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☆ 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

☆ General Motors' stock has been punished 'somewhat unfairly' by the UAW strike, says analyst
▼ + stars: | 2023-10-25 | 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 EmailGeneral Motors' stock has been punished 'somewhat unfairly' by the UAW strike, says analystTom Narayan of RBC Capital Markets says the issue of the UAW strike is "overblown" and shares why he is optimistic on the prospects for the stock.

Persons: Tom Narayan Organizations: General Motors, UAW, RBC Capital Markets

☆ Group 1 Automotive CEO Daryl Kenningham on earnings results, impact of UAW strike and EV demand
▼ + stars: | 2023-10-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGroup 1 Automotive CEO Daryl Kenningham on earnings results, impact of UAW strike and EV demandDaryl Kenningham, Group 1 Automotive president and CEO, joins 'Squawk Box' to discuss the company's earnings results, with both earnings and sales topping expectations, impact of UAW strike, EV demand, and more.

Persons: Daryl Kenningham Organizations: UAW, EV

☆ We're hopeful the UAW strike isn't costing Ford as much lost production as GM
▼ + stars: | 2023-10-25 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Investors just got a look at how much the United Auto Workers strike is costing General Motors (GM) in lost production. The UAW began striking Detroit's three automakers last month after Ford, GM and Chrysler-parent Stellantis (STLA) failed to reach a new labor contract with the union. F GM,STLA 1M mountain Ford, GM and Stellantis 1-month Another industry issue Cramer highlighted is that "EV momentum has definitely stalled." Earlier this month, Ford reported third-quarter auto sales were 7.7% higher, driven by "best-ever sales of hybrids." And, updates on the strike and its impact on Ford production will be crucial for investors like us.

Persons: Ford, there's, we'll, Jim Cramer, Cramer, Mary Barra, Jim Farley, Farley, reevaluate, Jim Cramer's, Jim, Rebecca Cook Organizations: United Auto Workers, General Motors, Ford, UAW, GM, Chrysler, Associated Press, LSEG, UBS, Stellantis, General, Michigan EV, EV, CNBC, Ford Motor Co Locations: Texas, Ford's, North America, Dearborn , Michigan

☆ GM Reports $3.1 Billion Profit, Despite UAW Strike Hit
▼ + stars: | 2023-10-24 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

GM’s results beat analysts’ estimates. Photo: rebecca cook/ReutersGeneral Motors posted a strong third-quarter profit despite a hit from the United Auto Workers strike, which now is draining about $200 million a week from its bottom line. GM also scrapped a self-imposed target for the number of electric vehicles it will produce through the middle of next year due to slackening demand for the technology, a surprising move for a company that had been an early mover in the space.

Persons: rebecca, Reuters General Motors Organizations: Reuters General, United Auto Workers, GM

☆ Watch CNBC's full interview with GM CFO Paul Jacobson on pulling guidance amid UAW strike
▼ + stars: | 2023-10-24 | 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 EmailWatch CNBC's full interview with GM CFO Paul Jacobson on pulling guidance amid UAW strikePaul Jacobson, General Motors CFO, joins 'Squawk Box' to discuss where things stand with the United Auto Workers' strike, how investors should consider the latest from the UAW strikes, and if GM is committed to having UAW employees run their electric vehicle plants.

Persons: Paul Jacobson Organizations: UAW, General Motors, United Auto Workers

DETROIT (AP) — The United Auto Workers union turned up the heat on General Motors as 5,000 workers walked off their jobs Tuesday at a highly profitable SUV factory in Arlington, Texas. The additional plants further escalate a labor dispute that's in its sixth week and now has about 46,000 union workers off the job. “It’s time GM workers, and the whole working class, get their fair share,” Fain said. Barra said GM’s record offer rewards employees but doesn’t put the company or UAW jobs at risk. Last week GM made an offer that increased its previous offer by about 25% in total value, the company said.

Persons: Cadillac Escalade, Shawn Fain, “, ” Fain, Mary Barra, Fain, GM’s, Barra, doesn’t, ”, it's, walkouts, haven't, Thomas Kochan, ” Kochan Organizations: DETROIT, United Auto Workers, General Motors, GMC Yukon, Cadillac, GM, Ford, Arlington, General Motors Co, Massachusetts Institute of Technology Locations: Arlington , Texas, Sterling Heights , Michigan, Detroit, Arlington

☆ UAW expands strike to GM's largest plant, shutting down 42% of automaker's production
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAW expands strike to GM's largest plant, shutting down 42% of automaker's productionCNBC's Phil LeBeau joins 'Squawk on the Street' to report on the latest from the UAW Strike.

Persons: Phil LeBeau Organizations: UAW

☆ UAW appears to be nearing end of negotiations with automakers, says former Ford CEO Mark Fields
▼ + stars: | 2023-10-24 | 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 appears to be nearing end of negotiations with automakers, says former Ford CEO Mark FieldsMark Fields, former Ford CEO, joins 'Squawk on the Street' to discuss the UAW Strike and its impact on the automaker industry.

Persons: Mark Fields Mark Fields Organizations: UAW, Ford, UAW Strike

☆ UAW strike expands to crucial GM plant
▼ + stars: | 2023-10-24 | 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 expands to crucial GM plantCNBC's Phil LeBeau join 'Closing Bell' to discuss the UAW expanding its strike to another crucial GM plant, Stellantis laying of 525 workers due to strike, and how California halting driverless car services may benefit car manufacturers.

Persons: Phil LeBeau Organizations: UAW Locations: California

☆ UAW expands strike to crucial GM SUV plant in Texas hours after automaker reports earnings
▼ + stars: | 2023-10-24 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – The United Auto Workers union on Tuesday expanded its strike against General Motors to a highly profitable full-size SUV plant in Texas — a swift response to healthy profits and record third-quarter revenue for the automaker. The walkout came just hours after the automaker reported third-quarter earnings results that beat Wall Street's expectations. As we've said for months: record profits equal record contracts," said UAW President Shawn Fain in a statement. Fain's claims of record results for the automaker reference record third-quarter revenue, according to the union. The automaker disclosed in its quarterly update that the UAW strike has already cost it $800 million in lost production — prior to the Arlington disruption — including $200 million during the third quarter.

Persons: Escalade, we've, Shawn Fain, Fain's Organizations: DETROIT, United Auto Workers, General Motors, Arlington Assembly, GMC, Yukon XL, Chevrolet Tahoe, GM, UAW Locations: Texas, Arlington, GMC Yukon

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The UAW walkouts cost the company $200 million during the third quarter and $600 million so far in the fourth quarter, GM Chief Financial Officer Paul Jacobson said in a briefing with reporters. Strike costs are now running at $200 million a week, Jacobson said. Average selling prices for GM vehicles were $50,750 in the latest quarter, slightly down from the previous quarter. GM also said losses at its Cruise robotaxi unit widened to $732 million in the quarter.

Persons: Rebecca Cook, GM's, Colin Langan, Paul Jacobson, Jacobson, Shawn Fain, Tesla, Mary Barra, We're, Barra, Biden, Ford, Elon, Joe White, Ben Klayman, Jamie Freed, Kirsten Donovan, Chizu Organizations: General Motors, REUTERS, Rights, Tuesday, United Auto Workers, GM, UAW, Chevrolet, Detroit, EV, GMC, U.S, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Flint , Michigan, North America, Orion Township , Michigan

CNN —The United Auto Workers union took its most serious shot yet at General Motors in its five-week old strike as 5,000 members walked off the job at a plant in Texas. Arlington Assembly builds GM’s very profitable full-size SUVs, the Chevrolet Tahoe and Suburban, GMC Yukon and Cadillac Escalade. The targeted strike at GM’s largest plant comes just hours after the company reported third quarter earnings, which grew last quarter despite the strike. It’s time GM workers, and the whole working class, get their fair share,” said UAW President Shawn Fain. “GM’s latest offer fails to reward UAW members for the profits they’ve generated,” said the union’s statement.

Persons: we’ve, ”, Shawn Fain, General Motors, Fain, it’s, “ Organizations: CNN, United Auto Workers, General Motors, Arlington Assembly, Chevrolet, GMC Yukon, Cadillac, General, Arlington, GM, UAW, Ford, Chrysler Locations: Texas, Suburban, GM’s, Ford, Arlington

☆ General Motors CFO Paul Jacobson on withdrawing guidance as UAW strike costs surge
▼ + stars: | 2023-10-24 | 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 EmailGeneral Motors CFO Paul Jacobson on withdrawing guidance as UAW strike costs surgePaul Jacobson, General Motors CFO, joins 'Squawk Box' to discuss where things stand with the United Auto Workers' strike, how investors should consider the latest from the UAW strikes, and if GM is committed to having UAW employees run their electric vehicle plants.

Persons: Paul Jacobson Organizations: General, UAW, General Motors, United Auto Workers

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 Strike Pinches Automakers and Suppliers, but Spares Consumers—for Now
▼ + stars: | 2023-10-23 | by ( Sean Mclain | Ryan Felton | ) 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 JournalSix weeks into United Auto Workers’ strike, the impacts of the work stoppages are rippling through the car business, causing pain for the automakers themselves, as well as parts makers and factory workers. One corner of the industry that has been largely spared: dealerships and consumers, due in part to an inventory buildup of both cars and parts before the strikes.

Persons: George Downs Organizations: Street, United Auto Workers

☆ UAW Strike Expands to Stellantis’s Largest U.S. Factory
▼ + stars: | 2023-10-23 | by ( Ryan Felton | ) 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 on Monday expanded its continuing strike against Detroit’s car companies by shutting down a pickup-truck plant, a surprise action that hit Chrysler-parent Stellantis ’s largest U.S. factory. The 6,800-worker plant, located in Sterling Heights, Mich., in suburban Detroit, makes the Ram 1500 pickup truck, among the automaker’s most profitable vehicles. The walkout brings the total number of UAW-represented on strike at the Detroit automakers, including Ford Motor and General Motors , to more than 40,000, the UAW said.

Persons: George Downs Organizations: Street, United Auto Workers, Chrysler, U.S ., UAW, Detroit, Ford Motor, General Motors Locations: Sterling Heights, Mich, Detroit

☆ Here's why KKM Financial's Jeff Kilburg doesn't want to own Coca-Cola
▼ + stars: | 2023-10-23 | 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 EmailHere's why KKM Financial's Jeff Kilburg doesn't want to own Coca-ColaJeff Kilburg, KKM Financial founder and CEO, joins 'The Exchange' to discuss declining domestic demand for soda hurting Coca-Cola's earnings, the UAW strike hurting GM's manufacturing numbers, and Spotify's struggle to reach profitability.

Persons: Jeff Kilburg doesn't, Jeff Kilburg Organizations: KKM Financial, UAW

☆ Earnings playbook: How to trade a busy week of reports from companies including Microsoft and Meta
▼ + stars: | 2023-10-22 | by ( Fred Imbert | ) www.cnbc.com time to read: +12 min

Tuesday General Motors is set to report earnings before the bell, followed by a call at 8:30 a.m. Coca-Cola is set to report earnings in the premarket, with a call slated for 8:30 .am. Wednesday Boeing is set to report earnings in the premarket, with leadership scheduled to hold a call at 10:30 a.m. Ford Motor is set to report earnings after the bell, followed by a conference call at 5 p.m. This quarter: The e-commerce giant is expected to report earnings per share growth of more than 100%, according to LSEG.

Persons: Michael Wayland, they'll, Andrea Teixeira, MSFT, Jordan Novet, GOOGL, Justin Post, MRK, Goldman Sachs, Chris Shibutani, Keytruda, Ford, AMZN, Doug Anmuth, — CNBC's Michael Bloom Organizations: Big Tech, Microsoft, Meta, Wall, CNBC, GM, LSEG, United Auto Workers, Investment Group, Coca, U.S, Activision, Wednesday Boeing, Boeing, Management, Bank of America, IBM, Merck, Ford, UAW, Detroit, JPMorgan Locations: Missouri, EVs, China, Apptio

☆ GM and Ford will answer to Wall Street and the UAW with third-quarter earnings this week
▼ + stars: | 2023-10-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

General Motors and Ford Motor report third-quarter earnings and future guidance this week amid ongoing strikes and contract negotiations with the United Auto Workers union. Patrick T. Fallon | AFP | Getty ImagesThe UAW has consistently used earnings reports and commentary from executives, including GM CEO Mary Barra and Ford CEO Jim Farley, to promote its efforts and collective bargaining. "If GM, Ford and Stellantis are still very profitable for the third quarter, [UAW's] going to claim that, 'They're being too cheap in bargaining, and they should give us more.'" GM has said the work stoppage cost it roughly $200 million in lost production in September. UAW impactJPMorgan estimates strike costs amounted to $145 million at Ford and $191 million at GM in terms of earnings before interest and taxes during the third quarter.

Persons: Jim Farley, Ford, Mary Barra, Patrick T, Fallon, Wheaton, Ford —, Shawn Fain, Wolfe, Rod Lache, Lache, EVs Organizations: General Motors Reuters, General Motors DETROIT, Motors, Ford Motor, United Auto Workers, GM, Ford, LSEG, UAW, Stellantis, Local, Chrysler Corporate, Division, AFP, Getty, Worker Institute, Cornell University, Ford Expedition, Lincoln, Detroit, Detroit automakers Locations: Ontario , California, Kentucky

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

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. The UAW strike has hit the one-month mark, with more than 34,000 union members working at Ford, General Motors and Chrysler parent Stellantis out on strike, including those who went out on strike at Ford's cash-cow Kentucky pickup truck plant last week. The supplier is considering temporary layoffs and other ways to cut spending to counter the impact of UAW strikes, Durand told reporters. "Given the organic growth out-performance across the regions (excluding North America) and continued execution of synergies, the outlook for 2024 organic growth and margin expansion looks intact," Citi analysts wrote in a client note. It reiterated a 2023 sales forecast of 26.5 billion to 27.5 billion euros and an operating margin target of 5.2% to 6.2%.

Persons: Rebecca Cook, Olivier Durand, Durand, Forvia, Michal Aleksandrowicz, Milla Nissi, Tomasz Janowski, Jan Harvey Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Ford, GM, General Motors, Chrysler, Citi, Thomson Locations: Delta Township, Michigan, Forvia, Kentucky, North America, Gdansk

☆ UAW Leader Cites Progress at Bargaining Table, Forgoes More Walkouts
▼ + stars: | 2023-10-20 | by ( Ryan Felton | ) www.wsj.com time to read: +1 min

Ford Motor Executive Chairman Bill Ford said the company can’t afford more UAW strikes. “It will have a major impact on the American economy and devastate local communities,” he said. Newsletter Sign-up What’s News Catch up on the headlines, understand the news and make better decisions, free in your inbox daily. Preview SubscribeUAW President Shawn Fain said during a livestream to members Friday that General Motors , Ford Motor and Chrysler-parent Stellantis have each offered 23% wage increases for factory workers over more than four years. That would amount to record contracts for those employees, but the companies still have room to sweeten their offers, he said.

Persons: Bill Ford, ”, Carlos Osorio, Shawn Fain Organizations: Ford Motor, UAW, Associated Press, United Auto Workers, Motors, Chrysler

☆ 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

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