli's Brian SponheimerBrian Sponheimer, Gabelli Funds Portfolio Manager, joins 'Closing Bell Overtime' to talk the impact of the UAW strike on auto stocks, where Tesla gets an advantage and more.

Persons: Brian Sponheimer Brian Sponheimer, Tesla Organizations: UAW

☆ UAW strike on big 3 automakers enters day 4
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAW strike on big 3 automakers enters day 4CNBC's Phil LeBeau reports on the latest from the UAW strike negotiations.

Persons: Phil LeBeau Organizations: UAW

☆ Monday, Sept. 18, 2023: Cramer is buying more of this software Club holding
▼ + stars: | 2023-09-18 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Monday, Sept. 18, 2023: Cramer is buying more of this software Club holdingJim Cramer and Jeff Marks discuss the market ahead of the Federal Reserve's meeting this Wednesday. Jim emphasizes his excitement for buying more shares of a software Club holding. Finally, Jim and Jeff discuss several auto names on the fourth day of the UAW strike.

Persons: Cramer, Jim Cramer, Jeff Marks, Jim, Jeff Organizations: Club, UAW

The auto workers' strike against Detroit's Big Three went into its fourth day on Monday with no signs of an early breakthrough and against the threat that the walkout could soon spread. In a sign of the potential economic and political of a long strike, President Joe Biden is sending two top administration officials to Detroit this week to meet with both sides. UAW President Shawn Fain said Monday that the Biden administration won't broker a deal. A key feature of the strategy is the threat of escalating the strike if the union is unhappy with the pace of bargaining. On Friday, Fain said more factories could be targeted: “It could be in a day, it could be in a week.”

Persons: Joe Biden, Biden, Julie Su, Gene Sperling, —, Shawn Fain, Fain, it’s, ” Organizations: Detroit's Big, UAW, Labor, MSNBC Locations: Detroit

☆ Ford also faces possible strike at plants in Canada
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFord also faces possible strike at plants in CanadaCNBC's Phil LeBeau joins 'The Exchange' to discuss Ford, Stelantis, and GM back at the bargaining table as the UAW strike continues into day four, the strike halting 15% of UAW production, and the potential for a Ford strike in Canada.

Persons: Ford, Phil LeBeau Organizations: Ford, UAW Locations: Canada

☆ UAW president downplays White House involvement in strike talks
▼ + stars: | 2023-09-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

"This battle is not about the president," Fain said. Treasury Secretary Janet Yellen told CNBC in an interview Monday that the White House wants a "win-win" deal. Nearly 13,000 UAW members are on strike at three key plants in Michigan, Missouri and Ohio. Former President Donald Trump is also courting support from UAW members, while attacking the union's leaders, as he pursues another term in the White House. The UAW president said the union's members are prepared to escalate: "If the companies don't respond to the members' demands then we have to do what we have to do."

Persons: Shawn Fain, Bill Pugliano, Monday, Fain, Joe Biden, Julie Su, Gene Sperling, Janet Yellen, White, Yellen, Biden, who's, Donald Trump, Jim Farley Organizations: United Auto Workers, Sterling Heights Assembly, UAW, Ford, General Motors, Getty, Labor, White House, CNBC, MSNBC Locations: Sterling Heights, Sterling Heights , Michigan, Stellantis, Detroit, Michigan , Missouri, Ohio

☆ What are Republican U.S. presidential candidates saying about the UAW strike?
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +5 min

Hakeem Jeffries, Democratic Minority Leader of the U.S. House of Representatives, walks the picket line with striking United Auto Workers members outside the Ford Motor Michigan Assembly Plant in Wayne, Michigan U.S., September 17, 2023. REMEMBER, BIDEN IS A CROOK WHO HAS BEEN PAID MILLIONS OF DOLLARS BY CHINA, & OTHERS. On Friday, he wrote: "The all Electric Car is a disaster for both the United Auto Workers and the American Consumer. If this happens, the United Auto workers will be wiped out, along with all other auto workers in the United States. So I understand the frustration, but I think union bosses may be directing that ire in the wrong direction when it belongs at the feet of our current government."

Persons: Hakeem Jeffries, Rebecca Cook, Joe Biden, DONALD TRUMP, CROOKED JOE, YOU'LL, BIDEN, I'm, Biden, Pence, VIVEK RAMASWAMY, NIKKI HALEY, emboldens, Haley, Richard Chang Organizations: Democratic, U.S . House, United Auto Workers, Ford Motor Michigan, Plant, Wayne , Michigan U.S, REUTERS, Labor, Detroit Three, General Motors, Ford, Republican, Democratic U.S, Electric, CHINA FIRST, TRUMP, YOUR, WHO, American Consumer, United Auto, Trump, CNN, South, United Nations, Fox News, TIM SCOTT The, UAW, Thomson Locations: Wayne , Michigan, China, CHINA, United States, Washington, South Carolina, TIM SCOTT The U.S

☆ Stellantis could close 18 facilities under UAW deal — here are the full details of its latest offer
▼ + stars: | 2023-09-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

Stellantis said the facility would "continue to be our North American headquarters and North America technical center." It's not guaranteed the facilities would close under a labor deal; however, Stellantis is required to include potential closures or sales of any location where a UAW member works, a company source said. Stellantis North American Chief Operating Officer Mark Stewart, who is overseeing the UAW talks, said the company needs to "modernize" the Mopar facilities. Stewart, without disclosing details of the plan, described the company's proposal for Belvidere as a "very compelling offer." The Mopar facilities that could close include Atlanta PDC; Boston PDC; Centerline Warehouse & Packaging; Chicago PDC; Marysville PDC; Milwaukee PDC; New York PDC; Orlando PDC; Sherwood PDC; and Warren PDC.

Persons: Bill Pugliano, Stellantis, Jeff Kowalsky, It's, Mark Stewart, Stewart, Rich Boyer, Michael Wayland, Sen, Bernie Sanders, Boyer Organizations: United Auto Workers, UAW, Big, Getty, DETROIT, CNBC, Belvidere Assembly, Plant, Elliott, FCA, Technology Center, Afp, North, Detroit Free Press, Detroit, General Motors, Ford Motor, Cherokee, GM, Ford, CNBC UAW, U.S, Detroit automakers, Atlanta PDC, Boston PDC, Packaging, Chicago PDC, Marysville PDC, Milwaukee PDC, New York PDC, Orlando PDC, Sherwood PDC, Warren PDC Locations: Detroit , Michigan, U.S, Illinois, Belvidere, Indiana, Trenton, Michigan, Detroit, Stellantis, Auburn Hills , Michigan, North America, Arizona, Belvidere Assembly, Belvidere , Illinois, Belvidere —, Warren, Mich, Fishkill , New York, Macon , Georgia

☆ Striking unions impacting the economy at a level not seen in decades
▼ + stars: | 2023-09-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

watch nowThe auto workers' strike is the latest in a series of labor-management conflicts that economists say could start having significant growth impacts if they persist. So far, the United Auto Workers stoppage has impacted just a small portion of the workforce with limited implications for the broader economy. United Auto Workers (UAW) members on a picket line outside the Stellantis NV Toledo Assembly Complex in Toldeo, Ohio, on Monday, Sept. 18, 2023. August alone saw some 4.1 million labor hours lost this year, the most for a single month since August 2000, according to the Labor Department. Year to date, there have been 7.4 million hours lost, compared to just 636 hours total for the same period in 2022.

Persons: Ian Shepherdson, Emily Elconin, Shepherdson, Doris Dear, John Nacion, Joseph Brusuelas, Brusuelas, Biden, Janet Yellen, CNBC's Sara Eisen Organizations: United Auto Workers, Labor Department statistics, Pantheon, UAW, Stellantis NV, Bloomberg, Getty, Big Three, Ford, GM, Federal Reserve, Labor, Labor Department, HBO, National Union Solidarity, Writers Guild of America, Screen Actors Guild, University of Michigan, RSM, York Fed Locations: Stellantis NV Toledo, Toldeo , Ohio, U.S, New York City, John, Los Angeles, California , Oregon, Washington, York

☆ Many Asian global automakers will benefit from the UAW strike, researcher says
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMany Asian global automakers will benefit from the UAW strike, researcher saysJames Hong, head of mobility research at Macquarie Capital, discusses the impact of the United Auto Workers strike against the Detroit Three automakers on others in the global industry.

Persons: James Hong Organizations: UAW, Macquarie Capital, United Auto Workers, Detroit Three

☆ Janet Yellen on the auto strikes: We want to see the two sides come to a win-win agreement
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJanet Yellen on the auto strikes: We want to see the two sides come to a win-win agreementTreasury Secretary Janet Yellen joins 'Squawk on the Street' to discuss the impact of the UAW strike, what's driving the recent labor activism, and more.

Persons: Janet Yellen, what's Organizations: UAW

☆ Private auto suppliers see secondary consequences of UAW strike, says RapidRatings CEO Gellert
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrivate auto suppliers see secondary consequences of UAW strike, says RapidRatings CEO GellertRapidRatings CEO James Gellert joins 'The Exchange' to discuss risks the UAW strike poses to the auto supply chain, the shift in auto production spawned by EV, and the impact the rising cost of cars has on gross auto sales.

Persons: Gellert, James Gellert Organizations: UAW, EV

☆ The UAW is playing with fire. Jim Cramer says Ford could be forced to flip the script
▼ + stars: | 2023-09-18 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The United Auto Workers strike entered Day 4 on Monday, and both sides remained far apart on pay hikes. By striking Ford, the UAW is "playing with fire," according to Jim, who said the automaker might get tired of trying to appease union demands and just lock workers out. Ford CEO Jim Farley told CNBC last week that UAW demands would bankrupt the company. In addition to top-line pressure on its EV unit and companywide cost pressure from the UAW strike, Ford needs to work its way through this transition from high-profit ICE vehicles to the currently money-losing EVs. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer, Jim, Ford, Jim Farley, Goldman Sachs, Tesla, Washington, Joe Biden, Biden, Jim Cramer's, Shawn Fain, Bill Pugliano Organizations: United Auto Workers, Ford, UAW, Detroit, Plant, Bronco, Ford's, General Motors, Chrysler, GM, CNBC, White House, Getty Locations: Michigan, Wayne, Wentzville , Missouri, Toledo , Ohio, U.S, Mexico, Detroit, Detroit , Michigan

☆ Gas prices are unusually high. Here's why you shouldn't worry
▼ + stars: | 2023-09-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Instead, gasoline prices are getting more expensive and are just pennies away from their highest level so far this year. Are rising oil prices another item to add to the list? How high do you think oil prices will go? When you adjust for inflation, oil isn’t that high right now. I think that we are going to see continued high prices for a lot of stuff, including gasoline, but I don’t think we’re gonna see an acceleration in prices.

Persons: David Kelly, Bell, Kelly, it’s, we’re, We’ve, — aren’t, Eva Rothenberg, Sen, Bernie Sanders, CNN’s Jake Tapper, “, ”, Jared, Kay Jewelers, Parija Kavilanz, Virginia Drosos Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Asset Management, Strategic Petroleum Reserve, Federal, UAW, United Auto Workers, General Motors, Ford, Vermont Independent, Signet Jewelers, Signet, Diamonds, Goldman, Global Retailing Conference Locations: New York, Saudi Arabia, Russia, Libya, Ukraine, Gulf of Mexico, United States, Nile

☆ Wall Street Journal's Tim Higgins explains why Elon Musk is the winner of the UAW strike
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWall Street Journal's Tim Higgins explains why Elon Musk is the winner of the UAW strikeTim Higgins, Wall Street Journal reporter, joins 'Squawk Box' to discuss the latest in UAW strike, why he believes Elon Musk and Tesla are looming over strike negotiations, the role of Biden administration on the strike, and more.

Persons: Tim Higgins, Elon Musk, Biden Organizations: UAW, Wall Street Journal

☆ Ford could face strike in Canada, adding to U.S. labor pressure
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: +4 min

Ford Motor could face a strike in Canada if no agreement is reached by 11:59 p.m. Monday with the union representing about 5,600 Canadian auto workers, just days after workers at one of its U.S. plants went on strike. On Friday, the United Auto Workers union launched a targeted strike against Ford, General Motors and Chrysler-parent Stellantis , targeting one assembly plant at each company. Canadian union Unifor, whose contract with Ford expires at 11:59 p.m. Monday, said "while we remain at the table the likelihood of a strike increases with each passing hour." Ford has two engine plants in Canada that build V-8 motors for F-series and Super Duty pickups assembled in the United States. Ford on Friday furloughed 600 workers who are not on strike at the Michigan Bronco plant because of the impact of the work stoppage.

Persons: Ford, Stellantis, Shawn Fain, Fain, Janet Yellen, Stellantis's Ram, BlueScope Steel Organizations: Ford, United Auto Workers, General Motors, Chrysler, UAW, Detroit automakers, Union, GM, Chrysler Corp, MSNBC, Ford Bronco, Chevrolet, Michigan Bronco, GM's, Silverado, BlueScope Locations: Canada, United States, Ontario, Kentucky, Dearborn , Michigan, Kansas City , Missouri, U.S, Auburn Hills , Michigan, Detroit, Michigan , Ohio, Missouri, Chevrolet Colorado, Kansas, North America

Unions have nowhere near the pull, or members, that they did decades ago, yet something has changed. Fain became president of United Auto Workers this year, but his time with the union began at that then-Chrysler plant in 1994. He vowed to clean up the union and unite members following a wide-ranging scandal that landed two former presidents in prison. The union under Fain has threatened to hit more plants if there is not enough movement from automakers during negotiations. Corporate greed is the problem.”Sean O'Brien, International Brotherhood of TeamstersMuch of what you need to know about Teamsters president Sean O'Brien is right there in his handle for X/Twitter: @TeamstersSOB.

Persons: Shawn Fain, Fain, Fain “, ” Fain, “ We’re, ” Sean O'Brien, Sean O'Brien, James Hoffa, Jimmy Hoffa, Hoffa, O’Brien, O'Brien, ” O’Brien, Fran Drescher, AFTRA Fran Drescher, ”, She's, they're, Drescher, “, —, Television Producers, Michael Winship, Lisa Takeuchi Cullen, WGAE’s, Takeuchi Cullen, ” Meredith Stiehm, Rich Talarico, Peele Organizations: Unions, Hollywood, UPS, United Auto Workers, Chrysler, UAW, General Motors, Ford, Fiat Chrysler, Detroit, Brotherhood, Teamsters, Amazon, Screen Actors, American Federation of Television, Radio Artists, SAG, Associated Press, Alliance, Television Producers, Writers Guild of America, WGA, Television, Writers Guild of America East, “, CBS, Writers Guild of America West Locations: Missouri , Michigan, Ohio, Kokomo , Indiana, Boston, Hollywood

☆ UAW strike could buy GM time to address nagging EV issues
▼ + stars: | 2023-09-17 | by ( Paul Lienert | ) www.reuters.com time to read: +4 min

The company delivered just 1,348 Lyriqs and 47 Hummers in the second quarter, far below expectations, in part because of issues with battery module assembly. A longer strike could help GM address and potentially resolve some of those ongoing issues in its EV and battery operations, according to Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions. "A production stoppage could allow GM to solve bottlenecks,” Fiorani said. Wedbush auto analyst Daniel Ives said the strike was "a potential nightmare situation" for GM given it comes exactly at a key period of ironing out EV issues. In addition, the UAW strike in the United States could affect the flow of critical auto parts to GM operations in Canada and Mexico, which would hamper EV production there, Rinna said.

Persons: Jennifer Granholm, Jonathan Ernst, GlobalData, Mary Barra, Rory Harvey, Hummer, Sam Fiorani, Fiorani, GM's Barra, Bill Rinna, Daniel Ives, Ives, Rinna, GM’s Ramos, Paul Lienert, Deepa Babington Organizations: U.S . Energy, Washington Auto, REUTERS, Rights, General Motors, Ford Motor, UAW, Ford, Chevrolet Silverado, GMC Sierra, GM, GMC, AutoForecast Solutions, EV, Chevrolet Blazer, Thomson Locations: Washington , U.S, United States, Canada, Mexico, Ingersoll, Detroit

☆ Autoworkers strike against Detroit Three enters third day
▼ + stars: | 2023-09-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

United Auto Workers members hold up strike signs across from the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 15, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 17 (Reuters) - The United Auto Workers strike against the Detroit Three automakers is set to enter its third day Sunday with no immediate resolution on the horizon. About 12,700 UAW workers remain on strike as part of a coordinated labor action targeting three U.S. assembly plants - one at each of the Detroit Three automakers after the prior four-year labor agreements expired at 11:59 p.m. Stellantis said main bargaining talks are to resume Monday, while some subcommittee negotiations are set for Sunday at General Motors. "The truth is UAW leadership ignored Belvidere in favor of a strike," the company said.

Persons: Rebecca Cook, Stellantis, Shawn Fain, Mark Stewart, Ford, David Shepardson, Kim Coghill Organizations: United Auto Workers, Ford Michigan Assembly Plant, REUTERS, Detroit Three, Ford, Chrysler, . Union, General Motors, UAW, Sunday, GM, North American, Ford Bronco, Chevrolet, Thomson Locations: Wayne , Michigan, U.S, Belvidere , Illinois, Belvidere, Illinois, Michigan , Ohio, Missouri, Chevrolet Colorado, Michigan, Kansas, GM Missouri

☆ The United Auto Workers strike could be the canary in the coal mine for Biden's reelection pitch to working-class voters
▼ + stars: | 2023-09-17 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

The UAW union late last week went on strike to pressure the "Big Three" to raise worker wages. The strength of President Biden's economic message could hinge on the outcome of the strike. Biden has sought to sharpen his 2024 economic pitch, but voters aren't fully sold on his message. AdvertisementAdvertisementBiden is now sitting in the Oval Office, and the United Auto Workers strike is giving him the most challenging labor crisis of his presidency, as the economic pitch for his reelection bid could sink or swim depending on the outcome. And over the last — the past decade, auto companies have seen record profits, including the last few years, because of the extraordinary skill and sacrifices of the UAW workers," he said at the White House.

Persons: Biden's, Biden, Joe Biden, —, Julie Su, Gene Sperling, Susan Walsh, Adam Wren, Denny Butler, Donald Trump, Butler Organizations: UAW, aren't, Service, Teamsters, Wall Street, United Auto Workers, — Ford, General Motors, Detroit automakers, Ford, AP, White, Democratic Party Locations: Wall, Silicon, Pittsburgh, Wayne , Michigan, Wentzville , Missouri, Toledo , Ohio, Michigan, Kokomo, Ind

In its annual renumeration report, Stellantis reported CEO Carlos Tavares' 2022 pay was 23.46 million euros. That's a nearly 77% increase over then Fiat Chrysler CEO Mike Manley's 2019 pay of 13.28 million euros. However you slice the numbers, the gap between CEO pay and rank-and-file workers at all three companies is gigantic. It's far above the typical pay gap at S&P 500 companies, which was 186-1 according to AP's annual CEO pay survey, which uses data analyzed by Equilar. CEO Elon Musk's 2022 compensation was reported as zero in the company's proxy statement, rendering its official pay ratio meaningless.

Persons: — It’s, Shawn Fain, Fain, ” Fain, ”, Mary Barra, James Farley, William Clay Ford, Stellantis, Carlos Tavares, Mike Manley's, “, Equilar, Tavares, That's, Manley, —, Tavares ’, Harry Katz, Tesla, Elon, Tom Krishner Organizations: United Auto Workers, UAW, Netflix, Writers Guild of America, WGA, Comcast, Big Three, —, Motors, Ford, Chrysler, Associated Press, Big, General, Barra, AP, Equilar, Fiat Chrysler Automobiles, French PSA Group, GM, Fiat Chrysler, Institute, Detroit, Cornell University, U.S Locations: Stellantis, American, European, Detroit

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